Fccoop

MARKET COMMENTARY

AM Comments 01/19/16

Tuesday, January 19, 2016, 8:01 AM
Submitted by: Dustin Weiner


World equities and commodities are bouncing this morning following the announcement from the People’s Bank of China stating that they will inject 600 billion yuan (91 billion $US) into their financial markets to stimulate their economy.  Also, the recent CBOT Commitment of Traders report showed that the funds were holding a record short position in corn – and it appears that they are wanting to reign that in a bit as the funds were heavy buyers of corn (and soybeans) overnight last night. After Friday’s strong close, the technicals (read: charts) turned friendly and corn futures rallied straight up to their 50- day moving average which is where they sit as I type this. This type of rally should engage quite a bit of farmer selling across the corn belt which could/should have an effect on basis and spreads.

 

Opening Calls

Corn 3 to 5 cents higher

Soybeans 6 to 8 cents higher

 

Have a great day!

 

@fccoopgrain

 

 

 

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