AM Comments 01/07/13
Monday, January 7, 2013, 7:57 amSubmitted by: Dustin Weiner
Good morning!
This morning our corn and soybean markets are higher on little news. The outside markets are neutral to a little bearish – with energies and financials lower while the dollar is a bit higher. It appears that the bullish input may be coming from Asia – our markets (led by soybeans) started rallying last night shortly after the Asian markets opened up again after their long New Year holiday.
The technicals on beans may finally be bottoming out after being grossly oversold for a while now. On Friday the soybean market tested the November lows and bounced higher off of them. If we can continue to trade above those Nov lows (13.56 sh) that would be positive for the market – if we slip below them that would probably trigger some selling.
With the USDA’s S&D/stocks reports coming out this Friday – we could be in for a choppy, sideways week. US weather forecasts are bringing much needed moisture to the southern Plains and Delta. SA weather also looks wet with some areas of localized flooding in Southern Brazil and Northern Argentina but overall temps and precip look to be “normal” over the next 10 days which is non-threatening to production.
Currently
Corn is 2 to 3 cents higher
Soybeans are 7 to 10 cents higher
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