Morning Market Insight

January 7, 2019
Drew Johnson
Grain Marketing Specialist
                                                        
 
Market focus will be on Trade talks in Beijing China today and tomorrow.
 
Corn: steady
Corn is trading steady and stuck between $3.80 and $3.85 March futures, the former being the 20-day moving average. The market continues to fly blind due to lack of US sales and commitments data. Export sales were released, last Friday, and showed production of 1.011 million barrels a day. This was the fourth week in a row that number came in under expected levels. Stocks were reported 29,000 barrels higher at 23.162 million barrels. Corn continues to be supported by the soybean market.

 
Soybeans: 5 higher
Soybeans continue to be supported due to US/China trade talks starting today. Soybeans also finding some support on lowered Brazilian production. Estimations coming in between 110-115 million metric tons. Overnight trade moved the March soybean complex to within six cents of the 200-day moving average of $9.31.

 
Wheat: MPLS: steady. KC: 1 lower
Wheat trading lower on lack of export conformation news due to US Government shutdown. It is rumored that Egypt bought some wheat, and China is shopping. The government shutdown will also prevent the January 11th WASDE and Winter Wheat Seedings Report.
 

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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