AM Comments 12/28/15
Monday, December 28, 2015, 7:12 AM
Submitted by: Dustin Weiner
The soybean market led the charge lower last night as most weather updates are calling for soaking rains for northern Brazil this weekend and into next week (here we go again, trading a forecast). Meanwhile corn and wheat futures are holding in there at steady/unchanged.
There really isn’t much for news to discuss this morning. There’s a little chatter about Argentinian farmers starting to let a few soybeans slip into the market which is also bearish. In more interesting news, a boat was sold out of Argentina into the southeast U.S. (which contains mostly soybean meal) that is allegedly going to a large hog producer. This is likely not so much an S&D issue here in the U.S. (as there are plenty of beans around), but more of a value issue driven in part by a lack of US farmer selling and a general abundance of beans (and cheap freight) in the world.
Soybeans 4 to 6 cents lower
Have a great day!