Wheat, Corn and Soybeans were up at the end of the night trade
Grains extended their gains in the overnight session with front-month March wheat futures climbing above $6 a bushel but hitting resistance at $6.10. Corn and soybeans were also up posting 5 cent advances at the end of the night trade.
On Thursday, Egypt’s GASC announced the results of their wheat tender with Russia garnering most of the business. Prices came in around $252 per MT and were $30 lower than the only US SRTW wheat offer. Nonetheless, US interior values continue to be robust. Millers in Illinois continue to bid aggressively for wheat with basis levels for spot delivery about 50 cents a bushel higher than normal for this time of year.
For soybeans, the market continues to be buoyed by strong export demand. Current export commitments for US soybeans have eclipsed 40 MMT while USDA has pegged total exports for the year to reach 47.9 MMT. Traders also look for a large crush estimate in Monday’s monthly NOPA release, which is expected to show a record high of 165.4 MB for November.
In corn, export business was on par with expectations last week, but overall commitments year-to-date are on par with the pace needed to reach USDA’s annual forecast. Ukraine is said to be having problems meeting corn contracts signed with China in. Private feed mills in China signed contracts in October to 1.1 MMT but the Ukraine supplier is unlikely to be able to ship all of the contracted volume before the February deadline.
Send us pics of your piles, bins, bags or any storage/loading equipment — Win a $100 Visa gift card
With the 2014 harvest virtually completed across the United States, lingering rail backups in parts of the country and low corn prices, much of what farmers are bringing in from their fields isn’t going anywhere fast. Many grain handlers are facing serious storage challenges, but if there’s one thing this industry isn’t short on, it’s innovation and resourcefulness.
So, how have you overcome the storage woes at your facility? Are you making use of ground piles, grain bags, a temporary structure? Have you relied on a new or unique loading or aeration method to manage excess inventory?
Feed & Grain wants to reward your efforts with our first-ever photo contest. Send us pictures of your piles, bins, bags or other storage and/or loading equipment. The first-place winner will take home a $100 Visa gift card and the second place winner will receive a $50 Visa gift card. The winners will be announced and their photos will be published in Feed & Grain’s April/May issue.
To enter your photo, please email email@example.com a high-resolution jpeg, tif, or png image that is at least 600 x 600 pixels. Provide your name and company name, location and a brief description of the photo and your individual storage situation. Additionally, please post your photos on Twitter and Facebook using the #fgphotocontest hashtag. The deadline for entries is Feb. 16, 2015.
The futures market slide 12 ¼ cents for soybeans and 8 ½ cents for corn but despite the sharp slide in prices, basis remained for the most part steady increasing only a penny for soybeans and 1 ½ cents for corn.
In the overnight session corn is trading ¾ of a penny lower with soybeans unchanged and a 2 cent increase in wheat. Wheat prices found support yesterday after touching $5.00 ¾ briefly during the session. Wheat seems oversold at these levels after falling sharply from the $6.77 high on...
In the overnight session corn is trading down 2 ¼ cents, soybeans are trading 3 ¾ cents higher and wheat is down 2 ¼ cents. This morning a reportable sale of 116,000 metric tons of sorghum was announced to unknown destinations with 58,000 metric tons for delivery in 14/15 marketing year and...
The grains are all trading lower this morning with corn down 2, soybeans down 4 cents and wheat down 4 cents. Yesterday, mixed export news hit the market early with a 120,000 metric ton cancellation of soybeans to China followed by an announcement of a new sale that included 111,000 metric...