TFM Midday Update 02-16-2024

The CME and Total Farm Marketing offices will be closed Monday, February 19, in observance of Presidents Day

CORN

Corn has traded on both sides of unchanged so far today as funds likely take some profits ahead of the three-day weekend. Between Wednesday and Thursday, March corn lost 13 cents.
The USDA’s outlook numbers showed planted corn acres falling to 91 million acres with a trendline yield of 181 bpa used to project an ending stocks number of 2.532 bb.
Export sales for corn are currently running 30% above the previous year in large part thanks to Mexico who has been a top buyer. Ukraine has been an aggressive seller of cheap wheat however and is tough competition for US exports.

Soybeans are trading higher today as they recover from a very negative week overall. The Outlook Forum numbers were not particularly friendly, and neither were yesterday’s export sales numbers.
Soybean meal is trading higher today while soybean oil is lower. Yesterday’s NOPA crush report showed January crush numbers falling slightly from December to 185.78 mb, likely due to the cold snap mid-month. This was below last month’s record crush but was still a record high crush for January.
For the week, March soybeans are currently on track for a loss of about 10 cents, March soybean meal is on track for a slight loss of $2.00, and March soybean oil is on track for a loss of 1.60 cents.

Wheat is mixed today with Chicago and KC lower, while Minneapolis trades slightly higher. KC wheat is leading the complex lower with the winter wheat crop improving.
Chicago wheat was previously trading within a narrow trade range but has broken out lower over the past few days and is now just 8 cents off its contract low.
The soft wheat crop in France is now in worse condition than the 2023 crop with just 68% rated good to excellent as of February 12. At this time last year, the crop was rated at 93% good to excellent.

Amanda Brill