- Corn Futures Respecting Resistance
Cash grain buyers will soon bid off the May contract
- Futures File: Cocoa, Soybeans & Crude Oil Higher
Our weekly column looks at rallies in cocoa, soybeans, and crude oil.
- Meal Squeeze over? Bean buck rally, Meat hedgers get ready.
Good Volatile Friday Folks,
- The Cullen Outlook – Soybean Oil (2-21)
Have a look and TRADE IT WHEN YOU SEE IT!!!
- Morning Grain Market Research
It was nice to be greeted by green across my quote screen this morning and if we can hold the strength for the close would also be an encouraging way to...
- LOCAL TRADER - GOLD
FED BRINGS A STRONGER USD
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Wheat futures settled as much as a penny higher in CBT, with MPLS and KC wheat down 1 to 2 1/4 cents. All wheat export sales totaled 328,859 MT during the week that ended Feb 15. That was a 5.7% increase over the previous week but down 27.1% from the same time last year. New crop sales were tallied at 53,600 MT. Sales of 150,000 MT were reported to the Philippines. The USDA released a projection of 47.4 bpa for the US national yield, up from 46.3 bpa last year. The 18/19 carry out is expected to be trimmed 78 mbu from 17/18 to 931 mbu. The Friday Commitment of Traders report showed the big spec funds adding to their short Chicago SRW positions by 10,208 contracts in the week ending February 20. They were net short 67,039 contracts at that time.Mar 18 CBOT Wheat closed at $4.52 1/4, up 1 cent,Mar 18 KCBT Wheat closed at $4.69, down 1 3/4 cents,Mar 18 MGEX Wheat closed at $6.00 3/4, down 2 1/4 cents
Corn futures saw most contracts steady to fractionally lower on Friday. A private export sale of 115,000 MT was reported by the USDA to Egypt for 17/18 delivery. This morning's USDA Export Sales report indicated that the US sold 1.555 MMT of old crop corn during the week of 2/15. New crop sales totaled 65,532 MT. The USDA expects to see a US national average yield of 174 bpa in 18/19 in their annual Ag Outlook Forum, vs. 176.6 bpa in 17/18. That would put production at 14.39 bbu, down 214 mbu from 17/18. They also see a 18/19 ending stocks number of 2.272 bbu, 90 mbu lower than the current year. The CFTC report on Friday night showed the spec funds flipping their position to net long 18,674 contracts. That was a movement of 29,288 contracts during the week of February 20.Mar 18 Corn closed at $3.66 1/4, down 1/2 cent,May 18 Corn closed at $3.74 1/2, down 1/4 cent,Jul 18 Corn closed at $3.82 1/4, down 1/4 centSep 18 Corn closed at $3.89 1/4, down 1/4 cent
Soybean futures closed the Friday session with most contracts steady to 4 1/4 cents higher. Soy meal futures were down $1410/ton, with nearby soy oil 32 points in the green. A private export sale of 106,000 MT of soybeans was reported to unknown destinations this morning, with 40,000 MT for 17/18 and 66,000 MT for 18/19. The USDA showed a total of 109,144 MT in net reductions for old crop soybean export sales during the week of 2/15. Meal sales totaled 131,922 MT, with soy oil at 42,914 MT in sales. In the annual Ag Outlook Forum, the USDA expects the US soybean yield to average 48.5 bpa in 18/19. Analyst's with Brazilian firm AgroConsult now expect to see the country's production near 117.5 MMT, up 3.4 MMT from their previous estimate. AgRural estimates that the crop is 25% complete, down from the average of 27% and last year’s 36%.Mar 18 Soybeans closed at $10.36 1/4, up 4 1/4 cents,May 18 Soybeans closed at $10.47 1/2, up 4 1/4 cents,Jul 18 Soybeans closed at $10.56, up 3 1/2 cents,Sep 18 Soybeans closed at $10.40 1/4, up 1 3/4 cents,Mar 18 Soybean Meal closed at $375.50, down $1.40,Mar 18 Soybean Oil closed at $32.36, up $0.32