Morning Market Insight

2/4/19
Abbey Miedema
Grain Marketing Specialist

 
The USDA will release its Final Production and Supply & Demand Report on Friday.

CORN: As of 7:45 – unchanged
Corn finished the day higher on Friday, following a positive wheat trade. Lower national yield and production is expected in Friday’s USDA report. Carryout is also expected to be reduced. It is rumored that China is looking at buying US corn and/or ethanol. Farmer movement picked up as weather improved and the need for cash arises. December corn has traded in a tight range for some time, between 3.97 and 4.04.


SOYBEANS: As of 7:45 – steady
Friday’s fireworks sparked from reports of China buying another round of soybeans from the US, and farmer selling picked up quickly. This activity was mostly out of the gulf, as PNW offers are too high. After initially trading 15-16 cents higher, we closed up only 2-4 cents on the day. The March futures chart failed to stay above the 200 day moving average of 9.20. China is on holiday this week as they celebrate their New Year, the Year of the Pig.


WHEAT: As of 7:45 – Mpls unchanged, KC down 1
Wheat was led higher on Friday as well from positive trade talks with China, which apparently included them buying some spring wheat from the US. There has been no official confirmation. Concerns of damage to the winter wheat crop in the southern plains continue as cold weather hangs around.
 

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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