Tight, thinly traded price range overnight for both corn and soybeans. At 0630 CH19 up a ¾ of a cent at $3.77 ¾ with SH19 off a ¼ cent at $9.15 ¾. As of this writing corn and soybeans have given up $0.03 ¾ and $0.01 respectively for the week.
Lack of fresh news and govt data keeps markets rangebound and thinly traded.
Dow futures up 163 points this morning at 24,618. Crude a scratch under unchanged and the US $ showing sharp losses.
Weekly ethanol production at 1.031 mln barrels per day was down from 1.051 mln barrels the previous week. Weekly production rate near 3% under a year ago.
Today makes it the 5th Friday with no CFTC commitment of trader’s data. We “guess” funds long near 110K corn and 3K soybeans as of this morning. Fund data going to be extremely interesting once updated data is released.
Trade continues optimistic some movement towards a resolution with the Govt shutdown is being made. Pressure on both sides mounting.
Corn basis starting to reflect limited country movement and board carry. Select locations taking carry out of the market to spur commercial movement.
Taking bets on whether we see January crop report numbers before the Feb 8th Supply / Demand reports?
Two weeks of below normal rain forecast for key Brazil soybean areas. Production arrow continues to point lower.
Whole lot of negative temperature reading across Iowa this morning. Des Moines at -4 currently.
Rangebound trade continues and in search of a story……
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