PM Comments 1/15/15
Thursday, January 15, 2015, 4:01 PM
Submitted by: Eric Kist
Soybean charts showed strong downward movement again today, as the US dollar made new highs, and funds were strong sellers of both bean/meal contracts. Reports of stronger than expected weekly exports (41.6 MBu vs. estimates of 26-33 MBu) were not enough to support the bearish market, and with the SA harvest looming in the near future, exports will begin to decline. March futures traded as low as 9.85 ¼, before eventually settling at 9.91, an 18c move lower for the day.
Corn traded both sides today, before eventually settling a penny lower at 3.80. Export reports met expectations for the week, but again, the strength of the US dollar and weakness in crude oil limited any positive news.
Early estimated acreage intentions from Informa were released this morning:
Corn: 88.6 million acres (90.6ma planted last year)
Soybeans: 88 million acres (83.7ma planted LY)