Morning Market Insight

1/29/19
Alek Heier
Grain Marketing Specialist

 
Trivia: In how many Super Bowls have there been no interceptions?

CORN: As of 7:45- Unchanged
We saw a very light trade overnight with support likely coming from traders estimating that USDA will lower yield and production on the February 8th report. On the technical side of the trade- March19 50 and 100 day moving averages are below at $3.78 ½ and $3.77 ¾ - offering support to the market. Cordonieer lowered his Brazilian corn production estimate to 91.5mmt with a lower bias. He has Argentinian corn unchanged at 40.5mmt. To date, U.S. corn exports are running behind the pace needed, with 6 weeks of export sales that were not released.


SOYBEANS: As of 7:45- Down 5
Lower throughout the overnight with the arrest of a Huawei executive making some worried about the implications that could have for the trade talks. South American weather is still offering a bit of support with the potential production loss. Cordonieer dropped his Brazilian soybean production estimate again by 1mmt to 114mmt with a lower bias going forward. Mato Grosso, the largest soybean growing state in Brazil, is estimated at 26% harvested vs 12% last year. Total Brazilian harvest is pegged at 13% harvested vs 3% last year. Cordonieer has also lowered his Argentina estimate 1mmt to 55mmt with the recent heavy rains that they have been seeing.

WHEAT: As of 7:45- MPLS unchanged, KC down 1 ½
Feb 8th USDA report is expected to show planted winter wheat acres, possibly down slightly from a year ago. Egypt’s GASC tendered yesterday afternoon, with U.S. FOB offer being the cheapest- without freight. Russian Ag Ministry drops next year’s production estimate, while the Russian Grain Union raised theirs, with planting reported at a near record amount of acres.

Answer: Two: Buffalo vs. New York Giants XXV and St. Louis Rams vs. Tennessee XXXIV
 

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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