AM Comments 12/11/15
Friday, December 11, 2015, 8:12 AM
Submitted by: Dustin Weiner
Soybeans are a little firmer this morning, with the soybean chart starting to show signs of life again as beans are trading back above the 50-day moving average as I type this. Meanwhile the outside markets are a bit of a negative input today as crude oil continues to slip lower and the financial markets are also under some pressure. The $US is trading steady to a shade lower.
Overall for today I expect a pretty quiet/choppy trade, though it feels like our markets want to inch a little higher in here. The Commitment of Traders (COT) report will be out this afternoon which will give us another update on the funds’ positions. The market is expecting them to still show a large net short in both corn and soybeans. This large short position deserves some of the credit for this “floor” that feels like is under our markets…
Soybeans 2 to 4 cents higher
Have a great day!