AM Comments 01/22/13
Tuesday, January 22, 2013, 8:00 amSubmitted by: Dustin Weiner
Good morning!
Our markets are higher this morning, with corn, soybeans and wheat all posting decent gains. Soybeans are the leader today after Argentina remained dry over the weekend, putting the soybean crop under further stress. The recent temps haven’t been especially hot which is helping some. However - the two week forecast is still below normal for moisture. Argentina is expecting isolated/scattered showers both this week and next which won’t do anything but slow down the drying rate a bit. The overall outlook remains friendly to prices as crop conditions in southern Brazil and Argentina are not ideal.
Other than that – not much to discuss other than SA weather. Corn and wheat just appear to be following soybeans higher for today. Corn is still tackling the problem of tight old crop supply versus slow export demand which could continue to push the old crop / new crop inverse higher. The technical traders will be watching closely to see if corn and soybeans can test/break last week’s highs.
Currently:
Corn is up 4 to 5 cents
Soybeans are up 14 to 17 cents
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