Market Commentary  02/15/19 2:46:58 PM Printer Friendly VersionPrinter Friendly Version

Friday, February 15, 2019

orn futures finished mostly steady on a very quiet day. The corn trade was stuck between a higher bean market and a lower wheat market. Wheat futures traded into fresh contract lows as Russian fob values have moved lower this week. This makes Russian wheat more competitive and reduces hope that the U.S. could benefit from higher values that have been seen recently from that region. The recent trade talks with China have been said to be going well, which has added underlying support to most markets this week. The USDA did announce a sale of 205,744 tons to unknown destinations for this marketing year. That makes 3 announcements this week to unknown with the total at 450,000 tons. March corn gained ½ cent for the week so that re-iterates how quiet the week was. There is no trade on Sunday night/Monday with the markets re-opening on Monday night.

Soybeans finished 3 to 4 cents higher on positive comments coming out of the recent round of Chinese trade talks. The newswires reported that good progress was made this week in China, and that talks would continue next week in Washington D.C. There is still talk that a trade summit between the two Presidents may happen in March. The NOPA crush figures for January came in at 171.63 Mln. bu. This was 2 Mln. bu. better than expectations and the highest January total on record. Trump signed the spending bill day, which will keep the U.S. Government from avoiding a partial shutdown this weekend. He has declared a national emergency in order to divert funds to help build the wall. This is expected to be fought by the opposing party. March beans closed 7 cents weaker for the week.
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