AM Comments 01/15/13
Tuesday, January 15, 2013, 8:28 amSubmitted by: Dustin Weiner
Good morning!!
Our markets are higher again this morning on follow through buying from yesterday’s strong performance. Yesterday’s rally was spurred by new soybean export sales reported – now overnight there were rumors of additional Chinese interest in soybeans which is likely the reason the sb market is higher.
The weather in South America – mainly Argentina – is causing some very slight concerns as the forecast for Argentina appears to stay dry for the next couple weeks. This time of year is approaching “their August” so to speak, which is when bean yields can be made or lost. Brazil’s weather on the other hand appears non-threatening.
The funds were active participants in the grains yesterday, buying 15k contract of soybeans and 14k contracts of corn. To keep pushing these markets higher we will need to continue to discover new bullish news. (The old saying is: ‘you have to feed a bull market every day’)
Currently:
Corn is steady to 1c higher
Soybeans are 3 to 6 cents higher
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