Grain Marketing Specialist
Corn: As of 7:45- 4 lower
Corn being pressured overnight by soybeans and ideas Trumps talk of a 20% import tariff on Mexico. Mexico is in the top ten export destinations for US agricultural goods. Rain over the weekend shortening the optimum second crop corn planting in Brazil, which is historically Feb 20th. Export inspections released this morning at 10 am. Technically this market appears to have lost its higher momentum with all 3 of my momentum indicators turned lower. Support at 3.55H and resistance at recent highs of 3.71
Soybeans: As of 7:45- 14 lower
Better weather in SA and trade uncertainty weighing on soybeans overnight. While we are off overnight I think it important to realize that we are still over $1 higher than a yr. ago despite projecting twice the ending stocks and looking at increasing acreage by as much as 4 million aces. We still may be in what I would call the “opportunity area”. For the day we will await for export inspections at 10 for some friendly news.
Wheat: As of 7:45- 3 to 5 lower
Very little news for the wheat complex as the market leaks lower erasing much of the gain we made over the last couple of weeks. At the end of the day ample domestic and global stocks will continue to weigh on this market. Technically all my momentum indicators have turned bearish right along with the row crops. Export inspections this needing 19.5 mbu up from last week’s 10.1 to meet pace.