AM Comments 02/27/13
Wednesday, February 27, 2013, 8:39 amSubmitted by: Dustin Weiner
Good morning!
Our markets are higher this morning, led by the soybean futures. Soybeans are gaining a little strength on rumors that China has bought an additional two cargoes of U.S. soybeans off the PNW. Once again, with the tight balance sheet on U.S. soybeans – there isn’t much room for additional demand like this. Brazilian ports are still congested, with wait times now up to around two months. Chinese crush margins are large – meaning they may be able afford to pay for additional (higher priced) U.S. beans down the road.
The outside markets are a little friendly this morning, with the $US failing to take out its recent highs – and it is now trading lower. This is lending support to most commodities today.
Currently
Corn is 2 to 4 cents higher
Soybeans are 10 to 13 cents higher
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