Morning Quick Notes

Mixed trade overnight. Wheat down 1 ½ cents, corn unchanged, and beans up 3 cents.

U.S. Dollar is lower, crude is higher.

Morning Headlines
Government still in partial shutdown.

As long as U.S. government is shutdown there will be no CFTC commit of traders report.

Soybeans could be supported by hopes U.S. and China can come to terms concerning trade. They meet this week in China for talks.

Corn prices remain range bound but some feel South America weather could support higher prices.

However, lack of an USDA Jan 11 report could hurt corn (and other grain) prices since USDA could have shown a lower final U.S. 2018 corn crop and U.S. Dec 1 stocks below last year.

Wheat prices could be supported by talk of higher Russia prices and fact U.S. farmers may plant record low winter wheat acres in 2019.

Chart of the Day
Today’s charts show historical U.S. wheat production, total and by class, since 1982, along with Informa’s recent estimates for the 2019 season. Informa’s implied winter wheat production for this coming year stands at 1.274 billion bushels, up 90 mln bu from last season despite a reduction of right around a million planted acres. They have harvested acreage about 400k above last year with yields up 2.7 bpa. Informa’s total wheat output at 2.004 bln bu would be up from 1.884 mln last year and a three-year high number.