News From the Grain Floor

Good morning

 

May wheat is top step (spot month) today.

 

Overnights

SH up 11 ½

CH up 5 , CK up 5

WH up 8 ¾,  WK up 8 ¼

SMH up 2.50

BOH up 57

RRH up 10

 

Overnight Volume

SH 11,939

CH 8,423 , CK 5,006

WH 4,133 , WK 3,296

SMH 6,129

BOH 5,970

RRH 38

 

Early Calls

Beans 10-12 higher

Corn 4-6 higher

Wheat 7-9 higher

Meal 2-3 higher

Bean oil 50-60 higher

Rice 9-11 higher

 

Crude, Gold, Silver, Stock Market higher. Dollar lower

 

Nikkei up 1.58%

Hang Seng up 1.01%

Shanghai Index up .01%

All world stock markets are higher

 

Progress being made in Greece. Greece expects EU finance ministers to approve a second bailout package at a meeting on February 20th.

 

John Paulson told investors to start buying gold.

 

Tensions in Iran, disrupting oil supply

 

Palm up 53 Asian grain markets higher

 

USDA reported 173K US beans sold to China for ‘11/12 delivery

 

USDA reported 2.75 Million tons of US beans sold to China for ‘12/13 delivery

 

USDA reported 20K tons of US bean oil sold to Morocco for ‘11/12 delivery

 

34 bean receipts were canceled yesterday afternoon

 

South Korea KFA bought 55K optional origin corn for May shipment

 

Taiwan seeks 40-60K US or Brazilian beans for March/April shipment

 

Algeria bought 50K Argentine origin barley for April shipment

 

Iraq bought 110K Thailand rice.

 

Turkey to sell 100K wheat and 100K barley

 

CNGOIC estimated China’s ‘11/12 crushing demand at 59 MMT up 7% from ‘10/11

 

Ukraine Newspaper reports that grain traders and Ukrainian government will limit milling wheat exports . They said ‘11/12 wheat exports will only reach 4.8 M tons about ½ of what was expected and vs. USDA estimate of 6 MMT

 

India’s Farm Minister expects their ‘11/12 wheat crop to be above 88.31 MMT (previous estimate)

 

Brazil port worker striking today and maybe Friday

 

Rain in Argentina next 5-7 days

 

Rain in forecast for South Brazil next week

 

Drier forecast for Central and Northern Brazil

 

Upcoming reports/events

  • May beans top step on Tuesday
  • May bean oil top step on Wednesday
  • USDA outlook conference on February 23rd
  • See attachment for Presidents’ Day schedule.

 

Thank you,

 

Kate Rosenberg