Morning Comments January 8, 2019
Tuesday, January 8, 2019, 2:01 PM
Submitted by: Landus Cooperative
Corn up 2
Beans down 2
Yesterday the March corn contract closed ¾ cent lower settling at $3.82 ¼, and the July contract was ¾ cent lower closing at $3.97 ½. Corn is trading higher this morning; recovering yesterday’s loses as traders wait for positive news out of Beijing, many believe China will start buying corn and ethanol from the U.S. Released yesterday was the poor export numbers of 19.7 million bushels, below expectations but trade is passing it off because of the holiday.
The March soybean contract closed 2 ¾ cents higher settling at $9.24 ¼, and the July contract was 2 ¾ cents higher closing at $9.48 ¾. Beans found strength from rumors of the Chinese government purchased 15-20 ships of beans, and exports were within expectations. Trade is continuing to watch South American weather as it is estimated that 30% of Brazil’s crop is experiencing stress from the lack of moisture and no signs of rain nearby.
Don’t forget that Thursday is the last day to sign up for the Managed Marketing Contract thru Landus Cooperative. Let the Landus Cooperative grain team help you set a price on your corn bushels for fall delivery. Call your local GMA to get signed up today.
Reminder: No USDA WADSE Report on Friday due to the government shutdown.