Weekly Market Wrap-Up

Monday’s export inspections for corn were a little more than half the volume of last week, while soybeans were reported down about 250 thousand metric tons, but still well ahead of exports this time last year. Wheat inspections were up about 60 thousand metric tons and almost par with last year’s numbers.

Tuesday began its short trading day in as-expected low volume ahead of the holiday. Other than tariff news, one aspect the trade may focus on moving forward will be forecast models for South America which is seeing some dry regions particularly in Argentina that could stoke or at least support the recent rally.

After the holiday break, markets Thursday continued a firm trade for both soybeans and wheat, while corn resumes its sideways lean. Trade continues to eye South American weather patterns, and it seems that some of the drier areas of Argentina are expected to receive some precipitation which may keep a lid on any rally in nearby values.

Friday’s delayed export sales were reported showing wheat down 18%, corn down 63%, and soybeans down 49% compared to last week’s figures. However, the increases in soybean sales were primarily from China which is keeping trade interest under futures prices for the time being.

Soybean values were a bit shaky to wrap up the week with spreads widening between January and March futures. Wheat showed strength once again touching on six-month highs based on some overseas production concerns which may shift focus to U.S. export potentials. This strength in wheat gave corn some support to finish the week on the positive side despite its typical sideways trend.

March corn opened the week at $3.88 and closed at $3.90 a 2-cent increase for the week.

March soybeans opened the week at $9.39 and closed at $9.415, a 2-cent increase for the week.

March wheat opened the week at $5.43 and closed at $5.5625, a 13-cent increase for the week.

Stay tuned to andersonsgrain.com for additional commodity market information.