AM Comments 12/15/15
Tuesday, December 15, 2015, 8:12 AM
Submitted by: Dustin Weiner
It was a quiet night last night and there is very little news to discuss today. The outside markets are waiting for the announcement from the Federal Reserve regarding a potential interest rate hike, they are meeting today and tomorrow and expect to release the news after the meeting ends tomorrow. At 11am today we will have the NOPA crush report out, giving us information on November soybean crush. This isn’t normally a big deal, but when the market is starving for news it could have an impact.
Overall for today, our ag markets have a slightly weaker tone to them – although the charts in general seem to be in a sideways pattern. The rest of the commodities (energies and metals) are all sitting down near multi-year lows. Grain prices are also showing a decrease in price YTD, but seem to be holding in much better for now (chart below). I can’t help but wonder if the market is waiting to receive some sort of new fundamental news (South American production, U.S. acres, exports, etc.) in the first part of 2016 before making a move one way or the other…
Corn 1 to 2 cents lower
Soybeans 3 to 4 cents lower
Have a great day!