Lynn Miller
November 23rd, 2015
Overnight action hasn’t been real friendly: Corn -3 ¼, Beans -12 ½, Spring Wheat -1, Winter Wheat -2 ¾. Beans leading the way lower on Argentina election results. The new president elect Macri, of the opposing party has stated he will overhaul the grain policies, taxes, tariffs and quotas. The trade wants to anticipate increased Argentina selling and readily available supplies at port. I believe the trades reaction is over done as corruption and black market trade are well established in that country. This election has also been front in traders minds for quite sometime, helping me believe most of this news was already figured into the market, but we sill find out. Marci takes office Dec. 10th and has a lot of work ahead of him to make significant changes. Aftermath of the Paris bombings and the Brussels lockdown has equities nervous and the dollar stronger this morning adding pressure to commodities and weighing heavily on crude.
Exports inspections this morning expected to be good for beans again near 70 million bushels, ho-hum for corn around 25 million and average for wheat at 12 million.
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