In the overnight session the grains are trading higher with corn up 1 ½ cents, soybeans up 7 ¼ cents and wheat up 4 ½ cents going into the morning pause in trade. This morning it was announced that 110,000 metric tons of new crop soybeans was sold to China. The market will be closed on Monday and reopen at 7 PM CST on the 16th.
The market is awaiting the NOPA crush numbers on Tuesday which are expected to decline from last month’s report to 162.673 million bushels in January. This would be a sharp increase from January 2014 crush numbers which were 156.943 million bushels. Soyoil stocks are expected to come in at 1.170 billion pounds in the Tuesday report, up from 1.067 billion pounds the previous report.
In its first corn production estimate of the season Buenos Aires Grain Exchange is expecting to see 2014/15 corn production Argentina to come in at 22.3 million metric tons. This is slightly below both the USDA and the Rosario Grain Exchange which expects to see Argentina corn production at 23 MMT and 23.5 MMT respectively.
The Russian Agriculture Ministry said in a statement on Thursday that Egypt cannot be exempt from the export tax according to Russian Law.
