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CFE Grain Comments

2/16/2018

Good Morning!

The grain markets are taking a breather ahead of the three day weekend. Bean futures are mixed but did manage to make new highs for the move. Meanwhile, overhead resistance is growing for May corn at the $3.76 level, which is the high for the previous three days. Wheat futures are seeing moderate losses but the dry pattern across the HRW wheat belt looks to persist for the foreseeable future.

The Argentina weather outlook does have some erratic shower activity through next Thursday, producing meaningful but localized rainfall. Mostly favorable conditions will persist for much of Brazil over the next 7 days. Dry conditions in southern Rio Grande du Sol are gaining some attention.

The Federal Reserve Bank of Chicago reporting farmland values in its district, which includes Iowa and Illinois, rose 1% in 2017 for “good” farmland.

The Federal Reserve Bank of Kansas City reporting farmland values in the district, which includes Kansas and Nebraska, fell 3% in 2017

Long range weather forecasts released yesterday by NOAA is predicting warmer than normal spring and summer temps for the southern half of the country and below normal rainfall in Nebraska, Kansas, Oklahoma and Texas. Normal to above normal precipitation is forecasted for the Midwest and ECB..

The Dow futures are higher for the 6th consecutive session after falling into correction territory last week. Both the Dow and the S&P 500 have seen gains of over 4% this week, on track for the biggest weekly percentage rise since November 2016. Meanwhile, the NASDAQ is up more than 5%, its biggest weekly rally since October 2014.

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 3.6750 3.6850 3.6650 -0.0025 2/19/18 11:16 AM
May '18 3.7500 3.7600 3.7425 -0.0050 2/19/18 10:44 AM
Jul '18 3.8275 3.8375 3.8175 -0.0025 2/19/18 10:43 AM
Sep '18 3.8950 3.9000 3.8850 -0.0025 2/19/18 10:43 AM
Dec '18 3.9700 3.9775 3.9600 -0.0050 2/19/18 11:04 AM
SOYBEANS
Last High Low Change Last Updated  
Mar '18 10.2150 10.2825 10.1200 -0.0275 2/19/18 10:12 AM
May '18 10.3250 10.3900 10.2300 -0.0250 2/19/18 10:43 AM
Jul '18 10.4225 10.4850 10.3300 -0.0250 2/19/18 9:27 AM
Aug '18 10.4325 10.4925 10.3425 -0.0250 2/19/18 8:30 AM
Sep '18 10.3075 10.3525 10.2375 -0.0225 2/18/18 2:00 PM
SOYBEAN MEAL
Last High Low Change Last Updated  
Mar '18 373.3 379.3 368.3 -0.4 2/19/18 11:00 AM
May '18 376.0 381.2 370.9 0.5 2/19/18 11:04 AM
Jul '18 373.8 377.2 368.9 1.6 2/19/18 8:58 AM
Aug '18 368.4 371.0 364.3 2.0 2/18/18 4:00 PM
Sep '18 364.2 367.0 361.4 1.3 2/18/18 2:00 PM
LEAN HOGS
Last High Low Change Last Updated  
Apr '18 68.150 69.450 68.025 -1.575 2/16/18 2:50 PM
May '18 74.925 75.875 74.925 -0.975 2/16/18 3:03 PM
Jun '18 79.725 80.475 79.350 -0.475 2/16/18 4:11 PM
FEEDER CATTLE
Last High Low Change Last Updated  
Mar '18 149.725 150.175 148.875 -0.100 2/16/18 2:50 PM
Apr '18 152.400 152.600 151.250 0.100 2/16/18 4:10 PM
May '18 152.825 153.025 151.800 -0.025 2/16/18 4:10 PM
LIVE CATTLE
Last High Low Change Last Updated  
Feb '18 130.100 130.325 128.725 0.825 2/16/18 2:50 PM
Apr '18 127.650 127.875 126.875 0.400 2/16/18 4:11 PM
Jun '18 118.675 118.850 118.100 0.075 2/16/18 2:50 PM
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