AM Comments 12/28/12
Friday, December 28, 2012, 8:41 amSubmitted by: Dustin Weiner
Good morning!
Our markets are steady/better this morning with soybeans and wheat trading higher while corn is a touch lower to steady. Soybeans are finding strength after hearing that China is stepping in and securing additional U.S. soybeans (likely because of this recent drop in prices). This morning’s USDA export sales report however (reflecting business done last week) was disappointing in both corn and soybeans – but was friendly to wheat. SRW recorded the biggest single week sales since August of 2007.
The financial/equity markets are trading weaker this morning as the fiscal cliff is only days away. Politicians are planning one last go at a compromise Sunday night to hopefully avoid the New Year’s deadline. Traders seem cautiously optimistic that they will get something done. The reason for optimism is… “they have to, right”? We will know more Monday on that.
Other than that, not much going on. Argentina has dry weather in the extended forecast which is a welcome sight for that area. Overall SA weather still looks good.
Currently
Corn is mixed, up 1 cent to down 1 cent
Soybeans are up 1 to 4 cents
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