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Wheat futures are trading roughly 4 cents higher this morning in the Chicago and KC contracts. MPLS spring wheat is up 1 to 1 cents. Wheat finished Thursday 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. The USDA released a projection of 46.5 million acres of wheat planted for the 2018/19 marketing year. That is above some published trade estimates (Bloomberg average 46.38) and the 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.
Corn futures are currently to 1 cent higher since posting UNCH to penny gains on Thursday. 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 this morning in the weekly Export Sales report. Argentina corn production is seen at 35 MMT by the Rosario Grain Exchange, with the Buenos Aires Grain Exchange at 37 MMT. China imported 560,000 MT of sorghum in January according to their customs data, the most in 6 months. They have subsequently launched an anti-dumping investigation that is likely to put the brakes on imports.
Soybean futures are mostly 3 to 4 cents higher this morning. They ended Thursday 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 Thursday morning to unknown destinations. In the annual Ag Outlook Forum, the USDA chief economist expects 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. Weekly Export Sales for old crop are expected to range 600,000 to 900,000 MT this morning, 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.