Morning Comments January 22, 2020

Shutterstock 526530454 Soybean Fields

Grains trading slightly higher this morning after a rough day yesterday in the trade. Soybeans took a tumble due to lack of new export sales announcements and the fact China’s New Year holiday begins this weekend. Our corn export inspections were a disappointment as well again this week at just 13.6 million bushels, the lowest number since October. This is the time of year countries are shopping around for cheap supply, leaving the US on the back burner. Another important piece in the commodity markets is the wheat trade. The spot Chicago wheat contract is on the verge of posting a 5 1/2 year high this morning in response to various production and supply-chain issues emerging in many of the world’s key wheat exporting countries in one form or another. 

The trade will continue to watch for any new bean purchases by China as well as outside political news. 

Have a good day! 

Opening calls:

Corn: 2 cents higher

Beans: 3 cents higher