Can Soybeans Continue Higher?

In the overnight session corn traded down 2 ¼ cents, soybeans slipped 2 cents and wheat increased 1 ¾ of a cent. Be careful of soybeans hitting resistance during today’s trading session. We are currently trading near resistance from the lows of the soybeans channel that lasted from October through January. Though we could get continuation buying early on in the session, be careful of some selling pressure at these levels.

NOPA crush numbers were within analyst expectations for the month of January. In the report released at 11 AM CST, the National Oilseed Processors Association announced that 162.675 million bushels of soybeans were crushed in January compared to expectations of 162.673 million bushels. This month’s soybean crush was the largest ever in January topping last year’s January total of 156.943. Soyoil stocks were larger than expected at 1.228 billion pounds compared to expectations of 1.170 billion pounds.

Egypt has set a tender on Tuesday to buy an unspecified amount of U.S. origin wheat for April delivery. A tender from GASC has been expected to purchase U.S. wheat over recent weeks to take advantage of a 100 million dollar credit line provided by the United States.

弗朗西·格里默（Franceagrimer）的政府农场办公室将其法国小麦出口估计提高了1 MMT，欧盟以外的14/15将其估计至9.8，并将最终库存从上个月的4.34 MMT降低至3.63 MMT。欧盟小麦出口已经对俄罗斯出口途径提出了显着的步伐。在最新的USDA供求报告中，欧盟出口的出口也比上个月高1 mMT。

预计寒冷的天气将进入中西部，并持续到星期五。尽管整个中西部的大部分地区都有积雪，但约有10-15％的休眠小麦仍然有冬季杀伤的危险。最脆弱的地区是通过伊利诺伊州，印第安纳州和俄亥俄州。预计本周末有些积雪有助于避免未来的冷阵。

—Cody Bills