Markets are trading mixed overnight with all three markets spending time on either side of unchanged.

Managed funds to start the week were estimated as net buyers of 10k corn to push the net long back out to 369k, net buyers of 3k beans to push the net long back out to 29k, and net buyers of 3k wheat to reduce the net short to 69k.

NOPA crush for January came in at 200.383 mbu (204.5 expected). Oil stocks were 1.274b lbs (1.289 expected).

Corn was firm to start the on strong export demand as the weekly export inspections report showed a new high for the marketing year with inspections the largest since last April.

Tariff said he would impose tariffs on automobiles, pharmaceutical companies, and chip makers, but details remain unclear.

The USDA said they would not restrict cattle imports from Mexico after their latest screwworm case.

Corn posted a higher high, higher low, and new high close to start the week with the market breaking out of the recent consolidation range to the upside with March futures approaching highs that were traded last May. The uptrend is back in place but the market is a bit overbought. Support for March is 5.00 and resistance 5.05 and 5.08.

Beans posted a lower low and lower high to start the week, but the market finished with small gains as it continues to see consolidation in the 10.30-10.40 area. Directional indicators are balanced with potential for a large move from this price area. Support for March is 10.30 and 10.00 with resistance 10.40 and 10.50.

Corn hit new highs to start the week as export demand remains robust, the size of the South American corn crop is an unknown, and the market continues to show technical strength with speculative buyers remaining engaged. We are still in a period of elevated headline risk and while supplies are tighter than we thought last fall, we’ve still got enough supply to meet demand. Producers should make sure sales are caught up and look at puts to protect additional unsold bushels.

Beans started the week with small gains, but they were clearly the weakest leg, struggling to keep pace with the corn and wheat. The global supply outlook remains bearish with Brazil’s record bean crop starting to flow into global channels. Producers should make sure sales are caught up and buy puts to cover additional bushels as beans are expected to remain the weakest leg moving forward.

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Corn mixed to lower

Beans down 1