Friday, January 17, 2014

FC Morning Market Commentary for January 17, 2014

Good morning!

Soybeans are getting pressured on further confirmation of rains moving into Argentina this weekend.  Also, the cash market witnessed soybean basis back off a bit yesterday which was a small negative input.  Even with beans being almost a dime lower over night, they are still 27c higher on the week which would be the strongest 1-week move since late November.  Strong demand from both domestic crushers and China is what spurred this rally.

Later this morning a well followed private company will release their updated estimate on 2014 acreage intentions – their last estimate had corn at 91.8ma and soybeans at 81.9ma.

Monday is a holiday, so we are staring at a 3-day weekend. With weather forecasts in Argentina hanging over our heads the trade could get choppy as we get closer to the 1:15pm close. 

Opening Calls
Corn down 1 to 3 cents
Soybeans down 7 to 10 cents

Have a great day!
Dustin Weiner

@fccoopgrain

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