Afternoon Market Highlights


Highlights

  • The Phase One of a U.S.-China trade deal is expected to be signed in Washington D.C. on Wednesday.
  • The NOPA crush will be released on Wednesday at 11:00 AM Central.
  • Outside markets as of 3:06 PM Central: Gold at $1,548.90 down $8.60; DJIA at 28,883 up 59; US Dollar Index at 97.360 up 0.004; Brazilian Real at $4.1409 up 0.0449; February crude oil at $58.08 down $0.96 per barrel.

 Corn

Corn traded higher today as the market disregards Friday’s report where the USDA raised the U.S. corn production. Strength in corn is likely related to fund short covering. March closed above the 100-day moving average at $3.86 ½.

  • The USDA reported the sale of 137,000 tonnes of con for delivery to South Korea during the 2019-2020 crop year.
  • Weekly export inspections were 460,307 tonnes, at the low end of estimates ranging from 450,000 to 650,000 tonnes.
  • Closes: March at $3.89 ½ up 3 ¾; May at $3.96 ¼ up 3 ½; July at $4.02 ¾ up 3 ¼; December at $4.04 ¾ up 2.
  • Spreads: H/K 6 ½ cent carry; K/N 6 ¼ cent carry; N/U ¼ cent carry; U/Z 2 ¼ cent carry.

 Oilseeds

Soybeans traded lower today, with March closing just below its 20-day moving average of $9.43. Weakness in soybeans could be attributed to a falling Brazilian Real, which traded to its weakest point in a month. Additional pressure stems from South American weather that is favorable for their growing crop.

  • Weekly export inspections were 1,136,304 tonnes, above estimates ranging from 500,000 to 1,100,000 tonnes.
  • Closes: March at $9.42 ¼ down 3 ¾; May at $9.55 ½ down 3 ½; July at $9.67 ¼ down 3 ¾; November at $9.69 ¾ down 5.
  • Spreads: H/K 13 ¼ cent carry; K/N 12 cent carry; N/Q 3 ¾ cent carry; Q/X 1 ¼ cent inverse.

Wheat

The wheat markets were weaker across the board on light volume, with KC the biggest loser, followed by Minneapolis and Chicago. There was little fresh news to push the market higher.

  • Egypt’s GASC issued a new tender for soft wheat and milling wheat for March 1st-10th shipment.
  • Weekly export inspections were 473,960 tonnes, near the upper end of estimates ranging from 300,000 to 500,000 tonnes.
  • March Closes: Chicago at $5.62 ¼ down 2 ¼; Kansas City at $4.90 ¾ down 4; Minneapolis at $5.53 down 3.
  • Spreads: Chicago H/K 2 ½ cent carry; Kansas City H/K 7 ¾ cent carry; Minneapolis H/K 7 ¾ cent carry.