AM Comments 11/08/12
Thursday, November 8, 2012, 8:15 amSubmitted by: Dustin Weiner
Good morning!
New fundamental news is once again hard to find today. The USDA did release their weekly export sales report and it was disappointing – surprisingly disappointing in soybeans. Our markets were trading higher before this 7:30am report, now slipped back to steady.
Tomorrow fundamental news will be relatively easy to find with the USDA S&D report out at 7:30am. The trade is expecting a neutral report for corn and a bearish report for soybeans. In the minds of the trade the soybean production has risen, and the carryout has also grown a bit. If the USDA does what they did last month and increases the demand to offset this gain in production, well… we could be setting ourselves up for a bullish surprise.
For today we will follow outside markets. They are neutral to a touch firmer as the financial markets gain a bit back from that massive post-election 300pt drop in the DOW yesterday. The weather in South America will also be watched closely. Lately the weather has been improving although there are still some dry areas in southern Brazil – if that continues through the end of the month that will turn into a major news story.
Currently
Corn is steady to up 1c
Soybeans are steady to down 2c
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