Morning Quick Notes


  • Steady to weaker tone in the overnight session
  • Corn lower by only 1/4 cent, wheat off 3/4, and beans down 1/2 cent
  • March Crude is down 50 cents in early trade 


  • Gulf wheat bids Friday where the highest of the marketing year
  • With China Markets closed this week for thier Lunar New Year I would not expect much trade news
  • Wires were reporting Chinese state-owned firms bought at least 1 million tons of U.S. soybeans (rumored up to 2.5 mt)
  • Brazil's 2018/19 soybean crop view was slashed to 112.2 million tons by INTL FCStone, the smallest estimate so far by independent forecasters
  • Russia's government has told Brazil it may restrict soybean imports from the country temporarily if producers do not reduce their volume of pesticide use


Chart of the Day

Today’s chart shows price action for the spot corn and soybean contracts over the first half of the month of February, since 1995. Generally a quieter time for the markets following the January batch of reports and prior to the Feb Ag Outlook (only two moves of more than 17 cents during this span for corn), that may not be the case with the report delays this year. Corn rose during this time frame in four of the last five years (averaging a +12 cents each), and soybeans have gained in 12 of the last 17 seasons since 2002.