Early Market Talk February 3, 2021


Markets making their lows in the first couple hours of overnight trade. Trending steady from those levels and on sharply reduced volume. Trade appears consolidating ahead of next week’s USDA Supply / Demand report.

At 0600 CH21 off 5¢ at $5.38 with SH21 8¢ lower at $13.46 ¾. Vol on these two contracts 24 and 14K respectively. Of the 24K on CH just over 8K of that was spread trade.

CHCK holing a ½¢ range overnight between a ½ and 1¢ inverse.

Dow futures little changed this morning at 30,585. Crude 36¢ higher at $55.12. US $ Index a scratch firmer. US $ a touch firmer against the Brazilian Real after a big drop yesterday.

Dalian Corn futures off a couple cents overnight,

BNSF freight values through August trading at Tariff and in some spots a discount to tariff.

Ukraine has shipped 75 percent of its 17.5 MMT export quota through 1 February. Exports at the first of the month totaled 13 MMT, down 2.9 MMT from the same period last year.

Bearish divergence showing on the CH21 daily chart which will help create some market anxiety for the tech trader.

March soybeans are trading sideways into the apex of a triangle formation on the daily chart.

Morning weather headlines: Heavier rain to favor northern Brazil over the next week. Long-term outlook shows favorable conditions for Safrina corn. 31-60-day outlook relatively wet in the US Midwest.

Welcome back Tom. Vilsack confirmed as Ag Secretary.

Market Talk Footer

INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.

E- mail: Bruce.Nelson@IFCS.com

1075 Jordan Creek Parkway Suite 300
West Des Moines, IA 50266

800-422-3087 Ext 3791