Morning Market Insight

1/25/19
Casey Schlechter
Grain Marketing Specialist

 
Corn:  As of 7:45 – Up 1
Continued light volume keeps corn down as there is little to push the market one way or another.  Something to watch closely today.......We did see Chinese corn futures push 9 cents higher overnight as SINO Grain lowered stock numbers.  Ethanol production was down 20,000 thousand barrels last week but ethanol stocks rose 150,000, increasing the total stocks to 23,501,000. Which falls within expectations and isn’t enough to force the market to take its concerns off of the China/US trade situation and SA weather.  

 
Soybeans:  As of 7:45 – Up 1
Funds were buyers in the beans today as futures closed higher for the second day in a row. Concerns of South American production seem to be driving the market. Parana, Brazil’s second largest soybean producing state, cut their forecast to 16.8 MMT from their previous estimate of 19.1 MMT due to the dry weather. The third largest producing state, Rio Grande de Sul, is expecting losses due to excess rains. Continued resistance of 9.25 is close to being back in play.
 
Wheat: Mpls Steady, KC Down 2
Lack of fresh news seems to be weighing on wheat as winter wheat closed near the session lows and down sharply on the overnight before rebounding close to unchanged. Rumors of less winter and more spring acres are piling on with the talk of China possibly buying up to 7 million tons of US wheat. Russian wheat stocks are 33% lower than last year and might finally be showing that Russian Wheat Exports might finally start being limited. All that said, wheat plays by its own rules and tends to do what it wants so be leary.
 

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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