Morning Comments January 17, 2018
Wednesday, January 17, 2018, 8:01 AM
Submitted by: Landus Cooperative
The corn market saw a little short covering yesterday, but the lack of fresh news is still keeping a cap on the rally. The South American crop continues to be watched closely, with conditions in Brazil being decent and Argentina seeming to get just enough rain to keep their crop development moving steadily along. The next big focus for the corn market will be the pace of the Brazilian soybean harvest, which will also dictate the timeline for their Safrinha corn crop planting.
The soybean market gapped higher at the open of the night trade Monday evening on buying, following the buying we saw yesterday in the meal on concerns about the Argentine bean crop, slowly working its way out of the oversold condition.
The weekly export inspection report released yesterday morning showed weak shipments again for corn, coming in at 23 million bushels, which is lower than market expectations. The U.S. soybean export shipments came in at a decent 45.2 million bushels (upper end of trade expectations). Cumulative exports for soybeans now stand at 1.133 billion bushels, but still down 14% from last year.
Reminder: Innovator Meeting today in Templeton and Thursday at 5x80 near Menlo.
Registration begins at 3:15pm with the meeting starting at 3:45pm. Hear updates from our grain, agronomy, and precision teams.
Social hour to follow! RSVP by calling 887-778-2226.
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