AM Comments 2/6/15
Friday, February 6, 2015, 8:02 AM
Submitted by: Eric Kist
The markets were fairly quiet overnight, with both corn/beans trading in narrow ranges. Look for a two-sided trade again today, as any rallies should find a fair amount of selling, while breaks should find some chart-related buying. With the monthly USDA crop report scheduled for Tuesday, fund managers will likely want to take risk off the table and close out their positions before the report’s release, even though the consensus is that this month’s report will be fairly quiet.
Crude oil is currently higher, trading around $52/barrel, up from $45 a week ago, and the US Dollar index is higher this morning as well. Malaysian palm oil continued its rally on the announced biodiesel subsidy increases, which should again help support the soybean complex today.
Have a good day!