Morning Market Insight

1/28/19
Alek Heier
Grain Marketing Specialist

 
Trivia: Which team put of the rap song “Super Bowl Shuffle” which sold half a million copies and got all the way to No. 41 on the Billboard Hot 100?

CORN: As of 7:45- Unchanged
Relatively steady overnight trade with March corn seeing a 1 ½ cent trading range, and Dec corn seeing a 1 ¼ cent range. Relatively little news throughout the weekend, but the U.S. government has reached a deal to reopen, at least until Feb 15th. U.S. and China to resume trade talks this week- which is creating some optimism for corn, milo, ethanol, and DDGs. Argentina and Brazil saw scattered rains over the weekend, but there are still worries that those rains did not do enough to help the crop. IMEA has pegged safrinha corn planting at 15% vs 7% last year, and 7% average.

SOYBEANS: As of 7:45- Down 4 ½
Soybeans were mostly lower on the overnight as South America saw some light and scattered precipitation throughout the weekend. Production estimates have been on the down trend due to the weather conditions. U.S. and China officials are meeting this week to continue working for a trade deal. We do still have 955mb carryout to deal with. USDA should be able to publish a few reports with the recent deal reached to open the U.S. government for a short time, but there are no concrete details on when the Jan 11th report will be released.

WHEAT: As of 7:45- MPLS up 2, KC Up 2
The wheat markets were mostly higher overnight as wheat continues to rebound off the low end of the trading range. Russia continues to be a concern with their exports- will the slow down, or stop? U.S./China trade talks again take the forefront with the recent rumor of 3-7mmt to be sold to China. Cold temps are beginning to hamper delivery with railroad service likely to be impacted as well due to the extreme cold.

Answer: 1985 Bears
 

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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