The Wheat Rally Stalls, Corn and Soy also Suffer
Grains Trade Lower in the Overnight Session
In the overnight session the grains traded lower with corn down 1 ½ cents, soybeans down 2 ½ cents, wheat down 4 ½ cents and Kansas City wheat down 3 ¾ cents. After a few days of positive price gains the market is taking a breather with selling across the grain complex.
The latest weather report shows that the southern plains is expected to stay dry over the next couple weeks, but excessive moisture is expected in the central and northern Delta. Argentina will continue to struggle through hot dry weather until this weekend when spotty showers are expected to pop up throughout the country. Brazil weather will continue to be positive for crop development but rain next week will cause some delays to harvest in the south central and west central parts of the growing region.
The National Oilseed Processors Association (NOPA) crush numbers are due out on Thursday and will show the number of bushels crushed by the 13 member companies for the month of January. A Reuters poll of 8 analysts estimates the report will show 165.51 million bushels were crushed. If realized this would be the second largest crush on record. Analysts are expecting oil stocks to be 1.603 billion pounds.
The latest report from France’s Ag Ministry revised its wheat output lower for the third time this year. SRW wheat production was estimated at 36.6 million metric tons down from 37 million metric tons forecast by the organization in December. The revision was due to smaller harvested area.
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