Grain Commentary Jan. 3, 2017
Tuesday, January 3, 2017, 3:01 PM
Submitted by: Landus Cooperative
Overnight trade was mixed. Soybeans failed to hold onto gains and ended the session down 2 to 3 cents. This is mostly due to concerns with South American weather, which is currently showing improved chances for rains in some of the drier areas. Argentina will be reducing export taxes on soybeans from 30% to 18% this year, with more cuts slated for the next 2 years. We would expect more soybean acres and less corn going forward due to this. New outbreaks of Avian Influenza have shown up in France, China and Russia recently, which puts a little pressure on the demand side. Next week, the USDA will be out with their latest WASDE, which should give us some short term direction.
For now, opening calls are flat to slightly higher for corn, and slightly lower for soybeans.
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