Friday January 17, 2020 by: Eric Peterson
Corn traded higher this morning, gaining back some of yesterday’s substantial losses that brought corn to a one month low. South Korea bought 66tmt of optional origin corn, there was talk there could be some other demand from Asia. Yesterday’s export sales came in above trade expectations at 784,700 tonnes. Look for slightly higher trade today after seeing large losses in the market yesterday.
Soybeans closed a fraction lower this morning with the March contract trading a four-cent range overnight. Soybeans are set to see the largest weekly loss in 5 months. Weather patterns in Brazil are expected to change over the next 15 days, with rain moving to favor the northern regions rather than the southern. Look for lower trade today as traders continue to be skeptical about Chinese purchases of U.S soybeans.
Spring wheat traded two sided overnight with the March contract trading a four cent range. Support came on continued world supply concerns and an increase of tenders and overseas demand this week. Look for stronger trade as global business continues to pick up and export prices remain firm in the Black Sea region.
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