Morning Market Insight

2/1/19
Alek Heier
Grain Marketing Specialist

 
Agtegra Cooperative is 1 year old today!!!! 

Trivia: What company holds the spot for the most expensive Super Bowl commercial of all time?

CORN: As of 7:45- Up 3
Higher following the excitement in the soybean market. Headlines are saying that China will increase its imports of agriculture and other goods, bringing optimism that they will purchase corn, DDGs, milo, and ethanol. Buenos Aries Grain Exchange reports Argentinian planting at 97% complete, with 60% good to excellent. The production estimate for Argentina is seemingly on the up trend. Technicals don’t seem to be changing much as CH(March) once again tests its 50 day moving average of $3.78 ½ , and the 100 day moving average of $3.77 ¾ . December 19 corn holds on to $4.00 support, with the 200 day moving average sitting at $4.02 ¼ .

SOYBEANS: As of 7:45- Up 13 ¼  
Soybeans finished near the overnight highs as the market reacts to headlines that first stated China would buy 5mmt per day, which ended up being China is going to buy another 5mmt at some point. China has pledged to buy more U.S. beans and ag goods, but there are few details at this time. As of right now, China’s tariffs on U.S. soybeans are still in place. China remains behind on their purchases of U.S. beans and the current U.S. carryout is projected at 955mb. With the early harvest in Brazil, their January exports are well above last year’s pace. The Brazilian production estimate has dropped to 112mmt. BA Grain Exchange puts Argentina planting at 100%- the production estimate is unchanged at 53mmt. Parts of Brazil and Argentina see some precipitation, but Mato Grosso appears to remain dry.

 
WHEAT: As of 7:45- MPLS Up 3 , KC Up 2 ¼
Wheat attempted to follow the excitement in the soybean market, but didn’t garner much support throughout the overnight markets. Sov Econ is reported to have raised its 2019 Russian production estimate to 80mmt, up 2.7 mmt from its previous estimate. Will Russia slow down or restrict their exports going forward? Australia deals with some dryness in their growing regions as they continue to wind down their harvest.
Answer: Chrysler- Imported from Detroit in 2011 at $12.4 Million
 

The information contained above was taken from sources which Agtegra believe to be reliable, but is not guaranteed by Agtegra as to accuracy or completeness and is made available for information purposes only. There is a risk of loss when trading commodity futures and options.
 

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