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January 17 Grains Commentary: Virginia McGathey

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I'm Virginia McGathey here on the floor at the CME Group reporting on the grain market. Today the soybeans really firmed up. The futures are beginning to show a little bit of an uptrend. You know, for the short term anyway. So the market has been really under a lot of pressure since early December, and it's because of, you know, big crop, big supplies, weak exports, a strong South American crop in the ground. That's going well. The only thing that was really holding the market up was a little bit of inclement weather in South America. That has changed, and that really put all the pressure on the market. Now that we're saying that, it was the end of the year. Everyone was taking profits and what have you. The market really got oversold, and now it looks like we've found a little bit of buying and some support. The market really got a little bit of a lift. Now, we're gonna be in the winter weather market for the next couple of months before we can really get the soybeans in the ground for starting the 2018 crop. I realize it's early to say that because we are in January. But that's what we're gonna be looking at next. We'll be watching the US dollar index, and of course, the stock market making record strides every day, and it's really pulling all of the money. The fund managers, it's really difficult for them to take any of the money out of the stock market yet while it's still soaring. So the market has been a little bit weak as far as participants go. But as the market continues to move, I think that we're gonna get a lot more traders to participate in our markets. Corn was a little bit higher. The futures really broke out to the upside, finally. We had been consolidating for quite a while now. The traders seemed to be, seeing that prices are a little bit better than we expected, and we got back to where we started on January 2. That really looks pretty good for corn seeing that a lot of the fundamental news is really bearish at this point right now. But it looks like the traders have shaken that off and kind of given that a little bit more of a shot in the arm and kind of something that we were looking at because the market really jumped up pretty well today. Wheat also rebounded. The markets were really climbed back to take back yesterday's losses. But the winter wheat is really holding its own, but, you know, it's very vulnerable to, perhaps, a selloff. We haven't -- we're not really that close to testing our lows right now, but we have to watch it. It seems that there has been some better weather, and if the weather continues to, you know, just look a little bit better across the country, that could definitely put some pressure back on that wheat market. But right now, it was firming back up somewhat, and so they're watching it closely. We're expecting that there's going to be a little bit more choppy market as the next few days come. And certainly, we're not gonna be looking for any kind of information until we get the crop report that comes next month. So it's still a couple of weeks away. That's all from the floor at the CME Group here in Chicago. I'm Virginia McGathey.

Video Details

Duration: 3 minutes
Country: Andorra
Language: English
License: Dotsub - Standard License
Genre: None
Views: 4
Posted by: cmegroup on Jan 18, 2018

January 17 Grains Commentary: Virginia McGathey

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