Jan 31, 2017
Grain Marketing Specialist
Corn: 2-5 Higher
Corn market saw a bounce in the overnight session after strong selling pressure yesterday. March May & July contracts were all up fractionally & Dec was up a penny. Weekly inspections came in at 1.06mmt vs the 986tmt from last week. The market is still concerned over trade wars with both China & Mexico. The Fed is expected to choose to keep interest rates were they are at tomorrow and wait for better clarity on President Trumps economic plan.
Soybeans: 2-5 Higher
As weather continues to drive the bean complex, beans were hit the hardest yesterday as non threating weather made its way over SA. We also saw strong weakness in the meal & oil markets. On the overnight we did see some potential recovery as most markets were up a couple. Weekly inspections came in at 1.06mmt vs the 1.294mmt from last week. Dr. Cordonnier increased SA production 1mmt to 52mmt. China is off until Thursday night on holiday.
Wheat traded lower yesterday with a strong dollar and the weakness in both row crops. That weakness continued into the overnight session as KC markets were down about 2 and Mlps was down fractionally. The continued “rinse and repeat” story in the wheat complex in huge global stocks. Weekly inspections came in at 321tmt vs 288tmt. The US $ was trading lower on the overnight on concerns with current administration.