CORN UP 4! USDA announced a sale this morning of 141 tmt of old crop corn to unknown, 114.224 tmt of old crop corn to Guatemala and 29.724 tmt of new crop corn to Guatemala. Support at the 50 Day MA at 3.835, we blew through resistance at 3.92 and bumped against the next level at 3.9375 already today. Lots of farmers selling today, would not be a bad time to make a sale or price a few bushels on a basis contract.
Beans… que the sad music. Down again, 4 today- bears seem to be watching bean harvest in Brazil. No new bean sales to China to help stop the decline, they have closed down 4 out of the 5 last sessions (total -.15c in the last week). Support at 9.03 and resistance at 9.21. China’s Lunar New Year begins this Saturday, usually not a whole lot of news from them during this time. New crop beans are at 9.45, not a bad place to start if you don’t have any on the books yet.
Rumors flying about a trade deal with India, Pres. Trump is to visit India in February. Little details lead to possibly a “mini deal” being revealed on the trip if anything at all.