AM Comments 01/10/13
Thursday, January 10, 2013, 8:21 amSubmitted by: Dustin Weiner
Good morning!
It is expected (once again) to be another quiet day ahead of tomorrow’s 11am S&D report. The weekly export sales report was out this morning and is offering little direction. Soybean exports for last week came out just as the market expected. We didn’t expect much for corn exports and the report was still disappointing – only 500k bushels net were sold for export last week. Corn exports are all but shut off.
Now… after the export sales report was released the USDA announced a new sale of soybean exports. 180kmt to China, 281kmt to unknown and 126kmt of optional origin new crop 13 beans sold to China. This could/should keep soybeans afloat today.
As for the outside markets, the dollar is starting to slow down a touch, trading lower this morning which could be a tad supportive to our markets. We are getting into crunch time for South American weather – northern Brazil looks to have moisture coming over the next couple weeks but southern Brazil and Argentina look to be drier. This isn’t a major story yet but any signs of less than ideal weather will be watched closely.
Currently
Corn is steady to up 1 cents
Soybeans are up 2 to 3 cents
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