STATELINE COOPERATIVE EVENING COMMENTS – February 19, 2019
Corn: North Burt down 5 @ $3.35
- The corn market made another large push lower under weakness within the wheat and soy complexes. We continue to drift along without major fundamentals to dictate price direction for the current corn market.
- Ethanol production will be released on Thursday at 10:00 am instead of Wednesday, due to the short week
- Export Inspections came in at 941,811 tons.
- March corn traded its lowest price since November 28th, 2018 with a low of $3.69. Next level of support is seen at $3.6725.
Soybeans: down 7 @ $ 8.07
- March soybeans broke below the $9.00 mark for the first time since January 17th, 2019. Lack of apparent progress from the current round of Chinese talks earlier today coupled with threats from the EU pressured the soy complex. Technical sellers stepped into the market once we neared the $9.00 level upfront, but the market was unable to hold below that level into the close.
- Export inspections for soybeans came in at 1.031 mmt.
- A Reuters poll estimated Brazilian soybean production at 114.6 mmt, down from their previous estimate of 117 mmt.
- We may find support off the comments made after the close by President Trump regarding the current negotiations.
MARK YOUR CALENDARS – STATELINE COOP’S WINTER GRAIN MEETING – FEBRUARY 28TH – NORTH KOSSUTH GOLF CLUB – BANCROFT. COFFEE/ROLLS AT 9 AM WITH SPEAKER TROY LUST – FC STONE TO FOLLOW!