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Wheat Held in Positive Territory Overnight

Grains were mixed overnight with beans giving up some of yesterday’s impressive gains, while wheat held up in positive territory

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Grains were mixed overnight with beans giving up some of yesterday’s impressive gains, while wheat held up in positive territory. Corn was fractionally lower. Outside markets were reversing yesterday’s sharp action with equities, crude and the US dollar shooting higher while bonds were sharply lower.

The Korea Feed Association (KFA) issued a tender overnight to purchase up to 130,000 MT of corn from optional origins. The tender sought arrival of the corn around July 20 in two consignments of up to 65,000 MT.

Egypt's state buyer GASC received five sales offers in an international tender to purchase wheat on Friday as serious concern continued over tough new quality rules which have disrupted the country's massive wheat imports, traders said. Participation in Friday's tender by international grain trading houses was again low compared to tenders in past months following concern about with Egypt's limits on imports of wheat containing the ergot fungus, traders said. The lowest offer was $185.25 a MT FOB for wheat sourced from France.

Stocks got a bit of a boost this morning as US retail sales for January were in line with analyst estimates of +0.2%. Retail Sales less autos and gas +0.4% vs. +0.3% expected, +0.1% prior. Oil was higher following yesterday’s news that OPEC countries “might” begin to discuss production cutbacks.

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