Good morning!
The futures markets were lower in both corn and soybeans last night with soybeans leading the charge down thanks to continued rains in Argentina showing up in both the 6-10 and 11-15 day outlooks. Southern Brazil also look great, while some spots in the northern and central regions look a little drier. The weather in the US is really hammering logistics – there are barges on the Illinois River that will take around 30 days to get to New Orleans thanks to cold, icy conditions. Also – the Port of New Orleans is closed today because of poor road conditions due to ice & snow. This is mainly affecting the soybean export program and we may start to see the exports shipments reports (which is released every Monday) start to back off a bit.
Tomorrow morning the USDA will release its weekly export sales report and once again – traders are expecting to see soybean cancellations from China. If they show up it will be “as expected”, if not – we could see a little pop higher.
Opening calls
Corn down 1 to 3 cents
Soybeans down 4 to 7 cents
Have a great day!
@fccoopgrain
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