1/30/2019 7:54:58 AM
- Weekly export sales out tomorrow morning.
- Energy markets are trading higher.
- DJIA, S&P, NASDAQ are trading higher. The US$ is slightly lower and gold is stronger again this morning.
- The corn market traded higher, continuing its rangebound trade. The overnight trading range was 1-3 cents across most months.
- The March contract sits above its 50-Day MA of $3.78 ½. Resistance is seen at $3.80 with support at $3.70.
- Bitter cold temps move across the US over the next couple of days with much warmer temps expected over the weekend.
- Brazil’s corn harvest has begun in their southern region with early reports of lower than expected yields.
- Spreads: H/K 8 ¾ carry, N/U 2 ½ carry.
Outlook: higher trade on crop concerns in Brazil
- The soybean market traded higher overnight on crop concerns in Brazil and hopes for a resolution to the trade war and increased demand for US soybeans.
- Palm oil closed up 9 at 2,303 ringgits. China beans were down 8 cents.
- The March sits at $9.24, levels we were at back in December, trading in a 7-cent trading range.
- Brazil’s soybean harvest progresses with more reports of disappointing yields from dry weather.
- Spreads: H/K 13 ¾ carry, H/X 39 carry.
Outlook: higher trade awaiting signs of improving demand and crop worries in Brazil
- The wheat market bounced overnight, after disappointment over Egypt’s tender.
- Mpls March sits just above its 20-Day MA at $5.69. the KC March bounced off $5.00 support level overnight.
- Cold weather across the Southern Plains raises concerns about possible damage in areas where there is little or no snow cover.
- Spreads: Mpls H/K # ¼ carry, Kansas City H/K 9 ¾ carry, Chicago H/K 6 ¼ carry.
Outlook: slightly higher on cold weather snap across the winter wheat belt