TFM Midday Update 2-9-21

CORN

March down 8 @ 5.55 & Dec down 4 @ 4.53
A close monitoring of rain distribution in Argentina still warranted – some areas still too dry
USDA US ending stocks report: 1.502 – versus trade guess of 1.392 – versus 1.552 from January
USDA global ending stocks report: 286.5 versus trade guess of 279.79 – versus 283.83 from January
China’s corn prices will remain high in 2020/21 – strong demand from livestock sector
USDA raised lowered China corn imports to 20 million tons
Funds long going into today’s report 394,000 contracts of corn

March up 7 @ 13.95 & Nov up 6 @ 11.86
Conditions in Brazil will continue to be favorable, though there will be pockets of fieldwork delays
USDA US ending stocks report: .120 – versus trade guess of .123 – versus .140 from January
USDA global ending stocks report: 83.4 versus trade guess of 83.30 – versus 84.31 from January
Funds long going into today’s report 185,000 of soybeans

March down 3 @ 6.52, Mar KC down 3 @ 6.35, Mar MNPLS down 3 @ 6.42
USDA US ending stocks report: .836 – versus trade guess of .834 – versus .836 from January
USDA global ending stocks report: 304.2 versus trade guess of 312.86 – versus 313.19 from January
Russia approved a formula=based export tax system for wheat & corn – effective June 2
Russian wheat export prices fell sharply last week due to a weakening of the rouble
Winter kill expected in parts of US plains due to cold, however minor wheat production areas in the overall picture

Amberlee Bratcher