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Ludlow Coop Elevator Company

8 hours ago

1.20.26 MIDCO AFTERNOON COMMENTS

🌽 Corn Market Update
Corn futures saw mixed trade to start on the week on Tuesday, with little new in the way of market fundamentals and as traders seem to still be mostly in shock of last week Monday's downright massive supply figure from the USDA. We talked about it all week last week, but the bottom line as far as price direction is concerned is the fact there are now enough bushels to satisfy the USDA's rather robust demand outlook, which simply makes rallying futures prices difficult. More likely in the short term will be some sort of cash rally via basis improvements, as we would assume most farmers don't have a lot of desire to move grain now some 20 cents below where they could've a week ago and that local markets will have to do some work to generate supply at some point.

🌱 Soybean Market Update
Soybean futures spent the better majority of the day trading near unchanged on Tuesday before a lunchtime selloff led to lower closes by the end of the session. Headlines that China had reached the end of its 12 MMT purchase agreement were the main story in the market, with it now being a matter of what happens from here? Does China continue buying what we'll call political beans to appease the Trump administration and keep tariffs lower, or do they return to a more economically viable approach of buying much cheaper supplies out of South America once they're available in another few weeks? We think in large part, this likely determines bigger picture price direction through the rest of January and February, with a return to South America presumably leading to a lower drifting price environment at the CBOT.

🌾 Wheat Market Update
Wheat futures traded lower to start the week on Tuesday as weekend cash news pretty well wiped the tender slate dry and left prices to drift lower throughout the day to start the new week on minimal headlines elsewhere. There is a minor level of cold weather concern across both the US wheat belt and also the Black Sea region, but these concerns did not hit prices today, which left prices to back track a bit towards the lows made last week. ... See MoreSee Less

Ludlow Coop Elevator Company

15 hours ago

01.20.26 MIDCO MORNING COMMENTS

Good morning. Grain prices are slightly lower to start the holiday shortened week. Ag news is somewhat limited to start Tuesday. President Trump announced 10% tariffs on 8 European countries starting February 1st . The tariffs will rise to 25% on June 1st if no deal for Greenland is reached by then. Equity futures are lower as a result. Metals are into new highs again this morning. Energies are higher with natural gas leading the way on cold weather talk. A massive storm is expected to hit the Ohio Valley, Delta, and the east coast later this week. Freezing rain and ice are possible through those areas. Some areas in the south could get up to 10 inches of snow. That will shut everything down. Further north will get some limited precip but it will be very cold Friday and through the weekend. Export inspections are out this morning. Feb options expire on Friday. South America weather looks ok. The farming never stops in Brazil. Brazil is 2% harvested on beans and 1% planted on the 2nd corn crop. The first corn crop is about 2% harvested. China imported about 800K tons of corn in December. Total China corn imports for the calendar year totaled 2.65 MMT, down 80% from the year prior. All the newswires are reporting this morning that China has bought its 12 MMT of U.S. beans as promised. March corn found support at $4.20 all last week so that will be the number to watch again this week. We are back to talking about tariffs again so we will see what impact that has early this week. Also watching the demand reports and the lack of producer interest. Have a nice day. ... See MoreSee Less