- Markets trading mixed across the board in a pretty quiet trade.
- Monthly jobs report this morning came in at +228,000 vs. expectations for +190,000. Equity futures are trading higher after the news, which is par for the course.
- Cash beans still historically weak and under pressure while corn basis is stable.
- Ted Cruz met with Trump to try to reduce the biofuel mandate yesterday.
- Russia raised the grain crop estimate to 134.3 MMT (134.1 previously).
- Corn technically remains near the bottom of its trading range with March support at 3.50 and resistance 3.60.
- Soybeans remain range-bound with support at 9.80 and resistance 10.00.
- Wheat posted new contract lows yesterday with support at 4.20 and resistance 4.35.
- USDA reported 268,000 MT of soybeans to China for 2017/18.
- USDA reported 63,000 MT of soybeans to unknown for 2017/18.
- USDA reported 66,000 MT of soybeans to unknown for 2018/19.
- Brazil still expected to catch scattered rains over the next couple of weeks to keep most areas in pretty good shape.
- Argentina is still catching some rains, but the forecast is also still lacking of a general soaking rain.
- Overall, Argentina remains stressed.
- Corn is sitting within yesterday’s range. The story is the same with no good reason to trade a lot higher or lower. Look for choppiness to continue through the end of the year.
- Soybeans sold off yesterday along with the Brazilian Real, but are stable this morning. With uncertainty over the South American forecast, look for choppiness to continue.
- Wheat traded to new lows yesterday. More price weakness is possible unless corn can rally.
Fun Fact of the Day: People believe walking under open ladders brings bad luck because an open ladder forms a triangle, and triangles were once considered a symbol of life, so walking through that shape was considered tempting your fate. It is also thought that because it has three sides, the triangle symbolizes the Holy Trinity, and “breaking” it by entering the triangle is bad luck.