- Can cattle rally from here?
Cattle futures have been in retreat mode, but are nearing some value targets.
- Corn Commentary - Just My Opinion
So Here We Sit!!
- [MDA Premium Education] Grow2018 Technical Traders Workshop Kicking Off, 2/22/18
Today’s MDA Update: Published 2/22/18 12:15 pm PST – Coronado Local Time Traders, It is official we have landed at our trading destination in Coronado...
- Morning Grain Market Research
Scheduling conflicts prevented me from attending this year but the 94 th Annual USDA Ag Outlook Forum kicked off this morning, which will actually...
- Free Markets for Free Men. The Corn & Ethanol Report 02/22/18
We kickoff Washington’s Birthday with Jobless Claims at 7:30 A.M., EIA Gas Storage at 9:30 A.M., EIA Energy Stocks at 10:00 A.M., Cold Storage Annual...
- LOCAL TRADER - GOLD
YEARLY OPEN IS 1309
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Soybean futures ended the day with losses of 1 to 2 1/2 cents in most contracts. Soy meal futures were down $1.10/ton, with nearby soy oil 3 points lower. A private export sale of 110,000 MT of soybeans was reported by the USDA this morning to unknown destinations. That sale was spilt with 55,000 MT for 17/18 and 18/19 each. In the annual Ag Outlook Forum, the USDA expects to US producers to plant 90 million acres of soybeans. The average soybean price in 2018/19 is expected to be down a nickel to $9.25. Export sales for old crop are expected to range 600,000 to 900,000 MT with 0-200,000 MT for new crop. Soy meal is seen at 200,000-450,000 MT, with soy oil at 10,000-35,000 MT. The Rosario Grain Exchange expects the 17/18 Argentine crop at 46.5 MMT, which is s shade under the new BAGE projection of 47 MMT.Mar 18 Soybeans closed at $10.32, down 2 1/4 cents,May 18 Soybeans closed at $10.43 1/4, down 2 1/4 cents,Jul 18 Soybeans closed at $10.52 1/2, down 2 1/2 cents,Sep 18 Soybeans closed at $10.38 1/2, down 1 1/2 cents,Mar 18 Soybean Meal closed at $376.90, down $1.10,Mar 18 Soybean Oil closed at $32.04, down $0.03
Wheat futures finished the day with most CBT and KC contracts 4 to 6 cents higher, as MPLS was up 1-3 cents. Analysts are expecting the USDA's Export Sales report to show all wheat old crop sales of 250,000 to 500,000 MT for the week of Feb 15. They also estimate that new crops sales will total 0-100,000 MT in Friday's report. The USDA released a projection of 46.5 million acres of wheat planted for the 2018/19 marketing year. That is above estimates and planted acres from last year. They also expect the average cash price for wheat to hit $4.70 in 2018/19, 10 cents higher than 17/18. Russia's IKAR expects the country to export 37.5 MMT of wheat during 17/18, nearly 0.9 MMT larger than their previous estimate.Mar 18 CBOT Wheat closed at $4.51 1/4, up 4 cents,Mar 18 KCBT Wheat closed at $4.70 3/4, up 5 cents,Mar 18 MGEX Wheat closed at $6.03, up 1 3/4 cents
Corn futures closed the day with steady to penny gains on Wednesday. The USDA announced a private export sale of 130,000 MT of 17/18 corn to unknown destinations this morning. The weekly EIA report showed ethanol production picking up to 1.068 million barrels per day. That was 52,000 bpd larger than the previous week, as stocks of ethanol dropped 132,000 barrels to 22.753 million barrels. The USDA sees the US planted acreage number at 90 million acres in their annual Ag Outlook Forum. The average farm price for corn is seen a dime higher at $3.40 in 18/19. Traders are expecting to see 1-1.5 MMT in old crop corn export sales, with 0-100,000 MT in new crop sales. South Korea purchased 120,000 MT of US corn in a tender on Thursday. Argentina corn production is seen at 35 MMT by the Rosario Grain Exchange, with the Buenos Aires Grain Exchange at 37 MMT.Mar 18 Corn closed at $3.66 3/4, up 1 cent,May 18 Corn closed at $3.74 3/4, up 3/4 cent,Jul 18 Corn closed at $3.82 1/2, up 3/4 centSep 18 Corn closed at $3.89 1/2, up 3/4 cent