Corn ended the day down 5.5 cents as fund selling continues to grind the market lower. Funds have sold an estimated 100,000 contracts in the last week but still maintain a long position of 177,000 contracts. Financial institutions and traders are awaiting the Wed State Of The Union Speech by President Obama, as many fear he will lash out at big banks. The US Dollar was stronger today on news of the President's call for a government spending freeze, the higher dollar usually sets up for lower commodities prices. Corn basis continues to show strength at the processor but beware of the discount schedule if any problems arise out of the bin.
Soybeans had a technical bounce today and finished up 7 cents in the old crop futures month. Talk continues to concentrate on SA with record crops expected in Brazil and above average in Argentina. China continues to thirst for soybeans and export sales again this Thursday should reflect good numbers sold for the past week. With the snow melting and ground refreezing, hopefully we can get this harvest knocked out before much more snow flies our way.
Scott Meyer
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment