COMMENTARY 1/23/17

Over the weekend in Brazil, cool/wet weather produced accum  of 1 to 2” of rain across Goias & Mato Grosso while missing the drought stricken Bahia.  Bahia produces roughly 5% of the countries first crop corn.  Above normal accum of 3” to 6” is expected for other areas of Brazil overt he next 10 days with the wettest weather in Goais & Mato Grosso, slowing harvest. Dry  to very hot weather is in store for Argentina by the weekend.

St Louis river level RISING ~ at 16.0′ and forecast 16.4by 1/24.  

CORN

UNCHANGED

Slow with a two cent trading range. Export Inspections were 37.9 mill bu vs 35.5 last week and 31 -39 expected.  barge system still trying to recover from fog from recent cold water/warm air.

 Bloomberg Trader Bias:  Bullish 37% TW (17% LW),  Bearish,39% (21% LW), Neutral 44% (42% LW)

BEANS     

DOWN 10

Quiet as the SA weather forecast is rather neutral (or non-threatening) for most areas.  Argentina is beginning to dry while weekend rains in Mata Grosso will hamper harvest, while at the same time help the crop mature.  Crop scout Cordonnair left his Brazil/Arg est unchanged at 103/51 MMT.  China is on Holiday for the next two weeks, starting Fri. Export Inspections were solid at 47 mill vs expectations of 48 -59.

Bloomberg Trader Bias:  Bullish 42% TW (0% LW), Bearish 37% (61% LW), Neutral 21% (39% LW)

WHEAT

UP 5

Fund buying.

Bloomberg Trader Bias:  Bullish 39% TW (17% LW), Bearish 33% (44% LW), Neutral 28% (39% LW)