AM Comments 03/11/13
Monday, March 11, 2013, 8:27 amSubmitted by: Dustin Weiner
Good morning!
Our markets traded higher for most of the night, and both corn and soybeans are still chopping around steady to higher. The corn market is finding continued support after the USDA S&D report from Friday. (Remember, they did not widen the carryout as expected, instead they offset corn poor exports with increased feed demand).
Soybeans are getting their strength from Brazilian logistics that aren’t getting better – in fact they may be getting worse. Brazilian port workers are threatening to strike on March 19th if the union can’t come to an agreement with the government. (The unions/workers are fearful of a privatization of the ports in Brazil and what that would mean for their job security, pay, etc. etc.). Their poor operations are a sign that additional vessels may be switched to the U.S. to be loaded with soybeans.
Currently
Corn is steady to 2 cents higher
Soybeans are 2 to 5 cents higher
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