A little excitement today to end a mediocre trade week. March corn closed up 1 cent today at $3.75 ½, 3 cents off from last Friday’s close. Soybeans closed up 13 cents at $8.95 ½, down 2 ¼ for the week.
Biggest news this week is the ongoing government shutdown. We could see this interfere with access to FSA offices for producers to collect their Market Facilitation Payments before the January 15th deadline, as well as delay or potentially cancel the release of the USDA’s January WASDE report.
As we wrap up the final week of the year, we thought we’d take a look back on the highs and lows we’ve seen for March 2019 corn and beans in 2018:
March corn reached its 2018 high of $4.37 on May 24th, and its low of $3.54 ¾ on September 18th. We’re currently around $3.75.
March soybeans hit a high of $10.46 ¾ on April 3rd, and a low on July 16th of $8.46.
A quick look at the exports this week, corn came in at 39.2 million bushels. That is the best we’ve seen in 3 weeks, but still below where we need to be to meet USDA’s projections. Soybean exports were the lowest since September at 24 million bushels. Total soybean exports are now off 42% from a year ago.
Another “weird” trade week next week. Traders will be keeping an eye on trade with China, weather in South America, and any signs of resolution for the government shutdown.
Stay safe and warm this weekend. Be sure to always pack extra coats, blankets and water if you are going to be on the road. It’s always good to be prepared in winter weather.