AM Comments 11/02/12
Friday, November 2, 2012, 8:20 amSubmitted by: Dustin Weiner
Good morning!
Our markets are under pressure this morning after trading mostly weaker all night long. Outside markets are currently a bearish input with the dollar index sharply higher.
Yesterday afternoon we had a private company (FCStone) come out with their guess on next Friday’s S&D report. They bumped their U.S. bean yield guesses up quite a bit which maybe caused some of this weakness overnight. It is hard to put much stock in these guesses, every private company with time on their hands will come out with a number. Informa’s is the most widely respected number and they release theirs later this morning. The important thing to watch for in all of this may be the trends -- we will get to see quite a few private estimates in the next few days, at the very end we may be able to form an opinion... Of course every one of those estimates will be thrown out the window when the USDA releases their numbers at 7:30am on Nov 9th.
The USDA did release their weekly export sales numbers this morning, showing continued big bean sales (friendly) while corn numbers were just what we expected: poor.
Currently
Corn is down 2 to 4 cents
Soybeans are down 9 to 12 cents
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