Good morning!
Our markets look to start the day higher today – but don’t be surprised to see a choppy trade as fundamental news is lacking. Index fund rebalancing starts Wednesday (it starts the 5thbusiness day of year, goes 5 days – we know this because SEC rules require them to publish their rebalancing schedule in their prospectus). This could lend a little support to corn as the funds have been short corn and will likely be buying some back.
The outside markets are a little friendly this morning, crude is up, the stock market up, Chinese markets are higher and the $US is steady. This cold weather could also offer a little support as it increases feed consumption (lesser conversion rates) and also causes logistical problems that could force end users to pay up for quick ship grain.
Opening Calls
Corn steady to 2 cents higher
Soybeans 2 to 5 cents higher
Have a great day!
Dustin Weiner
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