↑ = Supportive to the Market | ↓ = Adds Pressure to the Market | ↔ = Neutral to the Market
Corn – Still following beans on a very small scale, March still trading the 483 to 495 range
↓ Following beans slightly overnight, corn is seeing influence from beans but still on a very small scale
where each 10 cent move in beans is spilling over 1 to sometimes 2 cents in corn
↔ March is trading a very solid range that is mostly between 483 and 495
↑ Ethanol will be expected slightly strong again today, around 1050K similar to last week
↔ We have seen enough 8 AM sales recently to assume the weekly export report on Friday will at least
be moderate just over 1000K or possibly slightly strong which would be any number over 1300K
↔ Wheat trading Black Sea headlines might be able to spill light support to corn but likely only light
Beans – Maps slightly added to SA rains, recent buying suggest possible light fund trade but not active
↓ Morning maps added rains slightly to both the 1 – 5 day and 6 – 10 day outlook for ARG and BRA
↔ We should still expect ARG weather to move soybean meal and BRA weather to move beans
↔ Despite recent positive statements about potential trade with China there hasn’t been any recent 8
AM sales to keep the optimism going, we will see if Friday’s sales can top 1000K to stay optimistic
↔ The last spike high in Jan was 1398 ½, support on the chart is right around 1300, not much stands
out between those two levels though, allowing for easily moving and wide choppy trade for Jan
↔ There is talk of lower BRA production estimates, watch CONAB estimates most as trade will react
more to their updates than any private firm
Wheat – A missile strike on Odessa is another Black Sea headline for wheat to trade
↑ The missile strike on Odessa has caused a recent round of support, easy for speculators to add
support given all 3 wheat markets were making new year long lows 2 days ago
↔ This must be the 30th Black Sea headline traded in the last 2 years, we already know to expect some
initial support then a continued easing if new exports are not seen as a result in the next week
Cattle – First eastern NE cash bid 179, steady to last week for that area,
↔ Yesterday’s PM BB was choice +0.06 select -2.18 packer BE at 179.25, packer cushion $1.34
↓ First cash bids seen yesterday were 179 in eastern NE, for that area it is a steady bid with last week,
that bid was lowered to 178 later in the day
↓ BB was lower yesterday breaking the small streak of 2 days higher in a row
↔ Feb cattle fell near chart support at 174.825 and 173.65, the first level of 174.825 held yesterday
↔ BB gives hints of a leveling off the recent slide but not enough proof to make that call just yet