Morning Comments Jan. 19, 2018
Friday, January 19, 2018, 9:01 AM
Submitted by: Landus Cooperative
Corn up 1 to 2
Beans up 5 to 6
Good morning and Happy Friday!
Grain markets are higher as we head into the weekend, with corn up 2 and soybeans up 5 to 6. The South American weather forecast continues with limited rainfall for Argentina through the weekend and 6-10 day outlook. Talk of the Buenos Aires Grain Exchange may again reduce its 2017/18 soy planting area estimate due to delays caused by dry weather.
For a friendly change, weekly export sales were strong for corn and beans, with sales for corn coming it at 74.3 million bushels and sales for soybeans coming in at 45.6 million bushels. Both of these sales are higher than the trade expected and should provide support today.
Yesterday’s weekly drought monitor showed 60.9% of the U.S. is battling some level of drought. The areas of the High Plains, South and the Dakotas are more intensely afflicted.
With this recent uptick in prices, we are encouraging people to leave some firm offers for Old Crop AND New Crop. Sometimes, these events don’t last long. We would also encourage you to look at October of 2019 corn prices. We believe that is a level that most people should have some bushels sold. Granted, it’s a long ways off, but that is what a carrying charge market will offer. Take a hard look, let us know how we can assist.
Reminder: Innovator Meetings:
Next week: Tuesday at Thompson; Wednesday at Greene and Thursday at Parkersburg.
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! Please call to RSVP at 887-778-2226.
Hope to see you there.
Thank you for your business!