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CFE Grain Comments

2/23/2018

Good Morning!

Mostly higher markets as we finish another week of trading; wheat and soybeans are finding the most buying interest. Considering we don’t see a change in the midday weather runs, soybeans look poised to snuggle up towards recent highs for a potential gap higher trade on Monday. For the week, nearby bean futures are up 15 cents while corn is a penny higher and Chicago wheat is down 2 cents. The outside markets are mixed with the dollar a touch higher while crude is a fraction lower.

USDA Ag Forum estimates 2018/19 corn yield at 174.0 bpa, total demand is seen falling to 14.52 billion bushels and ending stocks are projected at 2.272 billion bushels. Corn plantings are pegged at 90 million acres.

Soybean yield is estimated at 48.5 bpa, total demand is seen rising to 4.415 billion bushels and ending stocks at projected 460 million bushels. Soybean plantings are pegged at 90 million acres.

Wheat yield is pegged at 47.4 bpa, total demand is pegged at 2.052 billion bushels and ending stocks are estimated at 931 million bushel. Wheat plantings are estimated at 46.5 million acres.

The weather outlook for Argentina remains mostly dry for the drought-stricken regions over the next 7 days. There is a change however in the 6-10 day outlook with improved rain chances for the end of next week. Rainfall in the mid-range outlook is likely being discounted by traders as most wetter forecasts have been proven wrong this year. The weather outlook for Brazil has a rain event for the drier regions of southern Brazil, also for late next week.

The average trade estimate for today’s cattle report has the number of cattle on feed as of February 1st at 107.4% of a year ago. Placements in January are pegged at 100.8% and marketed in January are estimated at 105.9%.

Have a great weekend and be safe out there!
 

This Marketing Information provided by

Wayne Kollis - Melissa Peters - Mike Rosenberg - Matt Zeman - Jake Tetrick
 

@CH8
@CH8
CORN
Last High Low Change Last Updated  
Mar '18 3.6625 3.6775 3.6525 -0.0050 2/23/18 3:48 PM
May '18 3.7450 3.7625 3.7350 -0.0025 2/23/18 3:57 PM
Jul '18 3.8225 3.8375 3.8125 -0.0025 2/23/18 3:20 PM
Sep '18 3.8925 3.9050 3.8825 -0.0025 2/23/18 1:30 PM
Dec '18 3.9725 3.9825 3.9625 0.0000 2/23/18 3:48 PM
SOYBEANS
Last High Low Change Last Updated  
Mar '18 10.3625 10.3950 10.2800 0.0425 2/23/18 3:50 PM
May '18 10.4750 10.5075 10.3925 0.0425 2/23/18 3:57 PM
Jul '18 10.5600 10.5925 10.4850 0.0350 2/23/18 3:05 PM
Aug '18 10.5600 10.5900 10.4925 0.0300 2/23/18 1:30 PM
Sep '18 10.4025 10.4300 10.3525 0.0175 2/23/18 3:35 PM
SOYBEAN MEAL
Last High Low Change Last Updated  
Mar '18 375.5 379.6 374.8 -1.4 2/23/18 3:23 PM
May '18 378.3 382.4 377.6 -1.3 2/23/18 4:20 PM
Jul '18 377.8 381.4 377.2 -1.3 2/23/18 4:20 PM
Aug '18 373.6 376.5 372.9 -1.0 2/23/18 1:21 PM
Sep '18 369.8 372.2 369.2 -0.8 2/23/18 4:20 PM
LEAN HOGS
Last High Low Change Last Updated  
Apr '18 71.375 71.775 70.875 0.100 2/23/18 3:55 PM
May '18 77.600 77.800 77.150 0.175 2/23/18 4:12 PM
Jun '18 83.025 83.275 82.500 0.075 2/23/18 1:05 PM
FEEDER CATTLE
Last High Low Change Last Updated  
Mar '18 146.000 146.625 145.150 0.000 2/23/18 2:30 PM
Apr '18 148.500 148.800 147.525 0.425 2/23/18 1:05 PM
May '18 149.375 149.650 148.350 0.250 2/23/18 2:30 PM
LIVE CATTLE
Last High Low Change Last Updated  
Feb '18 128.000 128.575 127.325 -0.350 2/23/18 1:05 PM
Apr '18 124.850 125.450 124.275 -0.525 2/23/18 4:12 PM
Jun '18 116.800 116.975 116.150 0.000 2/23/18 1:05 PM
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