AM Comments 02/20/15
Friday, February 20, 2015, 7:02 AM
Submitted by: Dustin Weiner
As we head into the weekend, the markets look to be trading mixed to a shade lower. Additional numbers are coming out of that USDA Outlook Conference, but so far they have all been in line with estimates. They are loosely projecting a
13.595bb corn crop and a 3.8bb bean crop for next year – nothing shocking here.
Weather in South America remains favorable and harvest is moving forward in Brazil. We continue to read that yields are near record levels, and while Argentina has been quiet - Brazilian farmers seem to be selling into the rallies.
The export sales report that was out this morning was solid for both corn and soybeans, but so far that hasn’t been enough to push futures higher. Corn sales were above many of the trade’s expectations while soybeans sales were at the upper end of guesses. On one hand, this friendly export news should allow us to trade higher for a good chunk of the day today. But on the other hand, corn and soybean futures are already higher on the week and these markets have been unsuccessful at stringing together two days in a row of either gains or losses. Monday holiday, Tuesday up, Wednesday down, Thursday up, Friday… so far down but we are along ways away from the close!
Corn steady to down 1c
Soybeans steady to down 2c
Have a great day!