Corn: 1 to 2 higher
Beans: 2 to 3 lower
The corn market is trading a little higher this morning after closing yesterday with new contract lows for march futures at $3.71. The weekly EIA report released yesterday showed an increase in ethanol production for the 11th week in a row coming in at 315 million gallons compared to 312 million last week. Bulls continue to hope the January USDA report will show a decrease in yield by 1 to 2 bu./acre while bears talk about a lack of news to move the market higher as well as a focus on the weather outlook for the crop in Argentina.
Soybeans are trading lower this morning despite the fact that sales continue with China. There is speculation that traders are cautious ahead of Sunday’s tariff deadline. Today we will see the release of the USDA’s weekly export sales which is expected to show ranges from 1.2 to 1.6 mmt. for soybeans.
Do you have a plan to core your bins? Contact your local Grain Marketing Advisor to discuss your marketing opportunities and risk management strategies.