Fccoop

MARKET COMMENTARY

AM Comments 02/10/16

Wednesday, February 10, 2016, 8:02 AM
Submitted by: Dustin Weiner


After yesterday’s USDA report pressured prices by confirming growing carryouts (thanks in large part to slow export demand), our markets were mixed overnight with both corn and beans trading on both sides of yesterday’s close.  The outside markets overnight are trying to bounce back with crude oil and equities both trading higher.  With both China and Brazil on holiday, fresh export news is hard to come by - although a flash sale of US corn to Japan was announced at 8am this morning by the USDA (it was for new crop, 16/17).  Today’s we will get the weekly ethanol production report which is expected to show production and stocks similar to last week.  Overall, there just isn’t much to talk about, at least not until we get closer to spring weather / acres. With the drop in futures prices one can expect farmer selling to remain slow which could eventually firm up both basis and spreads.

 

Opening Calls

Corn 1 to 2 cents lower

Soybeans 1 to 2 cents higher

 

Have a great day!

 

@fccoopgrain

 

 

 

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