Grain 01/16/19 6:17:00 AM|
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Closing Grains January 15, 2019
March Futures Price $3.71 1/4 (-7 14/4cents)
Grains were weak across the board as news of a poor Chinese economy were digested. March corn futures closed 7 1/4 cents lower for the day at $3.71 1/4 falling below the low of the sideways patter of $3.73 1/4 set on December 26. This moves the next chart support down at $3.67 1/4 per bushel.
March Futures Price $8.93 1/4 (-10 1/4 cents)
Soybean futures realized steep losses Tuesday, reeling from a combination of factors including news of a poor Chinese economy and slow exports. March futures price closed 10 1/4 cents lower for the day at $8.93 1/4 per bushel, which is down significantly from last weeks high of $9.24 per bushel. While the government remains on shutdown it is impossible to know the amount of soybean interest that is occurring as exports are currently not being publicly reported.
March Chicago Futures Price $5.11 (-3 1/4 cents)
Wheat futures closed lower with pressure felt from surrounding grains. The lower corn and soybean prices shadowed over into this market. March Chicago wheat ended the day down 3 1/4 cents per bushel at $5.11, but remains within the preestablished sideways pattern. Wheat is globally competitive in price and could be seeing increased exports, however, without export reports being released this is only speculation for now.