Michaela White

Feb 22, 2021


  • 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 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.


  • 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.


  • 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.