AM Comments 01/25/13
Friday, January 25, 2013, 8:11 amSubmitted by: Dustin Weiner
Good morning!
Our grain markets are starting today with a weaker tone in both corn and soybeans. Export sales data was out this morning --- coming in on the low side of guesses in both commodities which is disappointing. This could weigh on our markets for today although we do expect a choppy trade.
Yesterday’s rainfall in Argentina has been described as light to moderate with the largest rainfall coming in Northern Argentina (1” or so). Dry weather returns to Argentina for the next week or so with another cold front coming in next weekend, potentially bringing another .5” of rain to the area. We are getting closer and closer to SA harvest and if Argentina keeps getting a shot of rain here and there, the weather risk/premium may start to slip away.
Currently
Corn is 2 to 3 cents lower
Soybeans are 1 to 4 cents lower
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