Afternoon Comments 2/27/2014
Thursday, February 27, 2014, 3:01 pmSubmitted by: Joel Pudenz
Good Afternoon!
Ever heard the saying "a tale of two halves"? Well, that's what it felt like today in the corn and bean markets. The weekly export sales report was friendly to both markets this morning, and additional sales for this week were announced early in the trade day: 284K mt for corn and 112K mt for beans.
Beans traded up to 40 cents higher from money flow and fundamental support (which potentially gave the market what is referred to as a blow-off top). Beans eventually settled to trade 20 cents higher through the late morning and corn traded a penny or two stronger in the same period.
It seemed then that both markets had too many people on the same side of the boat. March corn fell gradually into the close at $4.48 as producer selling remains active. March soybeans dropped below the $14.00 mark to close at $13.93. The dip may be due to some profit taking and pricing for March wrapping up.
Corn closed down 7.5 cents
Beans closed down 13.75 cents
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