Missed some market news this week? Here's a quick look back.

Morning audio

While grain markets won’t open until 8:30 CST today, trading on stock exchanges around the world suggests a bumpy ride to start 2019. Concerns about weak global manufacturing data derailed an early bounce to equities overnight. While President Trump invited Congressional leaders to meet on border security, many government offices remain closed, including much of USDA.

With most of USDA silent due to the government shutdown, buyers and sellers are still finding plenty to talk about. Analysts continue to churn out estimates for reports that may or may not be put out next week while also wondering how a dry December affected crops in Brazil. And noise from Wall Street just won’t shut up either, as volatile trade continues in the stock market.

Grain futures are headed higher again this morning and they’re joined by other markets as well for a change as traders try to shake off recent bearishness. Still, buying in wheat and soybeans appears to be mainly short covering as volume remains relatively thin overall. Traders are trying to talk about key January reports, even though USDA is expected to officially postpone its scheduled January data dump due to the border wall battle shutting down much of the agency.

USDA reports

USDA will delay several major U.S. and world crop reports that were scheduled for release on Jan. 11 due to the partial government shutdown. The new release date of the reports will be determined once government funding is restored, USDA said in a statement.

Outlooks

Fertilizer outlook - Corn growers who scrambled to secure leftover ammonia supplies from dealers after a slow fall application season should find out in coming months whether a bird in hand costs less. Spring pre-pay prices put out by manufactures in December suggest it likely will.

Farm Futures survey

Farm Futures survey put the 2018 corn crop at 14.423 billion bushels, 203 million less than USDA’s last estimate in November. Growers reported 2018 soybean production of 4.505 billion bushels, 95 million less than USDA’s November estimate. Farmers planted a little less winter wheat than the previous year, around 31.65 million acres, down 2.7% from 2018.

Market commentary

Grain futures are steady to higher across the board this morning, joined by optimism in other markets. The brighter tone could be put to a test, at least in markets still getting data from federal agencies.

Last year saw plenty of price swings in both directions last year, but 2019 has started on a hot streak, posting three consecutive sessions of higher prices to start the new year.