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Futures Market News and Commentary
Wheat futures saw fractional to 3 1/4 cent gains in the winter wheat contracts, with MPLS up 5 to 9 cents. On the week, nearby CBT was down 3.47%, with KC 3.78% lower and MPLS 1.09% in the red. The now up to date Export Sale report from this morning indicated that a total of 3.575 MMT of old crop wheat was sold in the weeks of 1/10-2/14. At a weekly average of 595,801 MT, that was above the range of estimates and 87.9% larger than the same six weeks last year. Nigeria was the top buyer of 444,400 MT, with unknown purchasing 400,600 MT. New crop sales totaled 244,090 MT in that timeframe. Total commitments (shipped and unshipped sales) are now 0.2% above a year ago, for the first time this MY. At the USDA Ag Outlook Forum, a preliminary estimate of 944 mbu of wheat was shown for 19/20 ending stocks, down 66 mbu from the current 18/19 projection.Mar 19 CBOT Wheat closed at $4.86 3/4, up 1/4 cent,Mar 19 KCBT Wheat closed at $4.58 1/2, up 3 1/4 cents,Mar 19 MGEX Wheat closed at $5.66 3/4, up 9 cents--provided by Brugler Marketing & Management
Soybean futures ended Friday with the nearby contracts steady to 3/4 cents lower. Meal futures were down 30 cents/ton in the nearby contract, with soy oil 2 points higher. After the close, a tweet from Secretary Perdue indicated that China committed to purchase another 10 MMT of soybeans on Friday. Export sales of old crop soybeans in the weeks of Jan 10-Feb 14 were tallied at 6.532 MMT, with a weekly average of 1.089 MMT. That was on the lower end of estimates, but more than double the same six week total in 2018! China purchased a majority of the total at 3.923 MMT, with Egypt buying 602,500 MT. Export commitments for 18/19 have now improved to 17.5% below last year as of 2/14. The Fats & Oils report showing delayed December data indicated that 183.5 mbu of soybeans were crushed in that month. That was a monthly record crush number and 4.1% larger yr/yr. Total oil stocks were seen at 1.601 billion pounds. A preliminary USDA estimate for the 2019/20 soybean S&D table shows ending stocks at 845 mbu, which would be down from the current 910 mbu 18/19 projection.Mar 19 Soybeans closed at $9.10 1/4, down 3/4 cent,May 19 Soybeans closed at $9.23 3/4, down 1/2 cent,Jul 19 Soybeans closed at $9.37 1/4, down 1/4 cent,Sep 19 Soybeans closed at $9.46, unch,Mar 19 Soybean Meal closed at $305.60, down $0.30,Mar 19 Soybean Oil closed at $30.51, up $0.02--provided by Brugler Marketing & Management
Corn futures closed the Friday session with most contracts within 1/4 cent of UNCH. This morning’s Export Sales report showed old crop sales totaling 6.056 MMT in the weeks ending Jan 10-Feb 14. That was an average weekly sale of 1.009 MMT, and 42% behind last year. New crop sales were 29,170 MT. The lead buyer of corn in that time frame was Mexico at 1.427 MMT, with Japan at 1.349 MMT. Total Commitments are still 2.1% larger than last year. USDA released more forecasts for 19/20 at this morning’s Ag Outlook Forum, showing carry out at 1.65 mbu, down 85 mbu from this year’s projection. This afternoon’s Grain Crushing report showed a total of 460.512 mbu of corn used for ethanol production in December. That was up 1.3% from November but down 5.58% from the same month in 2017.Mar 19 Corn closed at $3.75 1/4, down 1/4 cent,May 19 Corn closed at $3.84 1/2, up 1/4 cent,Jul 19 Corn closed at $3.92 1/2, up 1/4 centSep 19 Corn closed at $3.96 1/2, up 1/4 cent--provided by Brugler Marketing & Management