Morning Comments December 19, 2017
Tuesday, December 19, 2017, 8:12 AM
Submitted by: Landus Cooperative
Corn steady to slightly higher
Soybeans steady to 1 higher
Corn traded in a very tight range on the overnight session after closing down 1/2 yesterday. Corn export inspections were reported yesterday at 23.4 million bushels. This is short of the 40.8 million bushels that we need to be shipping every week to reach USDA’s projection of 1.925 billion bushels. Only good news about U.S. corn is that it is the cheapest in the world at the moment, so should translate into strong demand.
Soybeans traded both sides of unchanged on the overnight session after yesterday’s weak close. Funds continue to reduce their long position, selling an estimated 8,000 contracts during yesterday’s trade. South American weather appear favorable in the short term, but long term looking dry.
Crude oil currently trading higher and the dollar trading lower. Both of these will help to support the grain markets.