Closing Markets: Corn +14Beans +6.  Wheat +5.
 
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Market Recap:
 
Corn closed 12-14 cents higher in the nearby contracts and 8-9 cents higher in the deferred contracts. For the week CH gained 3 cents. Funds were probably as heavy buyers today as they were sellers yesterday and held an estimated short position of 116,000 contracts as the day started. Funds holding short positions are balanced between ample world stocks, a large S. American crop on the way, and what happens if China does indeed become an active buyer of U.S. corn? It was an interesting week as the trade tries to decipher expectations now that the U.S. and China have signed Phase 1. It wasn’t expected that they’d buy corn but somehow a surprise yesterday that they didn’t. Today, 2-4 cargoes of corn were reportedly sold off the PNW to China but there is also talk that they are destined for S. Korea or Japan. Also, the EU is questioning the U.S./China trade deal and WTO trade rules. On and on it goes.
 
Soybeans closed 6 cents firmer today on a rebound from yesterday. Funds were on the sidelines for the most part today and held an estimated short position of 19,000 contracts this morning. SH lost 16 cents this week. No big Chinese purchases and no large weather concerns in S. America weigh on futures. China must balance buying U.S. beans to honor trade agreements with buying S. American beans at cheaper values in the soon to ramp up harvest. China starts their Lunar New Year celebration on the 25th, so if they don’t buy U.S. beans next week, we may not see much activity until that ends. (You’ve probably noticed various market articles over the past few weeks regarding China releasing frozen pork reserves for the holiday period.) Generally, over the next two weeks, northern Brazil expecting above normal precipitation, southern Brazil a bit dry as is southern Argentina, with northern Argentina expecting above normal precipitation.
 
Wheat able to rebound today, mostly as a correction from yesterday. WH Chicago gained 6 cents this week. Funds are long an estimated 40,000 contracts.
 
 
Have a great evening!!!!
 
Chelsey White
Emery Branch Manager/Originator || Topflight Grain Coop
593 Emery Rd.
Maroa, Il 61756
217-794-2240
E-Mail: cwhite@topflightgrain.com
 
This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by Topflight Grain Cooperative, Inc. Topflight Grain is not responsible for any redistribution of this material by third parties, or any trading decisions taken by persons not intended to view this material. Information contained herein was obtained from sources believed to be reliable but is not guaranteed as to its accuracy. Contact Topflight Grains designated personnel for specific trading advice to meet your trading preferences. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by Topflight Grain Cooperative, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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