StateLine Evening Comments January 24th 2020
Corn: North Burt down 6 @ 3.67
Corn prices retreated on a bout of profit taking and increased movement after the recent strength. Mostly favorable weather for the Brazilian corn crop this week. Weekly sales were decent this week on improving demand for US corn.
- Closes: March at $3.87 ¼, down 6 ½ cents, July at $3.97 ¾, down 5 ½ cents, September at $3.95 ¾, down 5 cents and December at $3.98 ¼, down 5 cents.
- Weekly export sales were solid at 1.0 mmt and about what the trade was looking for.
- USDA announce the sale of 142k tonnes of corn to Unknown for the current marketing year.
Soybeans down 7 @ $ 8.38
The soybean market traded lower on the absence of Chinese purchases of US soybeans and record crop ideas in Brazil. There is much concern about the Coronavirus outbreak in China that has spread to the US.
- Closes: March at $9.02, down 7 ½ cents, July at $9.29 ½, down 7 ½ cents, November at $9.38 ¾, down 8 ½ cents. The products were lower with meal down 60 cents and oil down 45 points.
- Weekly export sales were decent at 790 tmt.
- The canola market turned lower in sympathy with the US soybean and soyoil markets. The milder weather across the prairies may encourage farmer selling.