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Morning Market Insight

Morning Market Insight

February, 5th
Stetson Senyak
Grain Marketing Specialist

SDWG will be holding Winter Marketing Meetings featuring Jeff Hainline with Advanced Trading.
Feb 9th - 4pm at the WG Admin office in Aberdeen (Dinner to follow)
Feb 10th – 10:30am at Roosters in Redfield (Lunch to Follow), 4pm at Top Floor Events in Huron (Dinner to follow)
Feb 11th – 10:00 am at the Kennebec Agronomy Center (Lunch to Follow)

Contact your nearest Grain Marketing Specialist to RSVP or for any questions.

Corn Down ½ cent as of 7:45
March corn closed the day Thursday down 2 ½ cents at $3.6850 after Brazils government raised its estimate of the corn crop 1 million metric tons from 82.3 mmt to 83.3 mmt, about 3.3 billion bushels. USDA’s current estimate was at 81.5 mmt. Overall Brazils weather conditions remain favorable with light to moderate rain in the forecast as we move into the weekend.

Soybeans Up 1 as of 7:45
March beans closed the day yesterday down 2 ¼ cents at $8.7450 with pressure from a favorable forecast for South America and another slow week of export sales. Soybean export sales this week were a terrible negative 43.6 tmt. Brazils government estimated the current crop at 100.9 million metric ton which is above USDA’s estimate of 100 million metric ton, 3.67 billion bushels.

Wheat Minneapolis Up ¼ cent Kansas City Down ¾ cent as of 7:45
Wheat took a hit yesterday with poor export sales, yet dollar weakness helped to limit losses. Minneapolis Spring closed the day down 6 at $4.9450, while Kansas City winter wheat closed the day down 8 ¾ cents at $4.5975. Export sales came back at 66tmt, a marketing year low. According to the U.S. ag attaché, there is a possibility for 2.0 mmt of U.S. wheat to be exported to South Africa, as a record drought takes its toll on their crops.

Have a great weekend!
 

The information contained above was taken from sources which Wheat Growers believe to be reliable, but is not guaranteed by Wheat Growers as to accuracy or completeness and is made available for information purposes only. There is a risk of loss when trading commodity futures and options.