Morning Market Insight

Morning Market Insight
1/18/19
Brad Olson

 
There will be no markets Monday due to MLK day. Trading will resume Monday night.
 
Corn as of 7:45- 1 higher
Midday rumors yesterday of a 2 yr commintment from China to buy US ag commodities has grains perking up. Could this be a buy the rumor sell the fact situation??? Spillover strength from wheat and soybeans adding support as well. Continued concern of dryness from the Brazilian safrinha crop dangling out there as well. Resistance at 4.05 and 4.08 CZ9 for those of you looking for possible places to place targets.
 
Soybeans as of 7:45- 5 higher
Rumors about Chinese talk had soybeans posting the biggest single day gains in several weeks. As far as I can tell the talk is yet to be confirmed. SA weather still in the headlines as Brazilian dryness looks for immediate relief as we move towards Feb and its looking hotter and dry again. Production estimates ranging from 110 to 118 MMT with ave at 116. Argentine wettness looking to possibly limit acres planted as well.
 
Wheat as of 7:45- 1 to 3 higher 
At the end of the day rumors about some Chinese business being done was the catalyst for yesterdays midday strength. Russian exports or the possibilty of the limitations of exports still in the headlines as well. US selling wheat to Japan – 13.4 tmt of spring and 34.6 tmt of winter. Drought map out yesterday again shows no major changes. We are approaching the higher end of the range for both spring and winter wheat.
 

 
 

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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