In the overnight session the grains traded mostly mixed with March corn down ¼ of a penny, March soybeans up 3 ½ cents, Chicago wheat down ½ a cent and Kansas City wheat down 1 ¼ cents.
The most recent weather model keeps the forecast unchanged in Argentina where hot dry weather has the corn and soybean crop under significant stress. Late this week and into the weekend there are chances of thunderstorm activity which is expected to be spotty and not widespread. Some showers may develop in the southern growing regions and move north between February 19th-21st. The weather model then suggests drier weather for the remainder of the month with chances of erratic showers.
The wheat market pulled back slightly in the overnight after a sharp gain in yesterdays trade. Weather in the Southern Plains is expected to stay dry over the next couple weeks which provides support to the market. The latest drought monitor shows the Texas Panhandle, western Oklahoma and southwestern Kansas in extreme drought. Although crop conditions now are not entirely correlated of the final production, moisture will be needed as we move toward Spring.
Export inspections were within expectations or better for corn, soybeans and wheat. Corn inspections however, were on the low end of the range with 835,131 metric tons compared to expectations which ranged from 800,000 to 1,100,000 metric tons. Soybeans export inspections beat the range of estimates with 1,319,038 metric tons inspected for export. Soybean inspection estimates ranged from 800,000-1,100,000 metric tons.
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