South American Weather Continues To Whip The Futures Market, What's The Bottom Line??
Jan 24, 2013
Cody and Logan breakdown the technical and fundamental factors impacting price action as South American weather seems to dominate the trade day-to-day. EIA ethanol production data showed ethanol production picked up 8,000 barrels per day in production, but overall our models still show the USDA over estimating corn going to ethanol during the current marketing year. Tomorrow's export sales report will be watched closely by the trade, below are market expectations. Once again the trade is looking for very lean export sales of corn and strong export sales of soybeans, with the high side of expectations near 1 million metric tons.
Corn: 200k-450k tonnes
Soybeans: 750k-950k tonnes
Wheat: 350k-550k tonnes
THERE IS A SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES AND OPTIONS.
FUTURES TRADING IS NOT APPROPRIATE FOR ALL INVESTORS.
PLEASE READ OUR RISK DISCLOSURE.