After a wide trading range and a disappointing market close yesterday, managed money is back at it today buying and defending their long positions. There is air beneath this market, so if managed money want to take profit and pull some chips off the table….could be some down days ahead. Weekly export inspections were a bit lower than expected at 35.9Mln corn and 48.0Mln beans. Producer selling is relatively slow. One day closer to Jan12 WASDE report next week…at current prices, it better be bullish.
US Dollar is a tick lower overnight and is at lowest level since April 2018, this in part is helping fuel the US grain export situation. Palm oil trading at new contract high.
US politics will be center stage the next 2-3 days with GA senate runoff today and joint congress session tomorrow.
With this sort of market volatility, it’s a great idea to have price objectives in mind and have grain offers working. Your account manager can handle all the details.
Corn 3-4 higher
Beans 20-25 higher