Good Morning! New contract highs were scored for nearby beans while the dollar index makes new lows for the move, approaching multiyear lows. Contract highs were also scored for new crop soybeans, nearby bean oil, new crop corn futures and April palm oil. Rumors that China is seeking additional soybeans for their reserve program is pushing futures higher. The overnight GFS model suggests improved rain chances for Argentina and southern Brazil later next week although mostly dry conditions will persist over the next 7 days. Meanwhile, the wet pattern will continue across northern Brazil although a more normal rainfall pattern is expected to develop by mid next week. News wire reporting Chinese soybean crushers are expected to curtail operations sharply in the coming months due to harvest delays in Brazil. The shortage will be widely felt, and probably last till at least mid-April, analysts, crushers, and traders told Reuters. The trade was anticipating Brazil to export 7-8 MMTs of soybeans to China in February, total exports will struggle to reach half of those amounts. There is only two days remaining in the discovery period for federal crop insurance pricing. Right now, the base price would be $4.57 for corn and $11.79 for soybeans. Have a great day! Wayne Kollis - Mike Rosenberg - Matt Zeman - Austin Behrendsen
Fri 2/26
Sat 2/27
Sun 2/28
Mon 3/01
Tue 3/02
High
43 F
44 F
35 F
42 F
48 F
Low
27 F
24 F
19 F
21 F
28 F
Precip
0%
39%
20%
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