Michaela White

Feb 23, 2021


  • The Senate is expected to vote on Tom Vilsack’s nomination by President Biden for the role of secretary of the USDA.
  • The U.S. has now seen 500,000 deaths from Coronavirus, and global fatalities are nearing 2.5 million.
  • Avian influenza has been spreading in Europe and Asia, leading to egg supply tightness in Poland where approximately 5 million birds have been culled.
  • Cold Storage will be released at 2:00 PM Central today.
  • First Notice Day for March grains and oilseeds in on Friday, February 26th.
  • Outside markets as of 7:10 AM: April crude oil at $61.95 up $0.25; Gold at $1,808.6 up $1.90; Dow futures at 31,487 up 21 points; U.S. Dollar Index at 90.197 up 0.187 points. 


  • Corn traded higher overnight, following in the footsteps of soybeans. The September and December contracts continue to set fresh contract highs.
  • Dr. C left both his Brazilian and Argentinian corn crop estimates unchanged at 105.0 million tons and 46.0 million tons respectively.
  • Reports indicate that the U.S. will not act on any pending petitions from small refiners seeking exemptions from U.S. biofuel blending laws until a related case is reviewed by the Supreme Court.

Outlook: 1-3 cents higher.


  • Soybeans traded higher overnight, drawing strength from the slow harvest in Brazil coupled with rain in the forecast that will likely continue to slow harvest there.
  • Dr. C left both his Brazilian and Argentinian soybean crop estimates unchanged at 130.0 million tons and 45.5 million tons respectively.
  • Chinese soybeans were up 18 ½ cents overnight and settled at 5,914 yuan per ton.
  • Malaysian palm oil was up 132 points and settled at 3,676 ringgits per ton.

Outlook: Higher to start the day.


  • The wheat markets were lower overnight, as the trade is still unsure how much damage has been done to the winter wheat crop with the recent cold snap.
  • The monthly ratings for U.S. winter wheat conditions showed a decline in Kansas, the top U.S. producer, and mixed results in other states.
  • The EU will likely see limited impact from their recent cold snaps, as many areas had adequate snow cover to protect crops from frost damage.

Outlook: Lower across all three classes.