AM Comments 01/17/13
Thursday, January 17, 2013, 8:12 amSubmitted by: Dustin Weiner
Good morning!
The USDA’s weekly export sales report was out at 7:30 this morning and it was friendly to soybeans and neutral/friendly to corn. The bean exports came in way above the range of trade guesses, almost double what they were expecting. Corn exports came in within the range of guesses – but was still the largest weekly sales we have seen in 8 weeks.
Crush margins in China keep improving – some of their best margins in a while (years?). They were a large percentage of the bean sales discussed above.
Weather in South America doesn’t look a whole lot different than yesterday with Argentina being the ‘developing story’ as their forecast still looks dry.
Currently
Corn is steady/mixed
Soybeans are 5 to 8 cents higher
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