February 1, 2018
Producer Marketing Manager
Today marks the first day of business for Agtegra Cooperative! While we integrate systems today and tomorrow we will be able to purchase grain, however all locations will be closed for receiving grain on the 1st and 2nd.
CORN: As of 7:45 – Down 1
Corn did manage to close near unchanged yesterday after spending most of the day in lower territory. Export Sales were solid this morning at 72.9 million bushels, well above the expected range of 39-59. We continue to trade around the $3.60 area with support at the 100 day moving average at 3.57.
SOYBEANS: As of 7:45 – Down 10
After a few days of trading excitement we seem to have fallen back into the “range” with fundamentals fighting the technical trades. Weaker yesterday as we closed out the month of Jan as funds were estimated sellers of 7k contracts……profit taking after the big runup in futures? We are sitting right at support on the March contract at 9.88. Export sales on soybeans were poor this morning at 13.2 million bushels….was expecting 22-37.
WHEAT: As of 7:45 – Mpls down 1, KC Down 8
Mpls was the biggest loser yesterday and prompted KC to follow. Dryness has not changed across the southern plains, but funds were active sellers. The Mpls struggled with the 20 & 50 day moving averages yesterday and quickly retreated back to the bottom of the trading range.