January 16, 2018
Producer Marketing Manager
CORN: As of 7:45 – Up 2
Corn is higher following yesterday’s MLK holiday. Friday marked a new contract low for the March contract at $3.46 ½. Looking at resistance at the 20 day moving average on both the March ($3.50) and Dec (3.83 ¼). Export inspections are due out today at 10am.
SOYBEANS: As of 7:45 – Up 7
Higher overnight on follow through from Friday’s USDA report and Argentina received beneficial rains but not complete drought busters as many thought last week. Brazil harvest continues and is reported to be 10-15 days behind the usual pace. The bean market gapped higher and is back above the 20 day moving average this morning.
WHEAT: As of 7:45 – Mpls Steady, KC Down 5
The HRW market continues to struggle with burdensome stocks and is lower again to start the week. Both the Mpls and KC markets fell through support levels following Friday’s report and look for some new info. Egypt tendered for wheat yesterday from the usual suppliers with results expected later this morning and will come from Black Sea origins.