Grain Marketing Specialist
Corn: As of 7:45- 2 higher
Solid exports and a firm soybean market has this market trading higher overnight. Thursdays report did shrink stocks but we are still at a very comfortable carryout number. March options expiring Feb 23rd so for those of you with Min price contracts be mindful to retain any equity you may have. Technically 2 of my 3 momentum indicators are bullish with resistance at 3.69H.
Soybeans: As of 7:45- 13 higher
SA weather seems to be at the forefront of traders’ minds. Disappointing weekend coverage has this market higher overnight with little help in the immediate future. 48 hr. and 6-10 showing little relief for troubled areas of Argentina. Here at home Thursday’s report help solidify the idea of ample stocks and with corn/bean ratio for 2018 at 2.56 as we could be looking at an acreage swing to beans as well. Look to SA weather/production for any kind of bullish help.
Wheat: As of 7:45- Winter 5 higher, Spring 3 higher
Dry conditions from Texas to Kansas and up into the Northern Plains is the story right now. We are firmly in the midst of the how many times can we kill this crop. 6-10-day forecast looks hopeful for precip. Time will tell if it will be too little too late. For the time being this is more of a HRW story as we see more a more volatile KC trade. Stay tuned….