Morning Comments January 8, 2018
Monday, January 8, 2018, 8:01 AM
Submitted by: Landus Cooperative
Corn opened down 1c
Soybeans opened down ½ c
Grains seeing a little pressure today with corn trading down 1c and beans trading ½ c lower- with a higher U.S. dollar pressuring the market today. It appears that it will either take a crop problem in South American or a big surprise in Friday’s WASDE report to move the market significantly. We will start getting some report estimates this week - much anticipated as estimates values right now from different trade firms are all over the place! Something else worth noting – a few energies have performed well in the last 30 days with crude oil leading the way. Light Sweet Crude Oil has put on $4/barrel the last 20 days. Oddly enough, ethanol rallied into Jan 1st, but then sold off very sharply as stocks build and cold temps cause logistical backlogs.
On the policy front, President Trump will speak today at the American Farm Bureau Federation’s annual conference. Farmers are expected to express their concerns about efforts/rhetoric to renegotiate NAFTA. They will also discuss the 2018 U.S. Farm Bill.
Have a great day!