Morning Comments January 10, 2017
Tuesday, January 10, 2017, 2:01 PM
Submitted by: Landus Cooperative
Overnight trade was lower taking back yesterday’s gains. On Monday’s close, corn finished up 2 cents on the March and December. Yesterday USDA announced a corn export sale to unknown destinations. Funds also bought 2,000 contracts. Both of these helped support the market.
On Monday, March beans closed + 10 1/2 and November was + 11 1/2. South American weather is still something to keep an eye on. Overnight, March beans were down 4 1/2 and November was off 2 1/2. Brazil’s CONAB released their latest soybean production estimates this morning, showing a record 103.8 MMT, up 1.36 MMT from December’s estimate. The Dalian Exchange was down overnight, also putting pressure on beans.
Corn down 1 to 2
Beans down 2 to 3
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