Grain > Commentary > 1/14/2020


Jan 14, 2020

The signing of the phase one trade deal is scheduled for tomorrow morning at 9:30 am.  Then we wait for the details to be released shortly thereafter and hope were not disappointed.  Will we rally on the signing or are were going to buy the rumor and sell the fact that it is signed?  I still think this market feels comfortable where it’s at.  Once the deal is signed all eyes will be looking for fresh Chinese purchases. The previous near-term high of 9.61 March futures remains the target and if we can break though that, then the Oct 22nd high of 9.70 March futures would be stiff resistance.  Corn still feels like a reluctant follower at the moment.  The one headline that helped today was the Russian ministry is going to limit grain exports to 20 mln T Jan thru June according to a Reuters article.  That allowed Chicago wheat to trade higher and match its highs from last June.  This should also be supportive corn in time.

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