Morning Comments 2/28/2014
Friday, February 28, 2014, 8:21 amSubmitted by: Joel Pudenz
Good morning!
The markets are a touch firmer this morning, taking a breath after yesterday’s volatility. It looks like today will be quieter. Chinese futures were lower last night on thoughts of lowered feed demand and Brazilian harvest is nearing 40% complete this weekend. Yesterday’s bean market dip may have happened due to rumors of Chinese bean cancellations, but nothing official has been announced. Fundamentally, the soybean picture hasn’t changed much. Sales of old crop corn and new crop beans were announced this morning, which may give the market some support.
It appears the Midwest will be getting more winter weather this weekend. Hopefully the old saying holds true: “In like a lion, out like a lamb.”
Opening calls:
Corn up 1 to 2 cents
Soybeans up 5 to 8 cents
Today is the First Notice Day for March futures deliveries: soyoil at 3,742 contracts, soybeans at 17 contracts, and corn at 4 contracts.
No comments:
Post a Comment