AM Comments 01/16/15
Friday, January 16, 2015, 8:01 AM
Submitted by: Dustin Weiner
So far this week… soybeans are just over 60c lower and corn is almost 20c lower. The technicals have obviously turned down in both corn and soybeans. In the case of the March soybean contract, a close below $10.00 would be the lowest weekly close since October and could bring us another round of selling next week as we will have broken out the bottom end of the 3-month trading range we were stuck in.
So as you can see, it has been quite a move down and with a holiday coming up Monday (Martin Luther King Jr. Day) we are now staring at a 3-day break in the markets. Both corn and soybeans chopped around overnight and it’s hard to anticipate much different happening today as positions get evened up (remember, this is a “weather weekend” as SA forecasts can easily change for better or worse in the span of 3-days). You could see some of the bears take profit and pop this market higher, but major rallies could be tough to sustain as the $US continues to rally against most other world currencies.
Corn steady to 2c higher
Soybeans mixed to lower
Have a great day!