AM Comments 1/21/16
Thursday, January 21, 2016, 8:01 AM
Submitted by: Eric Kist
Grain markets are marginally higher this morning, with both corn and beans trading two cents higher at the morning pause. Corn futures are now trading at one-month highs, and are trading above the 50-day moving average for the first time in over two months. Fund short-covering continues to prop corn up as US corn exports are becoming more competitive in a few more markets. Soybeans are attempting to bounce back from yesterday’s losses, but Chinese economic concerns may drown out the support, as the Chinese stock markets were lower again overnight.
US equities are trading steady so far today, the US Dollar Index is posting a strong move higher so far, and crude oil continues to drift lower, currently trading near $28/barrel.
Corn: 2-3 higher
Beans: 1-2 higher
Have a great day!