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- Corn is trading slightly higher this morning but was lower in the overnight trade. The nearby months are slightly higher while deferred contracts are lower.
- Despite the bearish tone in the markets recently, March corn is on track for a slight gain on the week as long as it closes in the green today.
- Yesterday’s export sales report was strong for corn and near the upper range of expectations which has been supportive this week.
- The USDA’s Crushings and Co-Products report yesterday showed that 481.7 mb of corn was used for ethanol in December which was up 56 mb from a year ago.
- Soybeans are trading higher to start the day but were slightly lower in overnight trade. Higher soybean meal is supportive while soybean oil is lower.
- March soybeans are on track for a slight loss on the week while the November contract is on track for a small gain. Poor export sales this week pressured prices.
- Yesterday’s Fats and Oils report from the USDA showed that total soybean crush for December was 204 mb, 17 mb above this time a year ago and a new monthly record.
- Yesterday, non-commercials were estimated to have sold 8,000 contracts of soybeans which would have added to their net short position.
- All three wheat classes are trading higher this morning and were mostly higher yesterday as well. Funds are likely short covering as prices more higher.
- All three wheat classes are on track to post a higher close for the week. Although little fresh news has supported prices, it is nice to see them off their lows.
- The forecast for world wheat stockpiles was increased slightly to 319.7 mmt from 319.3 mmt. Previously, there had been concerns of a shrinking wheat stockpile.
- Russia’s grain exports rose by 23% between July 1 and January 31 which is 23% more grain exported than the previous year.