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Quotes retrieved on February 20, 2018, 06:57:02 PM CST
Corn was supported early by strong soybean markets, but was pressured later in the session by weak wheat futures. The March contract settled down 2 cents at $3.65 ½, the May was down 1 cents at $3.73 ¾, the July was down 1 ¼ cents at $3.81 ½ and the December contract closed down 1 at $3.96. The March corn contract put in a high today at $3.70 the highest trade since September 29, 2017. March corn sees resistance at $3.70 ¼ with support at $3.63 ½ and then $3.59. Corn export inspections were reported at 938,099 tonnes, within trade estimates between 800,000-1,000,000 tonnes, and compared to last week’s inspections at 835,131 tonnes.
Soybeans up 5 @ $9.47
After another round of disappointing rains in Argentina over the long weekend, soymeal found strength once again, leading the soybean market higher with it. The March soybeans closed up 4 ¼ cents at $10.26 ½, May beans were up 4 ¼ cents at $10.37 ½, July soybeans closed up 3 ¾ cents at $10.47 and November soybeans closed up 3 cents at $10.25. The south east ¼ of Argentina was aided by some rains this weekend, but other areas are still dry and dry for the next 10 days, with considerable moisture stress in 2/3 of the corn and soy belt. Brazil gets more rains delaying harvest, but damage is limited. The Buenos Aries Grains Exchange is estimating the Argentine soybeans crop at 50 million metric tons, while the USDA is operating under an assumption of 54 million metric tons. Many traders are expecting a crop under 50 million metric tons, average seems to be around 47 million metric tons, but estimates range between the low 40 million metric ton area to 50 million metric tons. Export inspections for soybeans were reported at 960,066 tonnes, at the high end of trade estimates between 750,000-1,100,000 tonnes and compared to last week’s inspections at 1,319,038 tonnes.