The grain markets were quiet again last night with corn and soybeans both showing small losses and the outside markets showing small gains (crude oil, gold and the Dow futures are all higher). The corn trade has been very limited lately - the last 7 trading sessions have all traded inside a narrow range (roughly March corn futures have been stuck trading between 3.64 & 3.72). The corn trade is in a bit of a pickle on technical vs fundamentals. Technically the charts give the appearance that things are ok (good support underneath and you can see potential for rallies) while the fundamentals are telling us to be careful (poor end-user margins, weakening basis, ethanol production finally slowing).
Opening Calls
Corn steady to 1 cent lower
Soybeans 1 to 3 cents lower
Have a great day!
@fccoopgrain
Farmers Cooperative Co. issued this content on 28 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 January 2016 15:12:03 UTC
Original Document: http://www.fccoop.com/markets/market-commentary/?CommentaryID=2667