Corn is trading higher to start the week after a sharply lower finish to last week. March corn ran into resistance last week at the $4.60 area, last weeks low near $4.50 will be first support this week.
Strong demand, both domestically and for export continue to provide underlying support to the corn market. While export sales were down from the previous week last week, total sales have reached 62% of the USDA’s full marketing year estimate, this is above the 10-year average of 54%.
Natural gas, an important input in synthetic nitrogen production, may become more expensive over the next few weeks as an artic air blast hits the US this week followed by a cold plunge for Europe in late January.
Soybeans are trading higher to start the week after Friday’s sharp setback in prices. After a breakdown, then recovery in prices to end 2024 soybeans appear to be back in rangebound trade near the $10 level.
The US soybean export window to China will likely close this month as Brazil new crop beans will be available for export. China has been mostly absent buying US soybeans so far in the 2024/25 marketing year.
The USDA’s WASDE and Quarterly Grain Stocks reports set for release this Friday, January 10, will be closely watched for stockpile and demand insights, likely leading to choppy trading this week.
All three wheat classes are trading higher this morning after Chicago and spring wheat March futures fell to new contract lows to end last week.
More forecast moisture for the Plains over the weekend, a 26-month high in the US dollar and marketing year low weekly export sales weighed heavily on wheat futures to end last week
Given the New Year’s holiday last week CFTC commitment of traders data will be delayed until this afternoon.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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