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January 19 Grains Commentary: Virginia McGathey Capture

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I'm Virginia McGathey here on the floor at the CME Group reporting on the grain market. Today, the soybeans were up. The dryness in Argentina really offered some support for the market. It was up for the fourth day in a row. And although there's, like, an uptick for meal as well, and that's really, like, giving a little more demand to the soybeans And, you know, we had that big sell off earlier right after the report, and I think that the market is really starting to come back some. So it's starting to, you know, just march up steadily, and it looks like it's got a decent rally going. Corn also was up and it was, like, kind of unchanged and a little bit steady, but there was some strength. The strong weekly export sales today really kept the futures up. There has been lackluster trade overall, and it's holding back the market from really rallying very much. However, you know, it's really, like, solidly off it's lows, thank goodness, and so the market's really hanging in there because we have huge supplies. I think that it caught everyone off guard that the early problems that we had with the crops for 2017 turned out to be, you know, not so much of an issue, and now we have certainly some big supplies that we're trying to eat through. Wheat was a little bit weaker. The weather concerns are really no longer an issue anymore, and it's just, like, too early to predict any kind of crop damage even though that there is more dryness in the plains, and I know that cold snap everyone was kind of worried about it. And it certainly looks that the traders are taking the been there, done that kind of attitude, and so they're not really certain of whether there is gonna be any problems. And even if there is, we're not gonna know for a couple of months so no one's really jumping on board and pushing this market higher. That being said, the market still is relatively strong overall for this time of year. So it's still behaving pretty well, but it was off a little bit today. And, you know, it's the end of the week, and so some profit taking really put a little bit of pressure on the market. That's all from the floor at the CME Group here in Chicago. I'm Virginia McGathey.

Video Details

Duration: 2 minutes and 15 seconds
Country: Andorra
Language: English
License: Dotsub - Standard License
Genre: None
Views: 14
Posted by: cmegroup on Jan 19, 2018

January 19 Grains Commentary: Virginia McGathey Capture

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