The outside markets seem to be the first thing people are talking about this morning. Currency markets around the world are weakening, which is stinging world equities while the $US rallies as investors flock to it (thanks in part to QE3 starting to slow). Long story short - equities are lower (the Dow futures are down another 150+ points). Not a good end to the week/month in the stock market, this would be the first monthly decline in the U.S. stock market since August.
China is closed today - their Lunar New Year beings today and will run through February 6th. This means the market will have near-zero participation from them while they celebrate their new year. That doesn’t mean the market won’t be thinking about them as they hold the cards to the soybean demand out of both the U.S. and South America. There has been a lot of chatter about three cargoes of beans that have already been loaded (and sailed) out of Brazilian ports this week. If you remember, SA bean harvest was later than normal last year which helped US exports remain strong longer. This year doesn’t appear to be the same…
Corn down 1 to 3 cents
Have a great day!