Morning Comments January 6, 2017
Friday, January 6, 2017, 2:01 PM
Submitted by: Landus Cooperative
Corn closed 1-2 higher yesterday with ethanol production setting a new record of 307 million gallons last week. Soybeans managed to close just 2-3 cents lower yesterday after trading 5-6 lower throughout the day. Weekly Export sales were released at 7:30 this morning. Beans came in very weak this morning with only 3.2 million bushel of sales for last week. This is under the lowest trade estimates. Corn came in at 16.9 million bushel which is also under the low end of expectations. Also hearing some more about a bird flu outbreak in several countries in Europe and China. This could lead to issues with meal demand. Trade is still keeping a close eye on the South American weather issues, and will be watching for the WASDE report that will be released next Thursday.
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