PM Comments 2/17/15
Tuesday, February 17, 2015, 3:02 PM
Submitted by: Eric Kist
Soybean prices rallied and closed higher today, breaking above the $10.00 resistance mark to finish at $10.07 ¾ in the March futures contract. The 17 ¼ cent move for the day was possibly in response to the Commitments of Traders report this past Friday, which showed that speculators had built up near-record net short positions, and led to a general buy-back of contracts today.
Corn managed to finish higher by 2 ¼ cents today after trading lower for much of the day, and closed at 3.89 ½ in the March.
Export inspections for both corn and beans this week were in line with expectations, and the NOPA bean crush report released today pegged January crush right in line with expectations, at 162.7 mbu (a record for January, but below December levels).
Have a good night!