AM Comments 12/14/15
Monday, December 14, 2015, 7:12 AM
Submitted by: Dustin Weiner
It was a very quiet session overnight with both corn and beans hovering around steady. The outside markets appear to be a negative input: the $US is firmer while equities, crude oil and gold are all lower. Crude oil made new contract lows overnight (lowest since 2008 I believe). The CCI (Continuous Commodity Index, a “bucket” holding many types of commodities so to speak) has also pushed into new lows, thanks in large part to the sharp declines in metals and energies. I read an estimate this morning that says the top 10 commodity funds now have total assets worth less than $10 billion today versus $50 billion in 2008.
So, while the corn and soybean markets ended the night session near steady it could be a tough day to get much action to the upside with the negative influences coming from the outside markets. Assuming fundamental news stays limited, we may end up just watching to see which way the money moves this week…
Have a great day!