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Closing Comments


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Closing Comments


Corn put in a similar day to yesterday despite news in export sales and a few rumblings of crude oil pushing higher again.  Export sales in corn were within the range and netted 17 million bushels.  To date, the US has sold 1,067 million bushels of corn and would be down 25% from last year so far.  Exports for corn need to pick up the pace over the next few weeks and is usually the case for the time of year.  Brazil’s CONAB 1st season corn production was estimated at 25.2 mln mt vs prior report of 25.0.  2nd season corn production was estimated at 67.2 mln mt and unchanged from prior report. Total production is estimated at 92.3 mln mt vs. 92.2 mln mt from November report, also vs. 97.8 mln mt last year.  Poor export sales vs. a continued strong crude oil market were the main features today.


Soybeans followed through in making a new recent low today.  CONAB estimated production to be 110.4 mln mt vs. 109.2 mln mt in the prior report and 114.1 mln mt last year.  Production numbers are down so far, despite an increase of planted acres 34.9 mln hectares up 3.2% over last year.  Export sales this week amounted to 22 million bushels of soybeans and also within expectations.  For year, soybean sales have totaled 1,523 million bushels which is down 14% from last year.  Lack of positive news in demand and technical selling pushed beans lower on the day. 


Wheat export sales totaled 3 million bushels for the week and also are down for the year, running around 8% behind last year.  Some weather concerns in the plains helped prices recover a bit, with the snow melted off and a return to below freezing temperatures in the next few days.  Snow totals were also lighter then what was expected from the recent storm.   Chicago wheat has been inching up toward the 100 day moving average and sits currently just below 4.50 March futures, Kansas and Minneapolis markets are closer and could provide some resistance.


Live Cattle were able to close well off their lows and could be marking a short term bottom as prices stopped just short of the 100 day moving average.  Livestock markets will be looking to the crop report tomorrow for any surprises and if feed needs should be covered.


Hogs traded lower as a short term top has been marked now and profit taking ahead of any possible changes that could affect feed needs in the report tomorrow.


Closing Market Snapshot  


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