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Grain Commentary By Jeff Thatcher

Please remember to attend the January 20th Crop Fair
Friday January 17th
Corn: +13 ¾ to +8 ¾
The corn market rallied sharply throughout the session and finished near the day’s high.  Nearby corn finished nearly 14 cents higher, recovering all of yesterday’s losses.  New crop values gained almost 9 cents with spreads firmer today.  Rumors of corn being loaded to China off the PNW helped to spark today’s rally.  Later stories indicated that it might be headed to China or South Korea, regardless it is at least some sorely needed corn export demand.  Nearby corn finished the week nearly 4 cents higher with near crop values ending steady on the week.  Ag secretary Perdue did say yesterday that he does expect the third installment of the MFP payments to be made. 
Soybeans: +5 ¾ to +4 ¼
Soybeans traded both sides of unchanged through the day before a late move to a moderately higher close.  March futures gained nearly 6 cents and finished nearly a dime above the early low.  The November contract ended just over 4 cents higher after being 3 cents lower early in the session.  Soybean oil ended with a modest gain while soybean meal was mostly steady today.  Soybeans were quiet much of the session before joining in with the strong move in corn.  Overall soybean demand was strong this week with good weekly sales and a better than expected crush report. Soybean bulls continue to look for daily sales announcements to China after Wednesday’s signing of the trade agreement, but have been disappointed to this point.