Markets

Pre-Opening Soy Complex Market Report 01/04

March soybeans are two cents higher near 7:15 am cst. Oil is trading slightly lower while slight gains are being seen in soybean meal. There were 9 January soybean meal deliveries bringing the month-to-date total to 36. Soybean oil deliveries totaled 1,499 bringing the month-to-date total to 12,555. There were no soybean deliveries. Fed minutes released yesterday afternoon showed greater division amongst members over the futures of QE than had been previously perceived. "Several" members of the FOMC seemed to think the Fed should slow or stop the bond-buying mid-year as opposed to seeing it through to the end of the year, as previously stated. This gave an immediate boost to the dollar and put pressure on equities and commodities, including the metals. Asian stock markets that had been open this week were lower overnight on the news, while those that were opening for the first time since the New Year holiday, such as the Nikkei and Shanghai, were up sharply, as they played catch-up with the gains the other markets made in the wake of Tuesday night's vote in the US Congress that postponed the fiscal cliff. European stock markets were modestly lower as well, with the FTSE down less than 0.1%. German Retail Sales increased 1.2% from October, which was better than expected. The dollar continued its gains overnight, while US stock markets were barely changed ahead of this morning's US report on December non-farm payrolls and unemployment.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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