Jan 6th 2012
Corn: 4 higher
Corn market looks to open a little stronger recovering from yesterday’s weakness from a stronger dollar index and South American rain. Weekly export sales this morning at 299 vs 350-550 expected and 369 last year. Inform will release estimates at 10:30 this morning as traders transition from focusing on SA weather to pre report positioning in front of the Jan 12th USDA report.
Soybeans: 6 higher
Modest recovery last night for soybeans as well looks to follow through to the open this morning. Weekly export sales a little light at 281 compared to an expected range of 400-550 and 489 last year. Look for the Informa’s release to influence soybeans as well this morning. Technically starting to look a little top heavy as one of my three indicators have turned bearish but I believe next weeks USDA report will trump any technical analysis.
Wheat: 5 higher
Wheat following corn and soybeans higher last night. Weekly export sales this morning a disappointing 138 compared to expectations of 300-450 and 465 last year.