AM Comments 01/31/13
Thursday, January 31, 2013, 8:08 am
Submitted by: Dustin Weiner
Submitted by: Dustin Weiner
Good morning!
The corn and soybean markets started off stronger last night, making new highs for the move only to fail and slip lower. The weakness could be nothing more than a little profit taking as the market may have exhausted the buyers during yesterday’s strong rally. The weather forecast hasn’t changed a whole lot but there were rains that fell in Argentina last night (as forecasted). So if you wanted you could massage some bearish news out of that, which I think is what helped cause the rally effort to fail last night.
The weekly export sales report was out this morning, corn came in within the trade guesses while soybeans came in above guesses, thanks to some large new crop sales. Overall this is neutral to a touch friendly to grains.
Currently
Corn is 2 to 4 cents lower
Soybeans are 8 to 12 cents lower
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