Fccoop

MARKET COMMENTARY

Morning Comments December 7, 2017

Thursday, December 7, 2017, 8:12 AM
Submitted by: Landus Cooperative


Opening calls:

Corn steady to down 1c

Bean down 8c

 

Corn closed yesterday down ½ cent lower @ 3.39 ¼ - Soybeans closed 5 ¾ cents lower @ 10.02 ¾ . The soy complex is trading lower this morning after recent rallies pushed us into “overbought” territory. A little pullback to correct the overbought conditions is not a surprise. Soymeal is down 3.5% and soyoil is down .75% this morning. Record large U.S. supplies are keeping a lid on our current rally. Additionally, the extended forecasts for SAm have more moisture than before, putting pressure on soy prices. Corn is also trading slightly lower due to the weather forecast in Southern Brazil and Argentina. Export sales (published every Thursday by USDA) were “middle of the road” for corn at 34.5 mbu and “strong” for soybeans at 74.1 mbu. The strong soybean number could provide some buying support at the 8:30 open.

 

Crude oil futures are trying to hold above $56 a barrel and the Dollar Index is marginally higher this morning.

 

 

« Back

© 2018 Landus Cooperative, All rights reserved.
Landus Cooperative
2321 North Loop Dr., STE 220
Ames, IA 50010
515-817-2100
Departments
Find Landus Cooperative on
facebook icon twitter icon youtube icon blog icon