Morning Market Insight

January 11, 2019
Drew Johnson
Grain Marketing Specialist
                                                        
 
Corn: 2 higher
Corn sold off yesterday due to lack of progress with US/China trade talks. CONAB, Brazil’s Ag consulate, predicts Brazil’s corn production to be at 91.2 mmt. This was slightly higher than their December productions number. Today’s USDA Report, and yesterday’s US Export Sales report has been delayed due to government shut down. Technically we did see March corn fall through a few key support levels, the 50-day and 100-day moving average, before finding some support at $3.75 futures.

 
Soybeans: 5 higher
Double digit sell off in soybeans yesterday due to lack of progress in US/China trade talks. CONAB predicts Brazil’s total SB production to be 118 mmt. This is only 2 mmt lower than the 120 predicted back in December. Brazil remains dry, with scattered rain chances through next week. March SB’s holding support close to the 50-day moving average of $9.05 futures. 

 
Wheat: MPLS: 5 higher. KC: 6 higher
Wheat rebounding some this morning, after spillover selling from the soybeans and corn markets yesterday. Both KC and MPLS March wheat futures are finding resistance around the 50-day moving averages of $5.05 and $5.73 respectfully. 

 

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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