Mid-Day Comments 01/29/16
Friday, January 29, 2016, 11:01 AM
Submitted by: Dustin Weiner
The markets turned higher today on a wide-market based rally as grains, energies, metals, financials, etc are all higher on the day (although crude oil is off of its highs from earlier this morning on news that the previously reported cut in Saudi production was just a bad rumor). While volume seems low, this has basically erased yesterday’s losses taking us back up towards the top end of the recent range in both corn and soybean futures. Not a lot of action in the cash markets today as most in the trade can’t help but talk about the potential winter storm slotted for next week and it’s impact on logistics.
Corn is 4 to 5 cents higher
Soybeans are 8 to 10 cents higher
Have a great rest of the day!