Friday, October 26, 2012: AM Comments by Dustin Weiner
Our markets have been chopping around both sides of yesterday’s close this morning. The bearish side of the equation is coming from the outside markets. The $US is bouncing higher while crude oil and the financial markets slip.
The bullish side of the equation is still coming from the strength in the cash markets. Basis is strong across the Midwest in both corn and soybeans. The spread between US corn and SA corn is tightening up. If that continues to ratchet in, US corn could once again work into the export market – the risk of this happening could help put a bottom in the corn market as supplies are just too tight to allow additional corn to leave the country.
Currently
Corn is steady to 2c higher
Soybeans are 2 to 5 cents lower
Have a great day!
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