PM Comments 1/27/15
Tuesday, January 27, 2015, 3:01 PM
Submitted by: Eric Kist
It was a down day across the board for both corn and soybeans today, as corn dropped 2-3 cents and beans gave up most of yesterday’s gains to finish 9 cents lower. Fundamental news this morning carried reports of Chinese cancellations of another 120k MT of beans. That, along with the Brazilian harvest getting underway, has many traders believing that the days of strong U.S. soybean exports are limited for the remainder of the marketing year.
The U.S. government’s Congressional Budget Office released a forecast of planted acres for the upcoming year, which pegged corn acres at 89 million acres at soybean acres at 86 mil. It will be interesting to see whether the USDA stands in agreement or not with these numbers in the coming months with its February Outlook meeting and Spring Planting Intentions report on March 31….
Have a good night!