Grain Marketing Specialist St. Lawrence
Corn as of 7:45- Down 1
The corn market managed to push higher Thursday on solid export sales – closing within a penny of the high on the day. Bird flu in China may impact corn usage. Brazil weather should be conducive to planting corn crop. Current export commitments are 87% of USDA projected exports, well above the five year average for this week of 62%, and 12 percentage points above last year at this time.
Soybeans as of 7:45- Unchanged
Demand from China is expected to slip next week due to the beginning of the week long Lunar New Year Holiday. Exporters maintain that the cancelations are coming. Brazilian bean & meal basis continues to weaken as harvest ramps up. South America weather is still favorable, with rains forecasted for Argentina & S. Brazil over the next 10 days. Cargill announced they are idling their crush plant in Raleigh, NC this spring because of reduced demand for U.S. meal due to a large South American bean crop
Wheat as of 7:45-KC up 2 MPLS Unchanged
The EU approved 609,000 MT of new wheat export licenses, bringing the total to 17.3 MMT. Last year it was just 10.8 MMT at this time. EU livestock producers have been using more corn, freeing up wheat for export. Light to moderate snows fell across the eastern Dakotas and northern 1/3rd of the Midwest during the day yesterday, with things were fairly quiet across the rest of the Plains and Midwest during the day yesterday. Overnight, light snows developed in southern NE and northern KS.