Morning Comments January 16, 2019

Opening calls:

Corn up 2 to 3 cents

Soybeans up 5 to 6 cents

 

Good morning!

 

March corn closed down 7 ¼ cents on Tuesday. March soybeans closed down 10 ¼ cents.

 

Markets are bouncing this morning after large losses on Tuesday. With the March 2nd deadline fast approaching, we are seeing little progress between the U.S. and China talks. Bloomberg did report a cargo of soybeans is heading off the PNW to China, making 2 cargos off the PNW and 1 from the Gulf during January.

 

We continue to miss USDA numbers to track market activity, but NOPA’s crush report showed 171.8 million bushels of soybeans were crushed by its members during December. We continue to see record crush numbers compared to the same months last year.

 

A quick look at crude shows inventories fell 560,000 barrels to 437 million barrels the week ending 1/11/19. Analysts were expecting a reduction of 1.3 million barrels.