AM Comments 11/12/12
Monday, November 12, 2012, 7:51 amSubmitted by: Dustin Weiner
Good morning!
The soybean market this morning is seeing big follow-through selling from Friday (the bearish USDA report). This report did some damage to the charts and the longs have been getting out. We have now basically erased the drought premium we put into the market over the summer (we are now trading at approx. the same futures price we had in late June).
Even without the negative USDA numbers in soybeans - we are seeing bearish influences coming from South American weather and from China (the Chinese soy complex was sharply lower last night). Corn is hanging in there but trading a touch lower as well. Corn has pretty much been in the same 30c trading range since September with short supply lending support on breaks and tight margins providing resistance on rallies.
Currently…
Corn is steady to down 2 cents
Soybeans are down 20 to 25 cents
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