Morning Market Insight

2/5/19
Abbey Miedema
Grain Marketing Specialist

 
Agtegra will be hosting marketing meetings in late February. Contact your local elevator to get a full schedule and mark your calendars!

CORN: As of 7:45 – steady
Corn futures were very quiet and remained rangebound yesterday. The trade is gearing up for what is expected to be an exciting report day on Friday. Yesterday’s export inspection number for corn was within trade estimates at 35.5 mbu. Ethanol production is down compared to last year due to low margins. Argentina’s corn production estimate has been increased by the trade.


SOYBEANS: As of 7:45 – steady
We spent the day yesterday in a choppy style trade but ended the day steady. Sources are reporting that 5mmt of soybeans have been bought by China from the US in the last two trading days. South American weather appears to be improving but there is still a good chunk of Brazil that hasn’t been harvest yet. As they are harvesting, they continue to be a major supplier to China. Export inspections tallied 35.9 mbu in yesterday’s report.

WHEAT: As of 7:45 – Mpls steady, KC down 1
Wheat inspections yesterday were at 16.2 mbu, which was well below the needed pace to keep up with USDA’s number. Rumors continue that China will seek US wheat when after their holiday celebration and before the next round of negotiations. We await report numbers on Friday, a major number being winter wheat seeded acres in the US. Australia saw its hottest December and January on record and looks to continue that pattern into April. That combined with less that normal rainfall could impact plantings coming up April-June.
 

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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