February 08, 2018
Drew Johnson
Grain Marketing Specialist

Monthly WASDE Report out today at 11am. Do you have your targets in place?

Corn: steady

Corn bumping up against three-month highs. US export sales seem to be picking up. Export sales, reported for last week, came in at 69.7 million bushels. Total shipment were 37.8 million bushels. These would be interpreted as bearish numbers for corn. Weather concerns, in South America, have traders watching to see if the USDA will lower Brazil and Argentina’s corn production this morning. Resistance for March and December corn is at $3.65 and $3.95 respectfully.


Soybeans: 1 – 2 higher

Weather concerns in South America continue to support the soy complex. Traders await to see if USDA will alter Brazil and Argentina’s production numbers. Traders are also waiting to see if the USDA will raise US ending stocks to 492 million bushels? Lack of export business would be the main reason behind higher US stocks. Speaking of exports, exports sales, reported for last week, came in at 27.6 million bushels. Shipments were at 56.5 million bushels. These could be seen as bearish numbers for soybeans. Soybeans remain in a very wide sideways trend.


Wheat: MPLS – steady. KC – 1 lower

The big gains in winter wheat, yesterday, continue to be fueled by the dry conditions in the Western Plains. KC March futures reached a new five-month high at $4.81. Spring wheat continues to be supported by the likes of the Chicago and KC wheat boards. Traders expect little change to supplies in this morning’s report. Export sales, from last week, were reported this morning at 15.3 million bushels. Total shipments were at 17.2 million bushels. This could be viewed as bearish for wheat.