Corn futures are trading higher this morning with the March contract taking back half of yesterday’s losses. Yesterday, traders were spooked by the tiff with Colombia and potential new tariffs as well as lower equities in the tech sector that weighed on nearly all commodities.
As of January 23, the US inspected 1.247m tons of corn for export which compared to 1.542k the previous week and 926k a year ago. The majority of the corn is headed for Japan followed by Mexico.
President Trump is reportedly being pressed to delay a gasoline policy change that is meant to boost ethanol sales due to concerns that the necessary fueling infrastructure would be installed in time.
Soybean futures are trading higher to start the day, but are still 28 cents off last week’s high as farmer selling and fund profit taking bring prices lower. Both soybean meal and oil are trading higher, but bean oil is posting the larger gains.
The Brazilian soybean harvest is reportedly the slowest since the 20/21 harvest. Parana has been leading the country in progress, but Mato Grosso and other states are still delayed although there have been reductions in rainfall.
Yesterday’s export inspections report saw soybean inspections at 729k tons which compared to 979k last week and 913k the previous year. The majority of the soybeans are headed to China followed by Turkey.
All three wheat classes are trading higher this morning as the grain complex recovers slightly in general from yesterday’s outside market sell-off. Prices remain near contract lows despite some fundamental bullishness.
Frigid temperatures over the past week have reportedly killed up to 15% of the winter wheat crop in parts of the US Plains and Midwest according to the Commodity Weather Group. The lack of snow coverage made winter wheat vulnerable to winter kill.
Yesterday’s export inspections report saw 485k tons of wheat inspected for export as of January 23 which compared to 262k tons last week and 284k the previous year. The wheat is primarily headed to Japan followed by South Korea.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
