TFM Midday Update 02-12-2021

The CME and Total Farm Marketing offices will be closed Monday, February 15, 2021, in observance of Presidents Day.

CORN

March down 3 @ 5.38 & Dec down 1 @ 4.52
Daily export sale of 195K mt of corn to Costa Rica & 115K mt to Guatemala
CONAB raised Brazil’s corn production to 105.5 mmt – still under USDA’s 109 mmt
Argentine corn productions raised to 48.5 mmt – above USDA’s 47.5 mmt
Recent rains have boosted S. American crops as a whole
Planting delayed due to weather, currently 8% planted versus 40% this time last yr
Total export sales at 86% of USDA predictions with 6 months to go in marketing year
Funds predicted to be 370K contracts long going into today

March up 1 @ 13.67 & Nov up 1 @ 11.75
CONAB raised Brazil soybeans to 133.8 mmt – up slightly from USDA’s 133 mmt.
March soybean oil is pushing near contract highs again
Despite improved soy conditions, rains continue to delay harvest which is at 4% (18% last yr)
Total export sales at 97.1% of USDA predictions – 81% of those have shipped
NOPA crush report will be released Tuesday – expecting record numbers
Funds are still roughly 158K contracts long of soybeans

March up 2 @ 6.36, March KC up 6 @ 6.17, March MNPLS up 4 @ 6.31
Paris milling futures have stabilized to end the week
Russian farmers have been selling cash in advance of export tax – has weakened market
Forecasts for Australia & India are friendly and increase in production expected
Total exports sales at 88% of USDA’s estimate
Arctic temps will impact small production areas where there isn’t adequate snow

April LC up 2.15 @ 125.25 & March FC up 2.50 @ 141.65
Cold weather not helpful to producers that are calving
Traders are optimistic and pushing prices higher ahead of 3 day weekend
Today’s slaughter est. at 110K head
Cash trade last seen at 114 in Kansas & @ 135.49 down .16 for 2/10 for FC cash index
O/I: +808 contracts for April LC & O/I: -630 contracts for March FC

Amberlee Bratcher