Morning Market Insight
February 23 2015
Grain Marketing Specialist
Corn: Down 1 as of 7:45
December 2015 corn futures closed at $4.16 ¼ Friday, which leaves the average price through Feb. 20 at $4.1577. The average price for the month of February will serve as the base price for 2015 crop insurance.
Corn inventories were projected decreasing by 140m bushels from this season's nine-year high to 1.687bn bushels.
T-storm Weather: It would be ideal for second-planted in Parana and Center-West Brazil to be planted immediately to limit the potential for an early start to the dry-hot season to affect yields in April.
Soybeans: Up 3 as of 7:45
November 2015 soybean futures closed at $9.80 Friday, which leaves the average price through Feb. 20 at $9.6668. The average price for the month of February will serve as the base price for 2015 crop insurance. Brazil Soybean Meal premiums for May are historically high, but yet are $60 discounts to US premiums. The market had been closed for the Lunar New Years holidays and is catching up to declining U.S. soybean oil futures.
Wheat: Down 1 as of 7:45
Very cold temperatures in the Midwest lately but no real fear of any winter kill.
KWH sees a new contract low overnight, WH next major support at around $4.92
Ukraine Russia cease-fire and condition hasn’t improved much
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.
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