by Dustin Weiner
of Farmers Co-op
Today is Friday but all anyone can talk about is Monday – and of course, the stocks/acres numbers that we will see from the USDA. The calls coming out of Chicago so far this morning look mixed – with ‘profit taking’ and the ‘evening up of positions’ being mentioned quite a bit. It was interesting, yesterday was a big volume day for corn traded at the CBOT – but I’m told if you were there, it didn’t feel like it. This is likely a sign that the funds were active buyers yesterday behind the scenes. It is starting to feel like the market will be expecting friendly corn numbers on Monday, anything else and it could turn lower quickly…
As for soybeans, there is nothing new out there that I see. Today soybean meal is down while soybean oil is up – this is the exact opposite of yesterday’s trade which confirms the thought that today will be choppy. Soybeans were down yesterday falling victim to fund liquidation ahead of Monday’s report. I stuck some trade estimates for Monday’s data at the bottom of these comments.
Outside markets are higher with Crude Oil higher at this time (UP 44 @ 101.72) along with a higher US Dollar (137.33 vs. Euro) and the US stock market is higher (UP 33).
Corn steady to 1c lower
Soybeans steady to 2c lower