Morning Market Insight

January 9, 2019
Drew Johnson
Grain Marketing Specialist
                                                        
 
Corn: 1 higher
China is rumored to be in the market for US corn, but lack of USDA sales confirmations prevents this market from really making a push over the $3.85 March futures. Corn shipments are 61% above this time last year, but that number was 12% lower than the previous week. There will be no WASDE Report on January 11th, so traders will be looking at tomorrow’s CONAB reports. Expectations are lower South American corn stocks due to dryness. Support of March corn is holding around $3.80 March futures.
 
Soybeans: 3 higher
Soybeans were due for a correction due to the 47-cent rally from previous lows, and that’s what we saw yesterday. Traders are sure that China has purchased 5 million metric tons of US soybeans. It has been confirmed that there are 3 boats at the PNW listed for China waiting to be loaded. US/China trade talks seem to be progressing favorably as talks went into an unplanned third day. There are a few showers flowing through Brazil, but overall weather forecasts remain hot and dry from some key growing areas. Traders will wait with anticipation for tomorrows CONAB report out of South America.
 
Wheat: MPLS: 4 higher. KC: 1 higher
Wheat continuing higher as traders wait in anticipation on any information from the Algerian wheat tender later this week. China also rumored to be in the market for soft red winter and spring wheat from US. Traders worried about US winter week conditions. Minneapolis wheat finding resistance at the 50-day moving average of $5.73 March futures. Kansas City wheat finding resistance at the $5.10 March 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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