- 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
- AGMASTER 02/22/18
In the past 6 trading days, Mar Beans have exploded for a 60 cent gain (low to high) Making new contract highs along the way! The main catalyst has been...
- Live Cattle Top? The Nemenoff Report 02/22/18
Financials: Mar. Bonds are currently 15 higher at 143’05, 10 Yr. Notes 4.5 higher at 120’11 and 5 Yr. Notes 2 higher at 114’04.7. Not much has happened...
- Grain Market Update (2.22.18)
March options go off the board tomorrow which could keep the market in check.
- Wheat CBOT May 18
Highly Accurate Technical Analysis for AG Pros and Users of Wheat By-Products
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Soybean futures are currently 4 to 5 cents lower. They closed the Wednesday session with most nearby contracts 5 to 8 cents in the green. Soy meal futures were up $1.50/ton, with nearby soy oil 21 points higher. A survey of traders shows estimates for 2018 soybean acreage at 90.588 million acres ahead of Thursday and Friday’s USDA Ag Outlook forum. That would be nearly 446,000 acres more than in 2017. Expectations for the 18/19 soybean crop average 4.361 bbu, slightly lower than 17/18. US ending stocks for 18/19, however, are estimated to be shown at 564 mbu, 34 mbu larger than the current 17/18 projection.
Wheat futures are 1 to 2 cents lower in most contracts this morning. They were mostly lower on Wednesday, with CBT 2-3 cents in the red and KC down 5-6 cents. MPLS was the strongest on the day, down 1 1/4 cents in the nearby but higher in back months. Some of the HRW crop has seen some moisture this week, but most major areas are still experiencing dryness. Analysts are expecting the USDA to show all wheat acreage for 2018 at 46.082 million acres in this week’s Ag Outlook Forum, just 60,000 above the 2017 acreage number. Production is also projected to be up 82 mbu to 1.823 mbu. They are also expecting the USDA to show 18/19 US ending stocks at 937 mbu, down from the current 1.009 bbu carryout projection. Egypt’s GASC purchased 120,000 MT of Russian wheat for March 22-April 1 delivery, as only Russia and Romania presented offers. Algeria bought 340,000 MT of optional origin wheat on Wednesday, with April-May delivery.
Corn futures are trading fractionally lower this morning after posting fractional gains on Wednesday. We’ll get the delayed weekly EIA ethanol report this morning. Ethanol production fell to 1.016 million bpd in last week’s report. Ahead of the USDA Ag Outlook Forum, a Reuters survey showed analysts expect USDA to put 2018 corn planted acreage at 89.902 million acres, slightly lower than 2017. They also estimate that production will run nearly 270 mbu below 17/18 at 14.333 bbu. With the lighter production projected, traders see the USDA placing the 18/19 US ending stocks number around 2.129 bbu, which would be down 223 mbu from the current 17/18 number. An Argentina private consultant firm Agripac estimates the country’s 17/18 corn crop at 37 MMT, compared to the USDA’s 39 MMT.