AM Comments 02/27/15
Friday, February 27, 2015, 8:02 AM
Submitted by: Dustin Weiner
The markets are all a little firmer this morning as the trade continues to digest reports about this Brazilian truckers strike. It’s not just a headache, there are real-life problems being caused by this strike – one of them being that certain ports are reporting daily soybean receipts to be less than half of normal! Some estimates are out there saying that ports have just 4-5 days of supply before shortages develop. Sounds exciting and all but buyer beware: if this strike quickly gets settled, it could be really tough to justify these higher prices. Soybeans are at the highest levels we have seen since before the January report mostly due to a trucker strike!
Once again, other than that there isn’t much going on. Farmers in both North and South America have been heavy sellers of soybeans lately – but holding onto their corn fairly tightly. The outside markets are supportive this morning with crude oil higher and the $US weaker while the stock market looks steady-ish. Today is the last trading day in February and there are ideas that this may bring in some month end fund buying. Time will tell on that.
Corn steady to a penny higher
Soybeans 2 to 4 cents higher
Have a great day!