Morning Market Insight

January 8, 2019
Drew Johnson
Grain Marketing Specialist
                                                        
 
Corn: 2 higher
Corn continues to work back up to the December highs, but is still range bound between $3.75 and $3.85 March futures. The support is spill over from US/China trade talks. Weekly corn inspections came in at 19.7 million bushels vs the 45.9 needed weekly. Total inspections are still 61.3% higher than this time last year, but sharply lower than 72.4% from only two weeks ago.
 
Soybeans: 2 lower
Soybeans continue to be supported due to US/China trade talks and rumors that China is actively buying US soybeans. This is hard to confirm due to the lack of export sales report because of the government shutdown. Soybeans are also being supported through the uncertainty of the Brazilian crop. Brazil’s AG consultant, CONAB will release their soybean production estimates on Thursday morning. That is expected to move lower from the 120 mmt reported last month. US weekly export inspections came in at 24.7 million bushels. Total inspections are still 41% behind this time last year. March SB’s are within 20 cents from their most recent high of $9.41 futures.

 
Wheat: MPLS: 1 higher. KC: 2 higher
Wheat trading higher on rumors that China is shopping for soft red winter and hard red spring wheat. Traders today will watch to see what Algeria does today as US wheat is competitive to Europe. The government shutdown will delay the January 11th WASDE and Winter Wheat Seedings Report. March MPLS wheat is holding support around $5.67’6. March KC wheat is finding resistance at the 20-day moving average of $5.05 futures.

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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