Fccoop

MARKET COMMENTARY

PM Comments 2/9/15

Monday, February 9, 2015, 4:02 PM
Submitted by: Eric Kist


Today’s markets

Corn – Up 5 ½ cents

Beans – Up 5 cents

 

The corn and soybean markets were propped up today as a result of short-covering by managed-money funds ahead of tomorrow’s USDA Supply & Demand report, which is due out at 11 AM.  As you’re all probably well aware, the supply side of the equation is fairly static, leaving only the demand estimates as being open to adjustments.  The general consensus from market analysts is an expectation that corn demand may be altered only slightly due to strong ethanol demand up to this point, reducing corn ending stocks from 1.877 billion bushels to 1.852 bbu.  Export demand has been fair, though it may waver with increasing Ukrainian exports and the arrival of new crop supplies from South America.  As for soybeans, South American crop estimates could be adjusted slightly, but regardless, any adjustments still would not change the fact that world soybean supplies are ample.  All-in-all, the trade expects only minimal changes in US and world carryout numbers for corn and soybeans.  Carryout estimates are shown below:

 

Have a good night!

@fccoopgrain

 

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