Morning Comments February 14, 2019

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Opening calls:
Corn down 1 to 2 cents
Soybeans down 6 to 8 cents

 

Yesterday the March corn contract closed ½ cent higher settling at $3.78 ¾, and the July contract was ¾ cent higher closing at $3.94 ½. Corn is trading lower this morning after a quiet session yesterday, as we wait for fresh news to drive the market out of its sideways pattern. Out yesterday, U.S. ethanol production rebounded after a historic plunge the previous week. The March soybean contract closed 1 cent lower settling at $9.16 ½, and the July contract was 1 ¼ cent lower closing at $9.43 ¾, yesterday. Beans are trading lower too, as we wait for positive news out of China, burdensome stocks and a strong dollar put downward pressure on grains. We will see the USDA’s weekly sales report out today, and that will get us up to date.