Morning Comments; Friday, February 1st, 2019
MaxYield Cooperative - SETZ - Fri Feb 01, 5:41AM CST

Corn and soybean values are trading higher this morning.

The recent temperature drop across much of the Midwest has brought a halt to grain movement as producers wait for better conditions. Basis improvements have been fairly widespread to entice movement. As a result, commercials are moving supplies to keep end-users in operation.

A lot of the focus in trade has been on the soybean exports but very little discussion have been on corn exports. To date corn exports stand at 810 million bushels, 140 million bushels ahead of the pace needed to reach the USDA’s export total. This figure is also a large 503 million bushels ahead of the pace for the same time last year.

The technical picture in soybeans is starting to breakdown, March futures have now closed under the 200 day moving average of $9.22 a few days in a row. Since late September, March futures have been in an up trending 82 cent range. After failing to close above the January 7th high of $9.27 , the trend of higher highs and higher lows has been broken. Support remains in place at the 50 day moving average of $9.08.

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