STATELINE COOPERATIVE’S EVENING COMMENTS 12/07/18
Pearl Harbor Day. “A day that will live in Infamy” President Franklin Roosevelt.
Corn: North Burt up 3 @ $3.38
- The corn market increased on strong export sales.
- Weekly corn export sales rose above estimates of .800-1.100 mmt at 1.177 mmt. This is the second consecutive week to have export sales above 1.000 mmt with Mexico and Japan being the top destinations for the week.
- March corn settled 6¼c above the 100-day moving average of $3.79¼. Corn increased 7¾c since last Friday.
- March corn closed up 2¾c at $3.85½, July closed up 3c at $3.99¼ and December 2019 closed up 1¾c at $4.03.
Soybeans: up 7 @ $ 8.23
- Soybean prices traded higher from strengthening export numbers and an optimistic outlook on defining the details of the trade truce.
- Soybean export sales were on the upper end of estimates of 600,000-900,000 mt at 890,900 mt. These sales were up 262,000 mt from the previous week with our top destination being Argentina. Soymeal and soyoil export sales came in between estimates at 287,200 mt and 21,100 mt respectively.
- January soybeans pushed higher, up 36c from the 50-day moving average of $8.80¾. January soybeans have not been able to touch the highs of $9.23¾ from the initial G-20 news on Monday but climbed 22c on the week.
- January soybeans closed up 7¼c at $9.16¾, July closed up 7c at $9.53¼ and November 2019 closed up 6¾c at $9.61¼.