News From The Grain Floor

Good morning

 

If you’re going through hell, keep going.

– Winston Churchill

 

USDA announced China bought 112,000 optional origin beans for ‘13/14

 

USDA announced Mexico bought 284,480 tons of US corn for ‘13/14

 

Egypt GASC is in for wheat for March shipment – should have results in a few hours

 

Today is position day for March futures. Tomorrow is first notice day. Expectations for deliveries tonight are

  • Corn 0 (33 receipts registered)
  • Wheat 0 (354 receipts registered)
  • KC wheat 0-140 , some analysts think all 140 will be delivered (140 receipts registered)
  • Minneapolis wheat 0
  • Meal 0 (1 receipt registered)
  • Bean oil 500-2,000 (11,223 receipts registered)

 

Overnight closes

  • SK up 10 ¾ at 1407 ¾
  • CK down 2 ½ at 458 ½
  • WK down 7 at 598 ½
  • KC WK down 7 at 673
  • MWK down 5 ½ at 649
  • SMK up 4.40 at 458.10
  • BOK down 19 at 4127
  • RRK up 2.50 at 1564.50

 

Overnight volume

  • SK 35,307
  • CK 15,995
  • WK 13,605
  • KC WK 1,594
  • MWK 403
  • SMK 7,867
  • BOK 8,436
  • RRK 28

 

Opening calls

  • Beans 9-11 higher
  • Corn 2-4 lower
  • Wheat 6-8 lower
  • KC wheat 6-8 lower
  • Minneapolis wheat 4-6 lower
  • Meal 4.00-5.00 higher
  • Bean oil 15-25 lower
  • Rice 2-4 higher

 

Stock market lower. Crude, gold, silver, and dollar higher .

 

Nikkei down .320%

Hang Seng up 1.741%

Shanghai Index up .302%

 

Weekly US jobless claims report came out today at +14K to 348K expecting 335K

 

Palm oil down 30

 

Chinese grain closings – beans down 14, corn up 2, meal down 13, palm oil up 102, bean oil up 96

 

Egypt Meditrade bought 22,000 sunflower oil for April shipment

 

China sold 406,105 tons of wheat at auction they offered 607,157 tons of wheat

 

Oil World said 2013 world palm meal imports were 6.5 MMT vs. 6.1 MMT in 2012

 

Rusagrotrans estimated Russia’s Feb grain exports at 1.15-1.2 MMT

 

Rusagrotrans estimated Russia’s March grain exports at 1.3 MMT

 

May beans made new contract highs overnight of 1408 ¾

 

May meal made new contract highs overnight of 459.30

 

Bunge NA Decatur IN canceled 399 bean oil receipts

 

Bitter cold in Midwest today and tomorrow. Snow in forecast for the weekend. More cold next week

 

Dry weather in Southern Plains

 

Dry weather continues in Malaysia and Indonesia

 

Dry weather in Argentina next 5-7 days

 

Scattered showers in Brazil – delaying second corn planting and some bean harvesting. Rains easing in the next few days.

 

 

Weekly US export sales report

  • Wheat – ‘13/14 365,100 ‘14/15 199,800 (expecting 300-500K)
  • Corn – ‘13/14 840,800 ‘14/15 1,500 (expecting 475-775K)
  • Beans – ‘13/14 327,700 ‘14/15 315,200 (expecting 400-800K)
  • Meal – ‘13/14 115,900 ‘14/15 148,600 (expecting 100-250K)
  • Bean oil – ‘13/14 1,600 (expecting 10-30K)

 

Export highlights

  • Wheat – Net sales of 365,100 MT for delivery during the 2013/2014 marketing year were down 14 percent from the previous week and 39 percent from the prior 4-week average. Increases were reported for unknown destinations (51,600 MT), the Philippines (51,000 MT, including 47,000 MT switched from unknown destinations), Thailand (50,500 MT), Brazil (50,000 MT), and Mexico (38,700 MT). Decreases were reported for Uruguay (50,000 MT) and Peru (3,500 MT). Net sales of 199,800 MT for 2014/2015 resulted as increases for Venezuela (86,100 MT), South Korea (85,500 MT), and Nigeria (24,000 MT), were partially offset by decreases for Nicaragua (24,000 MT). Exports of 547,400 MT were up 97 percent from the previous week and 54 percent from the prior 4-week average. The primary destinations were Nigeria (101,400 MT), Peru (56,200 MT), Brazil (55,000 MT), South Korea (49,800 MT), and the Philippines (49,100 MT).
  • Corn – Net sales of 840,800 MT for 2013/2014 were up 22 percent from the previous week, but down 39 percent from the prior 4-week average. Increases were reported for Japan (178,900 MT, including 83,300 switched from unknown destinations and decreases of 56,700 MT), Colombia (139,800 MT, including 37,100 MT switched from unknown destinations and decreases of 14,600 MT), Peru (105,400 MT, including 68,000 MT switched from unknown destinations), the Dominican Republic (82,000 MT), and Egypt (68,000 MT). Decreases were reported for China (3,000 MT). Net sales of 1,500 MT for 2014/2015 were reported for Honduras. Exports of 853,100 MT were up 15 percent from the previous week, but down 1 percent from the prior 4-week average. The primary destinations were Japan (285,000 MT), Mexico (186,400 MT), Peru (130,100 MT), Colombia (94,100 MT), and South Korea (56,500 MT).
  • Beans – Net sales of 327,700 MT for 2013/2014 resulted as increases for China (287,800 MT, including 234,000 MT switched from unknown destinations and decreases of 3,500 MT), Mexico (78,100 MT), the Netherlands (77,200 MT, including 70,000 MT switched from unknown destinations), Germany (75,700 MT), and Spain (66,600 MT, including 65,000 MT switched from unknown destinations), were partially offset by decreases for unknown destinations (451,000 MT), Russia (1,000 MT), and Canada (1,000 MT). Net sales of 315,200 MT for 2014/2015 were reported for China (232,500 MT), unknown destinations (60,000 MT), Canada (20,000 MT), and Mexico (8,000 MT). Decreases were re          ported for Japan (5,300 MT). Exports of 1,796,900 MT were up 34 percent from the previous week and 16 percent from the prior 4-week average. The primary destinations were China (1,059,100 MT), the Netherlands (77,200 MT), Germany (75,700 MT), Saudi Arabia (67,300 MT), and Spain (66,600 MT).
  • Meal – Net sales of 115,900 MT were down 49 percent from the previous week and 23 percent from the prior 4-week average. Increases were reported for Colombia (24,600 MT, including 14,600 MT switched from unknown destinations and decreases of 400 MT), Cuba (22,000 MT), Panama (14,100 MT, including 12,900 MT switched from unknown destinations), the Dominican Republic (10,800 MT), Guatemala (10,100 MT, including 8,400 MT switched from unknown destinations), and Honduras (7,800 MT). Decreases were reported for unknown destinations (4,200 MT) and Bangladesh (1,000 MT). Net sales of 148,600 MT for 2014/2015 were reported for unknown destinations (120,000 MT) and Canada (28,600 MT). Exports of 276,500 MT were up 10 percent from the previous week, but down 5 percent from the prior 4-week average. The primary destinations were Turkey (55,100 MT), Mexico (31,900 MT), Colombia (27,600 MT), Ireland (23,200 MT), Cuba (22,000 MT), and Japan (19,900 MT).
  • Bean oil – Net sales of 1,600 MT for 2013/2014 were down 86 percent from the previous week and 93 percent from the prior 4-week average. Increases were reported for Nicaragua (1,000 MT), Mexico (700 MT), the Philippines (100 MT), and South Korea (100 MT). Decreases were reported for Canada (400 MT). Exports of 3,800 MT were down 84 percent from the previous week and 88 percent from the prior 4-week average. The primary destinations were Mexico (2,800 MT), Canada (700 MT), South Korea (100 MT), and the Philippines (100 MT).

 

Upcoming reports and events

  • Weekly EIA Nat Gas storage report comes out today at 930 am CST expecting down 107 BCF
  • SGS and Intertek will estimate Malaysia’s February palm oil exports tomorrow
  • First Notice Day for March futures is tomorrow
  • Month end is tomorrow
  • Weekly COT report comes out tomorrow at 230 pm CST
  • Bursa Malaysia Palm oils conference in Kuala Lumpur March  3rd – 5th
  • USDA supply and demand and crop production report March 10th
  • CONAB Brazil crop estimates come out on March 12th
  • USDA planting intentions and quarterly stocks report comes out March 31st

 

Thank you,