AM Comments 1/30/15
Friday, January 30, 2015, 8:01 AM
Submitted by: Eric Kist
Today marks the last trading day of the month heading into the weekend, and inspiration appears to be lacking. The overnight trade was mixed, trading in a narrow range on decent volume for both corn and beans. Major news inputs continue to be lacking, but the trade may try to stabilize today after a week of steep losses.
The month of January has been a bear for nearly all raw material markets, with the bulk of losses coming in grains following the USDA S&D report. March corn futures dropped 26 cents, March soybeans are down 54 cents, and March wheat has fallen 80 cents throughout the month.
South American weather continues to be favorable, and there are reports on increasing harvest activity. February will bring with it some fresh news, as WASDE will release its first draft of 15/16 balance sheets for corn/beans/wheat, and CONAB (Brazil’s USDA) will release current production numbers for Brazilian corn and soy production. The trade will be focused on whether early season weather concerns will alter production numbers or not.
Have a good day!