AM Comments 02/11/16
Thursday, February 11, 2016, 8:02 AM
Submitted by: Dustin Weiner
The weekly export sales report was out this morning and was disappointing on corn (poor sales once again) and simply OK on beans. It didn’t move the market much, but it did cause corn to slip from trading a penny or so higher down to a penny or so lower. It could be a rough day for many types of traders as we witnesses a global selloff in equities overnight as investors remain fearful of a potential world recession -- crude oil is also under some pressure this morning. Not a lot of fun for anyone right now.
The fundamental news to watch for at this point in February involves South American weather as they approach harvest. Currently – moisture is looked at as favorable and the drier regions of Argentina have around 1-3” of rain in the forecast. So no issues there, but as time rolls on this will be watched closely to account for any harvest delays.
Corn steady to 1c lower
Soybeans steady to 1c higher
Have a great day!