Floor Talk December 13
Soybeans and grains were little changed overnight, but with a positive feel, after the WASDE report came out pretty much as expected. The USDA lowered its outlook for corn stockpiles -- the good news -- while raising its forecast for soybean inventories -- the bad news. Corn use in ethanol production was bumped, but soybean export forecasts were lowered. The offsetting fundamentals likely will keep prices in the same range they've been in for months now. Overnight, corn was up less than a penny, soybeans gained 2 cents and wheat was up 2-3 cents. In weather news, a band of winter weather will bring several inches of snow from North Dakota to Pennsylvania today. Michigan looks to be getting the worst of it as up to 8 inches of snow is forecast in the state. Check out all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-december-13.
Brent Crude Oil = up 0.7%.
West Texas Intermediate = up 0.7%.
Dollar = down 0.1%.
Wall Street = U.S. stock futures mixed in pre-market trading.
World Markets = Global stocks higher overnight.
Re: Floor Talk December 13
Spin? What spin? The numbers didn't change enough to induce a price change. Not much spin in that. Of course, if one thinks the corn numbers will come down further, then one would want to continue to store corn and maybe even buy the board. 🙂