Fccoop

MARKET COMMENTARY

AM Comments 01/12/15

Monday, January 12, 2015, 7:01 AM
Submitted by: Dustin Weiner


The markets ended up lower overnight (after initially trading higher in soybeans) as traders get all their ducks in a row ahead of the 11AM USDA/WASDE reports.  If history is any indication, one should expect the unexpected with this report.  20-30c moves are commonplace within seconds of the numbers being released, the difficult part of course is knowing which direction that will be…

 

Between now and 11am, expect a choppy trade – we are lower now but it wouldn’t be overly shocking if our corn and soybean futures markets attempt to trade steady at some point. The funds have been reducing the size of their net long position lately (meaning, they have been selling) which means that expectations for today’s report might lean a bit negative.  If the report comes out neutral, there could be an initial rally (as the funds switch gears from sellers to buyers) but overall – if that South American crop is as big as advertised prices could struggle to maintain these levels…

 

Outside markets this morning are a negative input with the $US stronger and crude oil weaker.

 

Opening Calls

Corn 3 to 4 cents lower

Soybeans 4 to 5 cents lower

 

Have a great day!

 

@fccoopgrain

 

 

 

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