Morning Comments January 9, 2017
Monday, January 9, 2017, 2:01 PM
Submitted by: Landus Cooperative
Corn has been trading higher throughout the overnight session, after having a stronger week last week. Funds reduced their short position in corn by over 17,000 contracts and now sit about 96,000 contracts short as of last Tuesday. Additional support is coming from the wheat market (stocks are healthy, but there are concerns surrounding the condition of the crop in the ground). All this rolled all together may explain the marginal support we are seeing in the corn market to start the week. Beans traded either side of unchanged on the overnight session. Soybean futures closed about 9 cents lower last week after a very disappointing export sales report was released on Friday. Trade will be closely monitoring South American weather issues (Argentina is forecasted to remain wet the next two weeks) and Thursday’s USDA report (Crop Production, Supply/Demand, AND Quarterly Stocks – January is a big one). Our commodity space is also fighting lower crude oil prices and the dollar trading higher this morning.
Corn unchanged to slightly higher
Soybeans up 1-2 cents
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