DTN Soybeans News

FARM MARKET NEWS - SOYBEAN AND WHEAT REPORT FOR Tue, January 28 Exchange rate was 1.3169 down 0.0012 Chicago soybeans closed slightly lower. MAR20 HI 8.98 NOV20 HI 9.34 1/4 LOW 8.88 1/2 LOW 9.25 CLOSE8.95 Down 2 1/4 CLOSE 9.30 1/2 Down 3 OLD CROP NEW CROP Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt ELEVATORS +MAR2+MAR2+MAY20 CK Low 2.25 11.20 411.532.15 11.46 420.90 CK High 2.30 11.25 413.372.20 11.51 422.74 CK Average 2.28 -0.4211.23 412.692.18 -0.5811.49 422.12 Essex Cty 2.30 11.25 413.372.20 11.51 422.74 Mdsx Low 2.25 11.20 411.532.15 11.46 420.90 Mdsx High 2.30 11.25 413.372.18 11.49 422.00 Mdsx Average 2.28 -0.4311.23 412.452.17 -0.5911.47 421.45 Hensall 2.28 11.23 412.452.18 11.48 421.82 Bruce 2.25 11.20 411.532.15 11.46 420.90 Putnam 2.25 11.20 411.532.15 11.46 420.90 Burford 2.36 11.31 415.572.24 11.55 424.21 Port Perry 2.28 11.23 412.632.16 11.47 421.27 Norfolk 2.30 11.25 413.372.20 11.51 422.74 Palmerston 2.32 11.27 414.102.17 11.48 421.63 Varna 2.30 11.25 413.372.20 11.51 422.74 Trenton 2.25 11.20 411.532.20 11.51 422.74 Winchester 2.30 11.25 413.372.30 11.61 426.41 North Gower 2.26 11.21 411.902.28 11.59 425.68 Huron FOB 2.45 11.40 418.882.30 11.61 426.41 Kent FOB 2.50 11.45 420.722.20 11.51 422.74 Lambton FOB 2.40 11.35 417.042.35 11.66 428.25 Middlesex FOB2.45 2.45 N/A N/A 11.40 418.882.28 11.59 425.68 PROCESSORS Windsor 2.70 11.65 428.062.49 11.80 433.39 TRANSFER Hamilton 2.80 11.75 431.742.65 11.96 439.27 Prescott N/A 2.50 11.81 433.76 Port Colborne2.66 11.61 426.592.68 11.99 440.37 Toledo El. 0.00 8.95 328.86-0.40 8.91 327.39 Exchange rate was 1.3169 down 0.0012 Chicago wheat closed slightly lower. MAR20 HI 5.76 1/2 JUL20 HI 5.73 1/2 LOW 5.65 1/2 LOW 5.63 1/2 CLOSE 5.69 3/4 Down 2 1/2 CLOSE 5.67 1/4 Down 3 1/2 Minni wheat closed slightly lower. MAR20 HI 5.49 1/4 SEP20 HI 5.73 1/4 LOW 5.40 3/4 LOW 5.67 1/2 CLOSE 5.42 1/4 Down 5 CLOSE 5.68 3/4 Down 4 1/2 GFO Cash Wheat Prices - DEL Terminal Harvest 19 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M) Basis 2.07 2.27 2.07 1.32 CAD $/bu 7.77 7.96 7.77 6.75 CAD $/tonne 285.37 292.63 285.37 247.87 Direct MarkHarvest 2019 Harvest 2020 DELIVERED BASIS DELIVERED BASIS Location SWW(C) HRW(C) SRW(C) HRS(M) SWW(C) HRW(C) SRW(C) HRS(M) ELEVATORS Brgssvll N/A N/A N/A N/A N/A N/A 1.25 N/A London 1.93 2.33 1.93 N/A 1.46 1.73 1.27 N/A Hensall 1.85 N/A 1.85 N/A 1.45 N/A 1.25 N/A Trenton N/A N/A N/A N/A N/A N/A 1.30 N/A Bruce 1.85 2.10 1.85 1.80 1.45 1.65 1.20 1.20 Essex N/A N/A 1.85 N/A N/A N/A 1.25 N/A Norwich 1.85 N/A 1.85 N/A 1.45 N/A 1.25 N/A Port Hope N/A N/A 1.75 N/A N/A N/A 1.30 N/A Kent Bridge 1.85 N/A 1.85 N/A 1.45 N/A 1.25 N/A Chatham N/A N/A 1.85 N/A N/A N/A 1.25 N/A Brigden N/A N/A 1.85 N/A N/A N/A 1.25 N/A Palmerston N/A N/A 1.89 1.80 N/A N/A 1.36 1.15 Varna 1.95 2.25 1.85 N/A 1.45 1.65 1.25 N/A Mitchell 1.85 2.20 1.85 N/A 1.45 1.60 1.25 N/A Thornton N/A N/A N/A 2.17 N/A N/A N/A N/A North Gower N/A 1.90 1.75 0.95 N/A 1.81 1.56 0.95 W O Feed 2.50 TERMINAL Port Colbor N/A N/A 2.27 N/A N/A N/A 1.66 N/A PROCESSORS Toledo FM N/A N/A 2.20 N/A N/A N/A 1.93 N/A Toledo El. 5.85US 7.70CA 5.77US 7.60CA GFO Contract Wheat Prices - DEL Terminal Harvest 20 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M) Basis 1.60 1.86 1.53 1.01 CAD $/bu 7.27 7.54 7.21 6.70 CAD $/tonne 267.19 276.87 264.77 246.14 (C)-Basis over the Chicago Board of Trade futures (M)-Basis over the Minneapolis Grain Exchange FEED GRAINS FOB Hm Soymeal 442.70 DDG's FOB Srn & Aylm 215.00 - 235.00

DTN Closing Grain Comments 01/28 14:03 Corn Rebounds as Virus Fears Moderate A fourth day of corn export sales announced and an easing of coronavirus concerns helped March corn close up 6 cents Tuesday. March soybeans were down 2 1/4 cents and all three wheats were modestly lower, but other commodities were mostly higher.

DTN Midday Grain Comments 01/28 10:53 Grains Mixed at Midday The U.S. stock market is firmer with the Dow up 220. The dollar index is 15 points higher. Interest rate products are firmer. Energies are firmer with crude up $0.40. Livestock trade is mostly higher. Precious metals are weaker with gold 8.30 lower. By David Fiala DTN Contributing Analyst General Comments CORN Corn trade is 4 to 5 cents higher at midday with short-covering and fresh export sales adding support to the market. Ethanol margins remain range bound with the energy complex finding some footing for stability and ethanol futures edging slightly higher. U.S. weather should be better in the short term. Basis should remain sideways. The daily wire has been more active the past few days with the trade looking for further confirmations. On the March contract, support is the lower Bollinger band at $3.79 and then recent lows at $3.77. Resistance is the top of the fresh gap at $3.84, which we have filled at midday, with the 20-day at $3.87 above that. SOYBEANS Soybeans trade is 2 to 3 cents lower. The trade is working to test the lower end of the range again this morning with support holding so far. Meal is flat to $1.00 lower, and oil is flat to 10 points lower. The Brazilian real remains very cheap, as well, hurting U.S. export competitiveness on the world front. South American weather remains within the recent pattern for soybeans, as well, with early harvest underway. Basis has remained steady to firmer at processors with the strong crush margins. The weather is likely starting to allow for better movement short term. The March chart support is the $8.82 contract low, with resistance the $9.00 area. WHEAT Wheat trade is 2 to 5 cents lower at midday with trade fading a bit. Range-bound action is continuing after holding up better on Monday. Cold threats remain limited for the Plains with limited potential for moisture in the short term. KC is at an 88-cent discount to Chicago near the top of the recent range, while Minneapolis is back to a 25-cent discount. Russian values remain elevated with trade looking for confirmation of various milling grades to China in the short term. The March KC chart support is the lower Bollinger band at $4.71, and resistance is the 20-day at $4.87. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. He can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (AG) Copyright 2020 DTN/The Progressive Farmer. All rights reserved.

DTN Weather Trend Indicators 01/28 09:15 Weather Indicator status values are: Corn=Neutral Soybeans=Down Wheat=Down LEGEND: The indicator choices are: Corn, Soybeans, Wheat The status choices are: Up, Down, Neutral For example: Corn=Neutral (ES)

DTN Early Word Grains 01/28 05:59 Grains See Follow-Through Weakness March corn is down 1 1/4 cents per bushel, March soybeans are down 7 3/4 cents, and March KC wheat is down 4 1/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: March corn is down 1 1/4 cents per bushel, March soybeans are down 7 3/4 cents, and March KC wheat is down 4 1/4 cents. CME Globex Recap: Financial markets are stabilizing overnight as traders seem to be coming to grips at least somewhat with the coronavirus. The death toll in China has moved over 100 and Hong Kong has closed rail links with mainland China to try and help contain the virus. The virus has increased from 3,000 cases Monday to close to 4,500 in less than a day as scientists predict the virus will get worse before it gets better. Grain markets are stabilizing somewhat from Monday's weaker trade as traders realize the number of animals around the globe didn't get cut in half from last week. Still, the uncertainty of a virus like this in the world's second largest economy is unnerving and may take several days before the downdraft is completely shook loose. Soybean oil is leading losses again overnight, following losses in Malaysian Palm Oil which was down 10% in the front-month contract as the coronavirus hits much closer to home. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average down 453.93 at 28,535.80 and the S&P 500 down 51.84 at 3,295.47 while the 10-Year Treasury yield ended at 1.605%. Early Tuesday, the March DJIA futures are up 71 points. Asian markets are lower with Japan's Nikkei 225 down 127.8 (-0.55%) and China's Shanghai Composite down 84.23 points (-2.75%). European markets are mixed with London's FTSE 100 up 13.89 points (0.19%), Germany's DAX down 14.79 points (-0.11%) and France's CAC 40 up 5.29 points (0.09%). The March Euro is up 0.001 at 1.110 and the March U.S. dollar index is up 0.023 at 97.790. The March 30-Year T-Bond is up 11/32nds, while February gold is up $1.20 at $1,578.60 and March crude oil is down $0.32 at $52.82. Soybeans on China's Dalian Exchange were down 0.7% while soybean meal was down 0.88%.

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