Grains closed higher today, attempting to consolidate yesterday's losses after a forecast adjustment to include more rain for South America. Corn closed up 7, nearby soybeans closed up 6 1/2 and new crop soybeans closed 1 lower. It appears that the market is torn between larger new crop soybean acres and tighter old crop supplies in the world with the short falls being in South America. As I write this commentary, the grain market is still trapped in a sideways range in soybeans 10.60-9.60 and in corn 4.00-3.50 basis front end futures. This market is awaiting a close outside of these ranges to confirm the next aggressive move.
Up and coming news: US December census soybean crush 7am estimates near 141 million bushels vs. 144 in November and 164 last year. USDA export sales 7:30am estimates on soybeans range is: 550-750 mt; corn range is 600-800 mt.
Jeff Neisler
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment