Kansas City Chiefs are victorious in the Super Bowl, winning 31-20 over the 49ers. The last time the Chiefs won the Super Bowl (1969) the average cash price for corn in Iowa was $1.06; Soybean average cash price: $2.44.
Grains weaker overnight. @ 7 AM, March corn $3.80, down 1.5¢. March soybeans $8.7150, down 1¢. Lots of red across the screen. Dow futures up 112 @ 28,308. Crude even at $51.56.
CFTC Reports Friday showed CORN Net managed funds -29.5k contracts, up 38k contracts from the previous Tuesday’s report of -67k.
CFTC Soybean Report shows the SOYBEAN net managed funds as of last Tuesday at -51k, shorter than the week before, when funds were shown at -13k. Soybean funds have been leaking shorter over the last few weeks.
Crop insurance averaging process for corn, beans, wheat begins today. Insurance pricing will be set off the average of the new crop contract throughout Feb. LY: Corn = $4.00 ; Soybeans = $9.54.
Above average temperatures for C IA Sunday. Week ahead shows lower temperatures in the Midwest with chances of snow Tuesday/Wednesday.
South America weather: Rain expected throughout central & northern Brazil, negatively affecting soybean harvesting/second-crop (safrinha) corn planting in those areas; but likely relieving any soil moisture issues. Rain chances also increasing across Argentina.
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