Markets are slightly weaker in the overnight. Beans down 1 ¾ cents, corn down ½ cent, and wheat down ¾ of a cent.
Day 34 of the government shutdown.
China and the United States will have in-depth discussions on economic and trade issues during Chinese Vice Premier Liu He's U.S. visit next week. Positive results could be encouraging to commodity prices. Informa projected U.S. 2019 corn plantings at 91.504 mil acres, up from the 89.140 mil planted in 2018 and lowered its 2019 corn figure by about 440,000 acres from its mid-December projection.
Informa put 2019 soybean plantings at 86.204 million acres, up 1.1 million acres from its mid-December forecast, but still down nearly 3 million acres from the 89.145 million acres planted to soy in 2018. Projected total U.S. wheat seedings for 2019 harvest at 47.163 million acres, compared with the 47.8 million acres planted for 2018.
The spread between U.S. and Russian wheat is narrowing rapidly as supplies in the Black Sea region tightened following a hectic export campaign since the middle of last year, boosting hopes of higher sales of North American cargoes.
Chart of the Day
Today’s charts shows KWN19 current price compared to historical prices on a 1, 3, 5, 10, and 15-year seasonal percentile. Current price of KWN is $5.33, which falls at the 50th percentile on the 3-year “bucket” and below that for the remaining year “buckets”. If we see a small rally to $5.65, percentile comparison will increase slightly.