Grain Marketing Specialist
Wheat Growers Winter Marketing Meetings featuring Advanced Trading (ATI) are coming up. Speak with your nearest Grain Marketing Specialist to RSVP.
Corn Unchanged as of 7:30
March corn closed the week out last week down 4 ¼ cents and December closed down 3 ¼ cents. Export sales last week were bullish at 29.3 and 47.5 million bushels. FOB corn prices in the US are around 45 cents cheaper than in Brazil so export business continues to favor the US. The 2017 projected crop insurance price average of December 2017 corn futures from Feb. 1-24 is $3.9621.
Beans Up 2 as of 7:30
March beans had a rough week last week as they closed down 19, and November closed down 11 ¼ cents. Beans are starting to feel the SA harvest pressure now as last week Brazil bean harvest was pegged at 30% completed, and 66% completed in Mato Grosso. USDA said last weeks export sales and shipments totaled 15.2 million bushels and 38.7 million bushels, both bullish amounts putting exports up 16% from a year ago.
Wheat Minneapolis & Kansas City both down 3 as of 7:30
May Minneapolis SW closed the week down ¾ cents last week and Kansas City WW closed down 2 ¼ cents. USDA estimated U.S. wheat stocks would drop from 1.14 billion bushels in 2016-17 to 905 million bushels in 2017-18, helped by the lowest planting on record of 46.0 million acres. USDA also said last week's export sales and shipments of wheat totaled 16.6 million bushels and 23.1 million bushels. Big global supplies continue to trump any kind of developing weather issues.