PM Comments 1/29/15
Thursday, January 29, 2015, 3:01 PM
Submitted by: Eric Kist
A relatively quiet day in the grain world, as both corn and beans ended the day a couple cents lower. Early on the markets tried to hold as they chewed on the USDA’s weekly sales export figures, which came in as neutral/slightly bullish, but it wasn’t long before the markets spit that information out and moved lower for the day. Concerns that US corn will have problems competing in world markets helped with that move lower, especially with the recent reports of cheap export offers out of the Black Sea region. As for beans, good South American weather forecasts and concerns of Chinese cancellations/origin switches are bearishly weighing down the market.
The leader in the soy complex lately has been soybean meal, as it reported a strong week of export sales, to go with rumors of additional interest. Conversely, global demand for DDG’s are high, as exports are expected to reach last year’s record level of 5.4 million metric tons
Crude oil made new contract lows again today, but the US stock market is rebounding after two consecutive down days.
Have a good night!