2-13 Midday: Corn and Wheat Lean Higher at Midday; Soybeans Remain Soft

The CME and Total Farm Marketing offices will be closed Monday, February 17, in observance of Presidents Day

 

All prices as of 10:30 am Central Time

• Corn prices have rebounded at midday on strong export sales results and slow harvest pace in Brazil.
• Weekly corn export sales came in above trade expectations at 79 mb. Year-to-date commitments total 1.827 bb which is up 28% from the same week last year.
• Conab raised their corn production estimate for Brazil from 119.55 mt in January to 122.01 in February.
• The Rosario Grain Exchange lowered corn production estimate for Argentina by 2 mmt to 46 mmt.

• Soybean prices remain softer at midday on a combination of poor export sales and lowered production estimates for South America.
• Weekly soybean export sales came in below trade expectations at 8 mb. Year-to-date commitments total 1.589 bb which are 12% higher than a year ago.
• Conab lowered their Brazil soybean production estimate from 166.32 mmt last month to 166.01 mmt this month.
• Brazil’s harvest is reportedly just 15% complete compared to 21% done for the same time last year.
• The Rosario Grain Exchange lowered their Argentina soybean production number to 47.5 mmt, which is below the USDA’s 49 mmt estimate.

• Wheat prices continue slightly higher at midday on strong export sales results.  
• Weekly wheat export sales came in at 22 mb which were in line with expectations. Year-to-date commitments total 704 mb, up 9% from last year.
• Yesterday President Trump and Russia’s Putin agreed to have talks on ending the war in Ukraine.
• Conab has raised their wheat crop estimate from 8.06 mmt last month to 9.11 mmt this morning.
• Strategie grains raised their EU SRW production estimate slightly to 127.7 mmt, up from 127.2 mmt in their last forecast.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

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