News From The Grain Floor

Good morning


“A free people ought not only to be armed and disciplined, but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them, which would include their own government.”

George Washington

 

Overnight closes

  • SH down 5 at 1280 ½
  • CH down 1 ¾ at 430 ¼
  • WH down 1 ¼ at 564 ¾
  • KC WH down 3 ¼ at 618 ¾
  • MWH down 2 ¼ at 602 ¾
  • SMH down 2.10 at 426.50
  • BOH down 8 at 3732
  • RRH down 1.50 at 1550.50

 

Overnight volume

  • SH 7,984
  • CH 5,912
  • WH 6,624
  • KC WH 926
  • MWH 122
  • SMH 3,643
  • BOH 6,995
  • RRH 17

 

Opening calls

  • Beans 4-6 lower
  • Corn 1-3 lower
  • Wheat 1-3 lower
  • KC wheat 3-5 lower
  • Minneapolis wheat 1-3 lower
  • Meal 1.50-2.50 lower
  • Bean oil 5-10 lower
  • Rice 1-2 lower

 

Gold and silver higher. Crude, dollar, and stock market lower.

 

Nikkei up 2.70%

Hang Seng up .8%

Shanghai Index up .6%

 

Today is the second day of the FOMC meeting. Feds to make an announcement today at 1 pm CST

 

Weekly API energy inventory report from yesterday

  • Crude a build of 4.7 MB expecting a build of 2.3 MB
  • Gas a build of 363,000 expecting a build of 1.1 MB
  • Distillates a draw of 1.8 MB expecting a draw of 2.2 MB

 

China grain closings – beans up 3, corn unchanged, meal down 6, palm oil and bean oil down 4.

 

Malaysian palm oil up 13

 

RUMOR – Man in Brazil dies of mad cow disease

 

TALK Bird flu in China is spreading

 

USDA attaché in Brazil estimated ‘13/14 bean crop at 89.5 MMT vs. USDA estimate of 89.0 MMT  and vs. ‘12/13 crop of 81.6 MMT

 

USDA attaché in Brazil estimated ‘13/14 bean exports at 46.0 MMT (record) vs. USDA estimate of 44.0 MMT

 

Speculation continues that China will cancel or switch US beans to Brazil.

 

Argentine farmers not selling beans

 

Japan bought 150 feed barley via SBS tender for Feb – March shipment

 

Bangladesh bought 150,000 India wheat

 

407 wheat receipts were canceled yesterday afternoon out of the Andersons Maumee OH

 

South American weather remains favorable

 

New contract lows in Minneapolis wheat overnight of 602 ½.

 

March bean 100 day moving average is 1292 ¼

 

March bean 200 day moving average is 1277 ¼

 

March corn 50 day moving average is 428 ¼

 

Upcoming reports and events

  • Weekly DOE #s come out today at 930 am CST expecting
    • Crude a build of 2.2 MB
    • Gas a build of 1.1 MB
    • Distillates a draw of 2.6 MB
  • Weekly US ethanol plant production comes out today at 930 am CST
  • China’s HSBC final Jan PMI comes out tonight
  • Brazil port workers may strike tomorrow
  • Weekly US jobless claims report comes out tomorrow at 730 am CST
  • Weekly US export sales report comes out tomorrow at 730 am CST
  • Weekly EIA Nat Gas storage report comes out tomorrow at 930 am CST
  • Rogers roll begins on tomorrow Jan 30th and end Monday Feb 3rd
  • China markets will be closed Jan 31st – Feb 3rd for Lunar New Year holiday . Markets resume Feb 4th
  • Malaysian markets will be closed Jan 31st – Feb 3rd for Lunar New Year holiday. On Thursday Jan 30th markets will only be open for a half a day. Markets resume Feb 4th
  • Brazil’s National Port Federation meets on Feb 4th
  • Goldman Sachs roll begins Feb 7th