Floor Talk February 23

[Tony_Dreibus]

At the close:

At the close, the March corn futures finished 1/2¢ lower at $3.66. May futures closed 1/4¢ lower at $3.74. March soybean futures ended 4 1/4¢ higher at $10.36.  May soybean futures finished 4 1/4¢ higher at $10.47. March wheat futures ended even at $4.64 1/4. May soy meal futures settled $1.30 per short ton lower at $378.30. January soy oil futures closed 0.31 higher at 32.56¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.79 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 183 points higher.

Mike

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At mid-session:

At mid-session, the March corn futures are steady at $3.66. May futures are even at $3.74. March soybean futures are 4 1/4¢ higher at $10.36.  May soybean futures are 4 1/4¢ higher at $10.47. March wheat futures are 1¢ higher at $4.65. May soy meal futures are $1.20 per short ton higher at $380.80. January soy oil futures are 0.34 higher at 32.59¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.83 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 182 points higher.

Mike

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At 9:00am:

In early trading, the March corn futures are 1/4¢ lower at $3.66. May futures are even at $3.74. March soybean futures are 2 1/2¢ lower at $10.29.  May soybean futures are 2 1/4¢ lower at $10.41. March wheat futures are 2 1/2¢ higher at $4.66. May soy meal futures are $1.60 per short ton lower at $378.00. January soy oil futures are 0.12 higher at 32.37¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.14 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 162 points higher.

Mike

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Soybeans and wheat were higher overnight amid ongoing dry weather in Argentina and the US southern Plains, respectively. Forecasters are saying that there's only a little relief in some outlying areas expected in Argentina while there's nothing on the horizon in terms of wheat-saving rainfall forecast for southwestern Kansas and the Oklahoma and Texas panhandles. Beans are up 4 cents, corn gained a penny and wheat added 4-5 cents overnight. The USDA, meanwhile, released its annual outlook report for grains and oilseeds during its outlook forum in Washington this morning, saying corn carryout will fall 3% and soybean stocks will drop 13% year-over-year. In weather news, it's going to be snowy and icy in much of the central Midwest this weekend as a low-pressure system moves through the region. Check out all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-february-23.

Brent Crude Oil = down 0.3%.

West Texas Intermediate = down 0.2%.

Dollar = up 0.1%

Wall Street = U.S. stock futures higher in pre-market trading.

World Markets = Global stocks lower overnight.

[marketeye]

Wheat: Net sales of 328,900 metric tons for delivery in marketing year 2017/2018 were up 6 percent from the previous week, but down 7 percent from the prior 4-week average. Increases were for the Philippines (150,000 MT, including 30,000 MT switched from unknown destinations), Japan (68,600 MT), Venezuela (60,000 MT, including 30,000 MT switched from Mexico), unknown destinations (16,000 MT), and Malaysia (10,000 MT, switched from unknown destinations). Reductions were reported for Algeria (1,100 MT) and South Korea (1,100 MT). For 2018/2019, net sales of 53,600 MT resulted as increases for Mexico (33,000 MT), the United Kingdom (13,500 MT), Japan (10,600 MT), and the Philippines (10,000 MT), were partially offset by decreases from unknown destinations (13,500 MT). Exports of 418,100 MT were down 15 percent from the previous week and 10 percent from the prior 4-week average. The primary destinations were to Japan (81,000 MT), Mexico (47,600 MT), Spain (41,200 MT), Guatemala (33,500 MT), and the Philippines (33,000 MT).

Corn: Net sales of 1,555,400 MT for 2017/2018 were down 21 percent from the previous week and 12 percent from the prior 4-week average. Increases were reported for unknown destinations (373,800 MT), South Korea (273,100 MT, including 65,000 MT switched from unknown destinations and decreases of 2,000 MT), Japan (244,100 MT, including 76,600 MT switched from unknown destinations and decreases of 2,600 MT), Mexico (133,200 MT, including decreases of 900 MT), and Egypt (108,000 MT). Reductions were reported for the Philippines (63,000 MT). For 2018/2019, net sales of 65,500 MT were for Japan. Exports of 852,100 MT were down 1 percent from the previous week and 2 percent from the prior 4-week average. The destinations were primarily to South Korea (206,000 MT), Peru (203,800 MT), Mexico (184,500 MT), Japan (118,800 MT), and Colombia (36,500 MT).

Optional Origin Sales: For 2017/2018, new optional origin sales of 65,000 MT were reported for Vietnam. Options were exercised to export 65,500 MT to unknown destinations from the United States. The current optional origin outstanding balance of 774,000 MT is for South Korea (342,000 MT), unknown destinations (246,000 MT), and Vietnam (186,000 MT).

Barley: No net sales were reported for 2017/2018. For 2018/2019, net sales of 300 MT were for Japan. Exports of 1,100 MT were reported to Japan (700 MT), Taiwan (200 MT), and South Korea (200 MT).

Sorghum: Net sales reductions of 56,500 MT for 2017/2018 resulted as increases for China (24,700 MT), were more than offset by reductions for unknown destinations (66,000 MT) and Mexico (15,200 MT). Exports of 311,200 MT--a marketing-year high--were up noticeably from the previous week and up 73 percent from the prior 4-week average. The destination was China.

Rice: Net sales of 59,000 MT for 2017/2018 were up 4 percent from the previous week and 13 percent from the prior 4-week average. Increases were reported for Libya (29,900 MT), Mexico (20,200 MT), Japan (3,200 MT), Canada (2,100 MT), and Honduras (1,000 MT). Exports of 27,800 MT were down 50 percent from the previous week and 46 percent from the prior 4-week average. The primary destinations were Japan (13,700 MT), Mexico (3,900 MT), South Korea (3,000 MT), Canada (2,700 MT), and Taiwan (1,600 MT).

Exports for Own Account: New exports for own account totaling 100 MT were reported to Canada. The current outstanding balance of 200 MT is for Canada.

Soybeans: Net sales reductions of 109,100 MT for 2017/2018--a marketing-year low--were down noticeably from the previous week and from the prior 4-week average. Increases were reported for Turkey (70,600 MT, including 65,000 MT switched from unknown destinations), Egypt (66,000 MT), Mexico (59,400 MT), Japan (44,400 MT, including 18,000 MT switched from unknown destinations and decreases of 8,600 MT), and Malaysia (35,700 MT, including 24,000 MT switched from unknown destinations). Reductions were reported for China (361,700 MT), unknown destinations (123,200 MT), and South Korea (200 MT). For 2018/2019, net sales of 222,100 MT were reported for unknown destinations (222,000 MT) and Japan (100 MT). Exports of 893,800 M--a marketing-year low--were down 35 percent from the previous week and 32 percent from the prior 4-week average. The primary destinations were China (546,500 MT), Turkey (70,600 MT), Egypt (66,000 MT), and Mexico (60,700 MT).

Optional Origin Sales: For 2017/2018, the current optional origin outstanding balance is 63,000 MT, all China.

Export for Own Account: The current outstanding balance of 12,200 MT is for Canada.

Soybean Cake and Meal: Net sales of 131,900 MT for 2017/2018 were down 37 percent from the previous week and 51 percent from the prior 4-week average. Increases were reported for the Philippines (61,200 MT), Colombia (18,200 MT, including 10,000 MT switched from unknown destinations), Vietnam (12,000 MT), Canada (6,900 MT), and Peru (6,300 MT, including 7,000 MT switched from unknown destinations and decreases of 700 MT). Reductions were reported for El Salvador (2,300 MT) and Nicaragua (500 MT). Exports of 329,200 MT--a marketing-year high--were up 30 percent from the previous week and 32 percent from the prior 4-week average. The primary destinations were the Philippines (144,900 MT), Thailand (53,000 MT), Mexico (34,200 MT), Canada (15,900 MT), and Peru (15,100 MT).

Soybean Oil: Next sales of 42,900 MT were up 76 percent from the previous week and 67 percent from the prior 4-week average. Increases were reported for South Korea (28,000 MT), Colombia (9,400 MT), the Dominican Republic (3,300 MT), and Mexico (2,000 MT). For 2018/2019, net sales of 300 MT were reported for Mexico. Exports of 9,000 MT were down 79 percent from the previous week and 62 percent from the prior 4-week average. The primary destinations were Colombia (6,800 MT), Mexico (1,600 MT), and Canada (300 MT).