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Futures

January 18th- Closing Market Commentary

01/18/2023
January 18th- Closing Market Commentary

Grains close red:

Mar Corn -4 cent/bu (6.81 1/4)

Mar Soybeans -15 1/4 cent/bu (15.24 1/2)

Mar Chi Wheat -9 1/4 cents/bu (7.42 1/2)

Cdn $ -0.000630 (74.115 cents)

WTI Crude Oil -0.87/barrel (79.31)

Soybeans faced corrective selling after reaching over a 7-month high overnight (profit taking), pulled lower by pressure in the meal market as weather in Argentina is expected to turn a bit more favorable for the next week. The GFS was 10% wetter in the 6-10 midday update. The 11-15 also introduced a possible follow-up system (but the pattern will have to be more intense and longer in duration to affect the vector of the crop). Corn was led down by beans after pulling off of multi-month highs yesterday.

Russia is moving into the headline space again lately. Yesterday, Putin noted that Russia is looking to hold on to more of its own supply of wheat and fertilizer to ensure food security and limit exports. Is this a power move? Is Russia tight on supply? Today, we saw Russia move into the limelight as some Russian sources claimed Putin will be announcing the conclusion of the special military operation and declare war during his speech tomorrow. We will have to watch and see whether this materializes. This could be bullish for grains if realized.

Funds are thought to have been all sellers today.

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