Stateline Morning Comments January 17th 2020

Corn

• The corn market is trading higher this morning, gaining back some of yesterdays substantial losses that brought corn down to a one month low.
• South Korea’s KFA purchased around 66,000 tonnes of corn via tender at around $216.30 a tonne c&f.
• Yesterday’s export sales for corn came in above trade expectations at 784,700 tonnes.

Soybeans

• The soybean market was trading lower overnight, set to see the largest weekly loss in 5 months.
• Weather patterns in Brazil are expected to change over the next 15 days, with rain moving to favor the northern regions rather than the southern. The rains will improve soil moisture; however, they will also delay harvest of soybeans in Mato Grosso and Goias.
• Losses this week were due to a disappointing Phase 1 deal that left traders skeptical that China would make the promised large purchases of U.S agricultural goods.

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