Morning Comments 2/5/2014
Wednesday, February 5, 2014, 8:30 amSubmitted by: Joel Pudenz
Good Morning!
Some momentum from yesterday carried through into the overnight as beans rallied on strong export demand. The rally was cut short with the potential of profitable bean and meal imports from S.A. into the U.S. Harvest yields in Brazil and early yields in Argentina look very strong – as expected. The USDA Feb WASDE report is due this coming Monday; it will be interesting to see what the USDA estimates for exports vs. January with current export sales higher than USDA estimates. Beans closed 2.25 cents lower overnight.
The Dollar and Dow were both lower overnight, which is supportive to commodities, but corn had a large amount of farmer selling yesterday which seemed to cap any upward movements. Corn closed 1.75 cents lower overnight.
Have a good day!
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