Morning Market Insight
Grain Marketing Specialist
USDA WASDE REPORT out tomorrow @ 11AM CST Do you have your targets in?
Corn as of 7:45: Unchanged
Overnight trade keeps corn trading in a 2 cent range after corn closed up 3 cents yesterday. USDA WASDE repot out tomorrow @ 11 average carryout estimate is 2.312bb, Feb 8 was 2.352b. What will they say? Corn holding just shy of 3.88 may futures if we break next level of resistance should be at the 3.93 level.
Soybeans as of 7:45: Down 4
Beans overnight trade in a range of 10 cents. Have we topped out or is this just a little correction. Nearby may futures resistance currently sits at 10.82. Dr. Cordonnier lowered his Argentine soybeans crop 2.0 MMT to 45.0 MMT and dropped corn 1.0 MMT to 35 MMT. Brazil soybeans up 1 MMT to 114 MMT and corn unchanged at 86.0 MMT. Mato Grosso is 71% harvested vs 71% 5 yearr average and 78% last year.
Wheat as of 7:45 MW -Down 2 KC- Down 1
Norther plains see moisture but the southern plain still dry as winter wheat is coming out of dormancy down there. Traders still concerned of ww crop conditions and that has keep our rally alive for now anyway. If you’re still sitting on wheat from years back take the guess work out of figuring what you really have by contacting your local grain marketing specialist and schedule a visit form out bin probe truck. Don’t forget to ask about our bin probe guarantee.