Create a free Feed & Grain account to continue reading

Grains Drifted Lower for Most of Night Session

Weekly Export Sales Numbers In

Kevin Blog Headshot Headshot
Close up 1838997 340

Grains drifted lower for most of the night session but got a bump at the end thanks to decent export sales. In outside markets, crude oil poked its head above $54 but continues to be mostly range bound while the US dollar drifted lower to start the day.

USDA announced a 110,00 MT sale of corn to Japan and a 140,000 MT sale of corn to unknown destinations.

Yesterday after the close USDA reported its Dec crush results finding only 169.2 MB was crushed versus expectations that ranged from 170.0 to 172.5 MB going into the report. Also Yesterday, FC Stone pegged Brazil’s corn crop at 91.5, up from their previous forecast of 91.1 and soybeans at 104.1 vs 102.8 previously.

Overnight Algeria bought 585,000 MT of optional origin wheat. The wheat is likely to originate from the EU and US HRW. Also, Iraq is tendering for wheat but changed the provisions of the tender. Originally it was to be sourced only from the US, Canada or Australia but now all origins are allowed.

The dollar fell to its lowest since mid-November on Thursday after the Federal Reserve disappointed investors hoping for a clear sign of a March interest rate rise, while the Australian dollar rallied after data showing a record trade surplus.

Weekly Export Sales

Actual Expected

Wheat - Old Crop 451 250-450

Wheat - New Crop 0 50-150

Corn - Old Crop 1,143 800-1,100

Corn - New Crop 0 0-100

Soybeans - Old Crop 624 500-800

Soybeans - New Crop 0 50-150

The risk of trading futures, hedging, and speculating can be substantial. Grain Hedge is a Branch of Foremost Trading LLC (NFA ID: 0307930)

Page 1 of 244
Next Page