Morning Market Insight

1/31/19
Alek Heier
Grain Marketing Specialist

 
Trivia: What was the New England Patriots original name?
 

CORN: As of 7:45- Down ¾
Corn traded a little weaker throughout the overnight on no fresh news after spending yesterday in the green on technical buying. USDA data releases begin today with month old export sales, and the supply and demand report coming out next week. The March19 contract was able to push through the $3.80 resistance level on the close, although it is bumping up against that on the down side this morning. Weekly ethanol production dropped 19k at 1.012 million barrels per day. 

 
SOYBEANS: As of 7:45- Up 2
The soybean market has traded back and fourth on no fresh news from U.S./China trade talks, and disappointing yields from Brazil. Yesterday the March19 contract closed just shy of its 200 day moving average of $9.22. November also closed just above most of its moving averages yesterday while finishing up at $9.60. Forecasts are still calling for chances of rain in Brazil next week. Argentina has also reached a deal with the European Union to export biodiesel.

 
WHEAT: As of 7:45- MPLS Up 1 ½ , KC Up ¼
The wheat market traded weaker early in the session yesterday on the poor demand outlook for U.S. wheat, but did turn higher midday and throughout much of the overnight. The market continues to trade in ranges with the absence of current information from the USDA. Next week the USDA will release the winter wheat seedings report for 2019-20. There are also some concerns that there may be some damage in the winter wheat crop from the frigid temps this week.
Answer: The Boston Patriots
 

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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