AM Comments 11/19/15
Thursday, November 19, 2015, 7:11 AM
Submitted by: Dustin Weiner
It was a quiet night last night with corn trading a touch firmer while soybeans were under pressure. Export sales will be out at 7:30 this morning and both corn and wheat are desperate for some positive news on that front, as both commodities are currently behind pace on exports – even after the USDA cut overall export projections on their last S&D.
Overall for the day session it appears to be more of the same as we sit here in a range-bound type of trade. While corn floats towards the top end of the recent (narrow) range without much action or excitement, soybeans may deserve some extra attention... Currently soybeans are sitting squarely on the bottom of their range - a move lower from here could potentially trigger a round of selling, pushing prices down into new lows. In other words: technically (as in, on the charts) soybeans might be standing on shaky ground. However, the soybean market will still have fundamental influences in the short term as weather conditions in Brazil and Argentina will be watched closely. So far, outside of a few blips – they have had OK weather down there for but there’s a lot of time before that crop is made and as we all know, weather can change in a hurry.
Corn is steady to 1c higher
Soybeans are 3 to 5 cents lower
Have a great day!