July 17, 2018
Grain Comments 1.12.18
January 12, 2018

At 0600 ¾ of a cent higher on CH18 ($3.49 ½) and SH18 (($9.50 ¼). As you could guess once again lite volume. KC and Chi wheat showing fractional gains as well.

 

USDA production, stocks and updated S&D tables today at 11:00. Not expecting any structural changes in underlying fundamentals.

 

Dow futures up 87 pts at 25,642. S&P futures up 5.10 at 2,774.60. Crude broke above the $64.00 mark yesterday but closed 20 pts under that mark. Trading $63.32 this morning off 47 pts. Spike high yesterday will make some traders pause thinking correction. 

 

US $ Index lower again this morning. Index is near 4% lower since Late November.

 

Weekly drought monitor maps showing expanded dryness and more severe. Old timer once told me this is a good time of year for a drought.

 

CONAB increased Brazilian soybean production guess from 109.2 mmt to 110.4. Corn production from 92.2 mmt to 92.3 mmt. USDA has them at 108 and 95 respectively and set to change later this morning.

 

Weekly net soybean export sales at 606 K tonnes. That is not the kind of number we need to see if we have any hope of hitting USDA annual forecast of 2225 mln bu. Sales to date represent 68% of USDA 2225 forecast. That could well change today.

 

COT data this afternoon likely to show growth in both the Fund short in corn and soybeans. Funds expected net short north of 100K contracts of soybeans and 200K corn.

 

China imported a record 9.55 mmt of soybeans for December.

 

Hurry up and wait for 11:00……. (No Markets Monday)



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