Morning Comments January 29, 2018
Monday, January 29, 2018, 8:01 AM
Submitted by: Landus Cooperative
Corn +2 to 3
Beans +9 to 11
Wheat +5 to 6
Although many of us don’t normally focus too much on wheat, it’s good to keep an eye on it this time of year. Some concerns about dryness in much of wheat country is pushing the grain markets higher. Overnight, Chicago wheat was up almost 6 cents, and pulled corn higher as well. In and of itself, March corn is trading near the 100 day moving average, and we still have a very sizeable fund short. Add to that a favorable Cattle on Feed Report, up 8% from last year. “IF” we can close above that 100 day average, we should see some more short covering and a little more upside in corn prices.
Please get your offers in as you will have a better chance of getting the price you are looking for.
For soybeans, weather in Argentina is expected to be dry for the next 2 weeks. Traders also watching weather in Brazil. We continue to focus on the expected Ending Stocks number, which USDA pegged at 470 million. At some point, that will limit the upside on bean prices
Iowa Power Show starts tomorrow and runs through Thursday. Landus Cooperative will have a booth. Hope to see you there.
Final note, our averaging contracts are available on Old Crop corn and beans against July futures and New Crop corn and beans for this fall. This is a great marketing tool.