Morning Market Insight

1/23/19
Casey Schlechter
Grain Marketing Specialist

 
Corn: Up 1 ½, 380 ½
Corn was pulled down towards the end of the day by the uncertainty with the Chinese trade negotiations but stayed within the recent ranges. There were good numbers for the week on the side of exports as exports exceeded expectations at 43.6 mbu but were below what was needed to reach the USDA forecast. ATI research estimated the 2018/2019 corn carryout to be 1.842 bbu and lowered the 19/20 acreage estimates to 91 mil acres as the 2.37 coy/corn ratio doesn’t look low enough to encourage more corn acreage.

 
Soybeans: Up 3 ½, 9.12 ¾
Soybeans were treading water after export inspections came out in the top range of expectations but dropped off around Noon when the White House canceled meetings this week with officials from China. Although the meetings for next week are still on schedule, this gives a little doubt that the trade agreement may be reached by the March 1 deadline. Nearby beans traded as far as -.17 but closed in the middle of the trading range. China came to the table last week with 15.3 mbu in shipments vs 2.5 mbu the previous week. ATI research placed ending stocks at 1.032 bbu vs .955 in December.
 
Wheat: KC up 3 ¼, 5.13; MN Up 4 ¾, 5.76 ¾
The wheat complex was mixed Tuesday with winters staying in the green and spring falling victim to the uncertainty in the Chinese trade. Export numbers were in the middle of expectations at 19.0 mmb but below the 25.6 needed to make the USDA forcast. Mexico, Philippines and Africa accounted for the main US business while other players still look to Ukraine and Russian wheat. ATI research placed wheat ending stocks unchanged vs December at .969 bbu.

 

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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