Morning Comments November 21, 2017
Tuesday, November 21, 2017, 8:11 AM
Submitted by: Landus Cooperative
Corn down 1.5c
Beans down 2c
Not much turning in the news cycle this week for the trade to grasp with Thursday being a holiday – many are taking time off. COT data from Friday showed managed funds near record short corn, increasing the odds of a “short covering” rally at some point. Nothing is guaranteed and such rallies often disappear as quickly as they show up – the point is to be ready to execute on opportunity if (or when) it happens.
News out of NAFTA is Canada is urging the U.S. to step up pressure on the Trump administration to save the trade deal. Today is when the NAFTA negotiations end.
South American weather is calling for light showers in Argentina – no threatening outlooks on the horizon for our neighbors to the south.
An update on the Keystone XL pipeline – the Nebraska Public Service Commission voted 3-2, allowing the pipeline to pass through the state. Other legal hurdles need to be addressed, but this was the last “major” hurdle.
Have a great day!