- Markets trading lower overnight with soybeans seeing the most pressure.
- Export sales this morning for wheat 321,400 MT (250-450 expected), old crop corn 876,400 MT (800-1,200), new crop corn 0 (0-100), old crop soybeans 2,015,800 MT (1,000-1,500), new crop soybeans 70,400 MT(0-150).
- Heavy cash sales reported in soybeans the past few days around the country.
- Cash corn markets stable to higher with cash movement there lackluster.
- The forecast is only slightly wetter in Argentina.
- Corn technically has struggled to sustain a trade above the 20 DMA, which is a penny above the current market. Support for March at 3.50 and resistance 3.60.
- Soybeans technically are trading back below the gap that was left to start the week. There is no trend with support for January futures at 9.80 and resistance 10.00.
- Wheat technically is weak with new contract lows printed yesterday.
- Brazil continues to catch rains, but a drier outlook is seen 10 days out.
- Argentina has chances for rains this weekend and again during the 6-15 period, but totals are not expected to resolve the dryness issues.
- Corn is just sitting at the lower end of its trading range with no new major fundamental developments. Wheat is trading to new lows, which could weigh on prices. Look for quiet trade.
- Soybeans are seeing some volatility, as farmers have been sellers while “the funds” have done some buying. The forecast does not look that much better, but the cash soybean market continues to be very weak. As long as the cash is weak, I have a hard time being friendly prices. I think there is potential for a pullback in the soy complex going into the end of the year.
- Wheat is the weak link again with futures posting new contract lows.
Fun Fact of the Day: A 2000 study by information scientists Peter Lyman and Hal Varian suggested that the amount of uncompressed textual data represented by the 26 million books in the Library of Congress was 10 terabytes (this is considerable).