Morning Market Insight

February 6, 2019
Abbey Miedema
Grain Marketing Specialist


Have a selling price in mind for the USDA report on Friday? Contact your Grain Marketing Specialist to enter a target, don’t miss out on an opportunity from added volatility!

CORN: As of 7:45 – down 1
It was another quiet day in the corn market as we await Friday’s report numbers. The trade is expecting to see yield and production both lowered, along with carryout. The United States harvest was too drawn out this fall to justify an increase in yield, according to some. There is still optimism in the market that China will begin buying corn in tandem with soybeans. In Brazil, their growing season is off to a favorable start.

SOYBEANS: As of 7:45 – down 1
We saw flash sales come across yesterday morning, but it did not seem to affect the soybean market too much as many believe it has already been factored into price. More flash sales have been reported early today. China still has a tariff on US beans, so buying will be from their government until real issues are resolved. We did end the day higher on support from soybean oil late in the day. The USDA report on Friday will continue to take center stage for the next few days as the market takes position.


WHEAT: As of 7:45 – Mpls down 1, KC down 2
The wheat market is also waiting for information in Friday’s report, particularly the winter wheat plantings number. December 1 stocks are estimated to be higher than they were last year. 2018/19 ending stocks are estimated by the trade at 989 mbu… will we stay below 1 billion bushel carryout? Stay tuned! Overall, it is very difficult to find a direction ahead of the USDA numbers release. Country movement has been slow, due in part to cold weather.

 

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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