Morning Comments January 5, 2017
Thursday, January 5, 2017, 2:01 PM
Submitted by: Landus Cooperative
We saw strength in the soybean complex yesterday due to ongoing South American weather concerns, with Brazil becoming too dry and Argentina becoming too wet. The dry areas are thought to only be effecting smaller pockets throughout Brazil. In Argentina, the areas that haven’t been saturated with abundant rainfall are enjoying the benefits from the added moisture. It’s tough to say what the real impact of these weather events will be. The wheat market is also adding support with concerns over crop condition. March corn futures are trading into a heavy resistance area between $3.60 and $3.65. It will be interesting to see if it can break through and test the next level of technical resistance at $3.70 (the 200-day moving average is at $3.71). The U.S. dollar is trading lower this morning and crude is trading higher – both generally positive for our commodity space.
Corn: steady to 1c lower
Soybeans: 3-5c lower
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