AM Comments 02/14/13
Thursday, February 14, 2013, 7:58 amSubmitted by: Dustin Weiner
Good morning!
Our markets were steady overnight on light volume. But when the USDA’s weekly export sales report came out at 7:30 the bean market quickly dropped to over a dime lower. The sales report (reflecting business done last week) had enough cancellations to show a net negative sales number for old crop. This is obviously bearish to the market and could help explain why the bean market has been so weak lately.
Corn and wheat sales were fairly decent – which is keeping those markets trading near yesterday’s close. The outside markets could also end up as a bearish input today as the $US is screaming higher.
Currently
Corn is steady to down 2 cents
Soybeans are down 10 to 12 cents
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