AM Comments 11/29/12
Thursday, November 29, 2012, 8:04 amSubmitted by: Dustin Weiner
Good morning!
Our markets are benefiting from strong equity markets this morning as the financials climb to a three-week high on newfound optimism regarding the fiscal cliff. Investors are starting to believe that the fiscal cliff ($600 billion in tax increases and spending cuts) will be avoided. This is giving a positive feel to the markets.
The USDA released its weekly export sales report this morning – it was somewhat disappointing in both corn and soybeans which has taken the luster off the early morning highs that were put in. However, soybean meal exports came in well above expectations and soybean oil was within guesses – so the product side of the soy complex does have a few bullish inputs to discuss from this report.
Also, South American weather is still offering support to soybeans. Argentina has been dealing with flooding and as of this morning there are still heavy rains in the forecast for those areas which will continue to cause planting delays and potential replants. These rains are also supposed to slip into Brazil – and that part of Brazil has been dry. So there may be something in it for both the bears and the bulls today.
Currently
Corn is steady to down 2 cents
Soybeans are up 8 to 10 cents
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