Evening Comments – February 16, 2018
Corn: North Burt steady @ $3.21
- Corn markets traded both sides of unchanged as the traders square their positions ahead of the long holiday weekend. The March contract settled down ½ cent at $3.67 ½, the May was down ¾ cent at $3.75, the July was down ½ cent at $3.82 ¾, and the December contract closed down ½ at $3.97. The March corn contract put in a high today at $3.68 ½ and a low of $3.66 ½, in consolidating trade before trade resumes Monday night. According to Blair Maggi, the Agriculture Minister for Brazil, both corn and bean crops are in good shape and the rain Brazil has received has slowed things down, but really had minimal impact on the overall crop. In his own words, "There were no (crop) losses whatsoever. The planting of the second corn crop was delayed slightly but everything is going normally. I think there will be a repeat of last season's super crop," Maggi said in an interview with Reuters. US exporters sold 116,000 metric tons of corn to Japan for delivery in the 2017-2018 marketing year.
Soybeans down 3 @ $9.42
- Soybeans today were lower due to profit taking after this week’s gains, based on Argentina’s weather. The March soybeans closed down 3 cents at $10.21 ½, May beans were down 3 cents at $10.32 ½, July soybeans closed down 3 cents at $10.42 ¼ and November soybeans closed down 2 cents at $10.22. Argentina trends wetter in the north and east part of the country in the 1-5 day and drier in the southern areas for the 6-10 day. Rain showers are expected in Argentina over the next few weeks, but moisture is expected to be limited and its effect on the soil moisture profile is expected to be insignificant. Brazil is wetter in RDGS in the 1-5 day forecast. Sales of 28,000 metric tons of soybean oil were made by US exporters to South Korea for delivery in the 2017-2018 marketing year. Soymeal futures were stronger today, as March was up $0.40 to $373.30 while soybean oil was lower with March down 0.21 points to 31.54 cents.
Chinese Lunar Holiday begins tonight. It’s the year of The Dog.