AM Comments 12/10/15
Thursday, December 10, 2015, 8:12 AM
Submitted by: Eric Kist
Mixed markets so far to start the day with corn up a penny and beans down three cents. Yesterday’s USDA Supply & Demand was basically a non-event in the eyes of the market, as both corn/beans finished the day yesterday basically unchanged following the release of the report.
No changes were made to the soybean balance sheet, leaving ending stocks estimates at 465 million bushels. Corn demand was altered slightly, as the USDA reduced export estimates by 50 million bushels, and increased corn for ethanol by 25 million bushels, resulting in a net change to corn ending stocks of +25 million bushels, now estimated to be 1.785 billion bushels. Overall, the market got what it expected, and it appears traders have already moved on in search of other news.
Export sales numbers were out this morning, and both corn and soybean sales for the week were considerably higher than expected, which may provide a small boost for markets today.
Corn: 1-2 higher
Beans: 1-2 lower
Have a great day!