Morning Market Wire

Friday Feb 12, 2021                                               By: Eric Peterson

Corn closed nearly unchanged this morning with the March contract trading a six cent range.  Nearby technical support is at $5.25 and the more significant long term support at $5.00.  The weekly export sales released yesterday were impressive at 1.448mmt which was above market expectations.  Look for slightly higher trade today following the strength from overnight. 

Soybeans like corn saw some resistance yesterday when it tried to rally.  It seems to reflect the comfort of the current supplies.  Immediate needs are largely met so there are no current appearance of a short squeeze developing.  The upside seems to be limited for now.  Calls are for higher trade following the overnights. 

Spring wheat closed nearly unchanged this morning as fresh wheat information seems to be pretty much non-existent.  Winterkill risks continue to be monitored but we wont see the potential damage until later this spring.  Calls are for mixed trade today as the market is likely to follow corn and soybeans.            

Any information, materials and opinions (together, “CHS Materials”) presented by CHS to the recipient of such CHS Materials, whether in written or oral form, is for general information purposes only and does not constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances.  CHS makes no warranties, representations or undertakings, whether express or implied, about any CHS Materials (including, without limitation, any as to the quality, accuracy, completeness or fitness for any particular purpose of any CHS Materials). Recipient agrees that CHS shall not be liable to recipient relating to or resulting from the use of any CHS Materials or any inaccuracies or errors therein or omissions therefrom.

© 2021 CHS Inc.