DTN Before The Bell Grain Comments
A Trail Mix Morning
Morning CME Globex Update:
Grain and oilseeds were as mixed as a bowl of trail mix through Friday morning. Corn, wheat, rice, and oats were all higher while soybeans, bean meal, canola, and cotton (for fiber) were all lower. Meanwhile, the U.S. dollar remains under pressure and DJIA futures continue to rally.
Other Markets:
| DJIA futures | Higher |
| U.S. Dollar Index: | Lower |
| Gold: | Lower |
| Crude Oil: | Higher |
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Corn:
Corn couldn't get anything going during the overnight session with old-crop March posting a 1 3/4-cent trading range. New-crop December did a little less, with a range of only 1 1/2 cents. Weekly export sales and shipments (for the week ending Thursday, January 18) were released with total marketing year shipments coming in at 503 mb. This would project a total export demand figure of 1.733 bb as compared to USDA's latest estimate 1.925 bb. USDA announced a sale of 125,000 tons of 2017-2018 corn to unknown.
Soybeans:
Soybeans came under pressure shortly before the end of overnight trade. Friday's session could see follow-through selling develop, though traders will keep a close eye on South American weekend weather forecasts. Weekly export sales and shipment numbers (for the week ending Thursday, January 18) were released, putting total marketing year shipments to that point at 1.178 bb. This would project a total export demand figure of 1.841 bb as compared to USDA's latest guess of 2.160 bb.
Wheat:
The wheat complex held overnight gains through Friday morning, supported in part by the continued weakness of the U.S. dollar index. Markets will continue to monitor weekend weather forecasts for both U.S. and Black Sea region growing areas. Weekly export sales and shipment numbers (for the week ending Thursday, January 18) were released putting total marketing year shipments to this point at 542 mb. This would project a total export demand figure of 874 mb as compared to USDA's latest estimate of 975 mb.
Darin Newsom can be reached at darin.newsom@dtn.com
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