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.
Export sales out this A.M.
Corn Up 2 ¼ as of 7:45
March corn closed the day yesterday down 1 /2 cents to end the day at $3.71, a more bearish outlook on ethanol production helped to push corn lower. The EIA weekly ethanol report from yesterday showed US ethanol production at 959,000 barrels per day down about 2,000 barrels per day from the previous week. Ethanol stocks increased to 22.4 million barrels the most since March of 2012. Informa increased their estimate for Argentine corn production to 26mmt an increase of 4mmt.
Soybeans Up 1 as of 7:45
March soybeans closed 9 ½ cents lower yesterday with a favorable change in the five day forecast in South America. Drier weather in the Mato Grosso area will benefit harvest, while pod filling beans in the southern parts of Brazil would benefit from showers. Argentina has been drier lately but moderate temperatures has relieved stress on the crops. Overall south Americas crop continues to look good with estimates around 3.6 billion bushels for Brazil.
Wheat Minneapolis Up 2 Kansas City Up ¾ cent as of 7:45
Wheat was the leader yesterday as March Minneapolis ended the day up 4 ¾ and Kansas city was up 3 ¼ cents. Heavy rain and snow over the last 2 days significantly increased soil moisture across the U.S. central Plains, but the southern Plains would benefit from additional rainfall leading into spring. There was talk of Russia making changes to their export taxes, but now it seems they will do nothing different. Ending stocks average estimate for wheat is 949 million, compared to 941 million bushels in the January USDA.