February 2, 2015
Assistant Grain Merchandiser
March futures traded to 3.65 ¾ on Friday, the lowest price since Oct. 27th. Today starts the calculation for insurance price in the Corn Belt. Heavy Snows blanket most of the Midwest and good rain hit the southern plains this weekend. The Rosario Grain Exchange estimate 80% of Argentina’s corn crop is in very good condition and weather appears to be favorable for crop development
SA saw dry conditions across Argentina. Brazil expected to see some thunderstorms this week and could slow harvesting in the dry areas. Pakistan bought 1 optional origin cargo which is thought to likely be US origin. Export Inspections released at 10 AM.
Wheat-MW-unchanged KC unchanged
The dollar is still putting pressure on the market and making US wheat more uncompetitive in the world. The HRW area has good soil moisture over most of the Midwest. Russia/Ukraine remains tense. Saudi Arabia bought 690tmt with accepted origins as EU, North America, South America and Australia at “the option of the seller”.