PM Comments 1/16/15
Friday, January 16, 2015, 3:01 PM
Submitted by: Eric Kist
Corn opened with the lows for the day, but eventually worked to recover some of the earlier losses in the week and close 7c higher, as funds were profit-takers before the 3-day weekend.
The soybean market saw a lot of back-and-forth trading today before settling a penny higher. The big fundamental news this morning was the USDA’s report of Chinese cancelations of 285k MT (10.5 Mbu) of beans, as the South American market is beginning to look attractive.
The US dollar showed strength once again, as European financial struggles continue to plague the region, along with the value of the Euro. There is chatter of the European Central Bank initiating a large stimulus move in the near future, similar to that of the Quantitative Easing measures made by the US Fed in recent years.
As a reminder, markets will be closed Monday in observance of Martin Luther King, Jr. Day.