AM Comments 01/23/15
Friday, January 23, 2015, 8:01 AM
Submitted by: Dustin Weiner
The weekly export sales report was out at 7:30 this morning and simply put – corn sales were encouraging (highest reported exports of the marketing year) while soybean sales were the opposite – lowest of the marketing year, reflecting cancellations from both China and “unknown” (also probably China). The big bearish story started mid-morning yesterday with the announcement by the EU about their economic stimulus plans - which rallied the $US. The $US has since gained 2.25% in less than 24 hours! This continued strength in the Dollar will be a problem for most commodities and could limit rally attempts in the future.
Overall for today, corn should put in a little rally thanks to the strong export sales. However, with soybeans feeling weak and the dollar rallying it could be an uphill battle trying to keep corn out of the red…
Corn mixed to a little higher
Soybeans 5 to 7 cents lower
Have a great day!