Morning Comments January 30, 2020

Grain Marketing

Opening Calls:
Corn down 2 to 3
Beans down 5 to 7

Yesterday, nearby corn futures fell 2 cents, being pulled down by wheat’s continued sell-off. Rumors are that supplies in the Southern Hemisphere are getting short, so much so that Brazil may need to import corn before their harvest, but, for now, that is not moving prices higher. Bloomberg reported that U.S. corn is the only ballgame in town, as we are the only country on this side of the world with enough supply to fulfill exports. This morning’s export sales numbers should come in favorably for the U.S. with expectations being from 1 to 1.2 mmt. 

Soybeans closed down 2 yesterday. Soybeans continue to be sold as bulls look to cover their long position and remove risk in the face of uncertainties with the Coronavirus. 

Yesterday, President Trump signed the USMCA. Not much can be expected from the new NAFTA deal in regards to price movement as the details of the deal had been known for some time. 

Our Women in Ag Conference, Ventures, is fast approaching. This will be held on Saturday, February 15th in Ankeny. Contact your local Landus Cooperative location for more information, or check out the agenda and registration link on our website: https://www.landuscooperative.com/news-events/blog/ventures-2020