TFM Midday Update 2-8-21

CORN

March up 15 @ 5.64 & Dec up 6 up 4.58
Weekly exports at 1.576M mt up from last wk’s 1.104M mt
Massive reduction in estimate for China corn stocks – down 64.3 mt – smallest in 5 years
Argentine weather was dry Friday-Sunday – good subsoil moisture carried on normal crop development
USDA tomorrow likely to reflect tightening balance sheets – higher prices needed to ration corn
Russia & Argentina battle for wheat export business versus balancing their country’s food inflation

March up 22 @ 13.89 & Nov up 20 @ 11.80
Weekly exports at 1.8M mt up from last week’s 1.792M mt
Daily export sale of 133K mt to Philippines
Brazil experiencing good drying conditions – improved summer crop as a result
USDA still expected to tighten US ending stocks to 123 mb from last month’s 140 mb
Rains continue to slow harvest & transport in Brazil for 2020/21 crop

March up 14 @ 6.55, KC March up 13 @ 6.38, MNPLS March up 10 @ 6.46
Weekly exports at 441K mt up from last wk’s 396K mt
Bitter cold in N, Dakota & Montana without adequate snow coverage – some winter kill suspected
Tomorrow’s USDA report not expected to make any real changed – wheat likely to follow corn’s directive
Winterkill risks are said to be higher in Russia – US wheat still under drought concerns
Tender for wheat currently the Philippines are looking for 230K mt of feed wheat

Amberlee Bratcher