Highlights
- A Chinese state-run news agency reported that China’s “No. 1 document” will focus on creating greater food security for the country, and also called for all provinces to improve grain yields.
- Weekly export inspections will be released at 10:00 AM Central today.
- First Notice Day for March grains and oilseeds in on Friday, February 26th.
- Outside markets as of 7:02 AM: March crude oil at $59.84 up $0.60; DOW futures down 201 points at 31,232 points; Gold at $1,788.60 up $12.80 per ounce; U.S. Dollar Index at 90.262 down 0.102.
Corn
- Corn traded mostly higher overnight, with the December contract getting very close to the contract high of $4.66 ½.
- North Korea’s NOFI did not make a purchase in their tender for 69,000 tonnes of corn in their latest tender citing prices that were too high.
- Ukraine’s corn exports are likely to rise 2.8 million tonnes in February, up from 1.99 million tonnes in January.
Outlook: 1-4 cents higher.
Oilseeds
- Soybeans saw choppy trade overnight and are trading mixed as the overnight session draws to a close. November soybeans traded to a new contract high of $12.07 ¼ overnight before drifting lower.
- Brazil received rain over the weekend, which is expected to continue this week and will likely delay soybean harvest.
- China’s agriculture minister reported that hog inventories were expected to return to the 2017 levels by June of this year.
- Chinese soybeans were down 6 ¾ cents overnight and settled at 5,893 yuan per tonne.
- Malaysian palm oil was up 22 cents overnight and settled at 3,544 yuan per tonne.
Outlook: Mixed to start.
Wheat
- The wheat markets were mostly higher overnight, with Minneapolis and Kansas City the leaders.
- Jordan tendered for 120,000 tonnes of optional origin milling wheat with a tender deadline of February 24th.
- Japan tendered for 57,331 tonnes of food grade wheat from Australia in their regular tender.
- Argentina’s barley exports to China are expected to reach a record 1 million tonnes this year as China continues to buy from Argentina while engaged in a diplomatic dispute with Australia.
Outlook: Mostly higher, led by Minneapolis.
