AM Comments 2/19/16
Friday, February 19, 2016, 8:02 AM
Submitted by: Eric Kist
The overnight markets didn’t garner much excitement, and as we enter the office today corn is up a penny, while beans are down a penny. Fresh fundamental inputs are hard to come by currently, and the overnight trade volume and general lack of volatility reflect such. Corn and beans have benefitted on the week from short-covering by the funds, and friendly technical factors, and both crops are currently trading six cents higher thus far on the week.
Weekly export sales released this morning are reported to be mostly neutral to slightly supportive, as corn, beans, and wheat were all in the middle-to-upper range of expectations. Corn exports are reported to be competitive in world markets in the nearby months, while the export window for soybeans will be closing soon with the South American bean harvest progressing. Timely rains have benefitted the South American crop, and many trade analysts believe the crop size will come in larger than previously expected.
Corn: 1-2 higher
Beans: 1-2 lower
Have a great day!