The only news that came out yesterday was that UK govt prevented no confidence vote and the re-vote would happen on Jan 29, that probably would be the last time the UK govt votes on Brexit. With no Wasde or export numbers from US and shutdown entering 27th day, the markets trading on weather reports and data from South American crop size. Overall the crop purchase was relatively slow yesterday for us across the commodities .
Overall, the ag commodities are up marginally and Equities and Oil down.
Crude oil: $51.27; CAD at 75.30, moving up after starting lower as crude strengthens.
Hard Red Spring Wheat - futures trading May 19 @ 5.70, up 1c and the March-May spreads tight at (5c). Japan bought some grain yesterday and we also hear Russian ministry asking a few exporters to slow their wheat exports.
Not to forget as they had a relatively lower crop compared to last year and they have exported more compared to last year.
Corn – corn May at $3.84 with mar-may spreads at (8.5c), with corn up marginally as Korea priced in and concerns over Brazil crop size due to dryness. Trade would keep an eye on the African swine flu effects on hog business in China.
Soybeans – beans up 3c for May as March-May spreads at at (13.5c), trading on no news purely rangebound, not to forget US will have +1billion bu carryout.
Canola – Canola up $2 for May and currently at $490/mt gaining as the CAD slides a few points, it will be interesting to see the implications of Canada-China issues and US shutdown on the Canola trade.
The Cargill Network