Morning Comments, Wednesday, January 30th, 2019
MaxYield Cooperative - SETZ - Wed Jan 30, 5:02AM CST

Low temps halt the movement of grain

Dangerous temperatures have put everything to a grinding halt from public services such as mail deliveries to some private business even closing up for the day. As low temperature and wind chill records have been broken in places all over the Midwest, the weekend looks to be a heat wave considering the possibility for a 60-70 degree swing in a short time when you factor the recorded low temperatures to the predicted daily highs.

The wedge formation forming on front month charts continues to frustrate many buyers of cash corn. This wedge was originated back in mid to late September and has forced corn in a reducing set of range probabilities from its inception. Technical analysts see tighter ranges as a potential for corn to move outside these parameters, either the upside or downside, with a large amount of energy. Soybeans seem to be stuck in a nice bullish trending channel even in the face of USDA’s bearish outline for the oilseed.

Market Movers: Technical Indicators, Weather delays




 

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Karl Setzer Grain Commentary