AM Comments 01/07/15
Wednesday, January 7, 2015, 8:01 AM
Submitted by: Dustin Weiner
Both the corn and soybean markets look calm this morning, hovering around steady after trading higher during the early morning hours. Fresh inputs are scarce, we have the $US trading higher and the DOW is also called higher -- the much talked about price of crude oil fell again yesterday but appears to be trading every-so-slightly higher this morning. Overall I’d call the outside markets a mixed input.
South American weather has been a point of discussion all week, today that ridge of dry weather continues to hover over Brazil and may expand somewhat into the south over time. This is not a strong ridge, but it is limiting rain changes in a small part of Brazil. Generally, conditions for Brazil can be considered “mostly favorable” as the rest of Brazil (as well as Argentina) has moisture in the ground and rain showers in the forecast.
Overall today, look for a choppy session and be on the lookout for weakness… corn and soybeans are both very firm so far this week (corn +8c, beans up a whopping 50c!) so profit taking shouldn’t shock anyone.
Corn steady to 2 cents lower
Soybeans steady to 2 cents higher
Have a great day!