Morning Market Insight

1/22/19
Casey Schlechter
Grain Marketing Specialist

 
Corn: Down 1, 3.80 ¾
Starting off slightly lower after the long weekend, corn has some bullish motivation from the world markets. Dr. Cordinaar lowered Brazilian production 1.0 MMT to 92.0 MMT as major producing regions are expected to see drier to much drier conditions during pollination. More movement on a world scale as Turkey and Iran both tendered for optional origin corn. Export Inspections to be released at 10 am with 51 MBU needed to reach USDA estimates.

 
Soybeans: Down ¼, 9.16 ½
Soybeans are also trading slightly lower on the overnight with Dr. Cordinaar also lowering Brazilian Soybean production 1.0 MMT to 115.0MMT. Rainfall continues to be below normal for the majority of central brazil and is especially dry in the eastern and northeastern growing areas. Export Inspections are needing 37.1 MBU.

 
Wheat: KC Wheat Up 2 ½, 5.08 ½; MN Wheat Down ½, 5.73 ¾
Despite Russia’s recent announcement that it is not slowing exports, actions are hinting otherwise as it appears both Russia and the Ukraine are starting procedures to ease movement. A welcome sign if the US is going to reach the USDA annual forecasts. Wheat will need to see 25.2 MBU of export business to reach the USDA numbers. Currently, unseasonable coldness is affecting a wide are of Winter Wheat as we start to look into February.
 

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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