News From the Grain Floor 02/14/12

Good morning

 

Overnights

SH up 2

CH down 3 ¾

WH down 4 ¾

SMH down .30

BOH down 16

RRH up .50

 

Overnight Volume

SH 15,647

CH 12,352

WH 5,200

SMH 5,464

BOH 10,925

RRH 98

 

Early Calls

Beans 1-2 higher

Corn 3-5 lower

Wheat 3-5 lower

Meal steady – .50 lower

Bean oil 10-15 lower

Rice steady

 

Crude and dollar higher

 

Nikkei up .59%

Hang Seng up .15%

Shanghai Index down .30%

 

Tensions in Iran may disrupt oil supply

 

Moody cut ratings on 6 European countries including Italy, Spain, and Portugal  and said they may cut ratings on France and the U.K

 

China’s Vice President is meeting with President Obama today.

 

Palm oil up 37 Asian grain markets higher except corn a little easier

 

USDA announce 283K tons of US beans sold to Unknown destinations . 215K tons for ‘11/12 delivery and 68K tons for ‘12/13 delivery

 

India seeks 23,400 palm oil from Indonesia or Malaysia for March shipment

 

Japan seeks 138,959 tons of wheat for April shipment Breakdown:

  • 50,417 tons of western red spring Canadian wheat
  • 34,318 tons of dark northern spring US wheat
  • 54,224 tons of white Australian wheat

 

Algeria seeks 50K optional origin durum wheat for April shipment

 

China did not sell any beans at today’s auction they offered 310K tons

 

FAO estimated China’s 2012 corn imports at 4.5 M tons vs. 1 M in 2011

 

India imported 659,979 tons of veg oils in Jan down 8.5% from a year ago

 

Ukraine’s Feb 1st grain stocks at 23.6 MMT up 66% from a year ago

 

Ukraine’s Farm Ministry said bad weather has damaged up to 3 million hectares of their 2012 winter grain crops

 

Pakistan ‘11/12 cotton crop estimated at 14.6 M bales (record) up 25% from ‘10/11

 

Hot and dry weather in Southern Brazil. Rains in Northern Brazil slowing harvest.

 

Crops improving in Argentina

 

NOPA Jan Crush Report

  • Crush at 142.813 MB expecting 143.3 MB vs. December’s report of 145.4 and vs. Jan 2011 crush of 144.6 M
  • Bean oil stocks at 2.098 billion pounds expecting 2.015 B vs. December’s  report of 1.938 B
  • Meal exports at 585,623 vs. Dec report of 608,159

 

ABARE ‘11/12 Australian crop estimates

  • Wheat crop estimated at 29.5 M (record) vs. previous estimate of 28.3 M and vs. ‘10/11 crop estimate of 27.9 M
  • Wheat exports estimated at 22.3 M vs. previous estimate of 21.6 M and vs. ‘10/11 export estimate of 18.6 M
  • Barley crop estimated at 8.6 M
  • Cotton crop estimated at 1.1 MT (record) unchanged from previous estimate and vs. 898 in ‘10/11
  • Canola crop estimated at 2.8 MT vs. previous estimate of 2.5 M and vs. 2.382 M in ‘10/11
  • Canola exports estimated at 1.995 M vs. previous estimate of 1.88 M and vs. 1.509 M in ‘10/11

 

Upcoming Reports/Events

  • Weekly API energy inventory report comes out today at 330 pm CST
  • Weekly DOE #s come out tomorrow at 930 am CST
  • EU Finance Ministers meet tomorrow
  • USDA outlook conference on Feb 23rd
  • See attachment for President’s day Schedule.

 

Thank you,

 

Kate Rosenberg