COMMENTARY 1/18/17

St Louis river level RISING ~ at 9.2′ and forecast 12.2by 1/24.  

CORN

UNCHANGED

The trade debates the flood impact in Argentina’s Cordoba/Santa Fe and N Buenos Aires regions where lack of roads is slowing down the damage assessment.  Hot/dry is now in their 10 day forecast.

 

BEANS     

UP 6

Additional fund buying. Technically, March futures settled just below the Dec high of 10.75, which could cause more additional buying.  There are numerous plants whose old crop basis is cheaper than the nominal new crop bids being shown.

 

WHEAT

DOWN 2

We struggled to stay in positive territory on despite higher beans. No new news.