Closing Comments; Friday, February 15th, 2019

The January NOPA report came in just above trade estimates and was supportive for much of today’s action in the soybean complex. Today’s report show a crush of 171.6 million bushel with the trade average at 169.9 million bushels. Meal exports came in at 906 thousand tons. This equates to an increase of roughly 80 thousand tons over December’s print of 826 thousand tons.

The forecast for the remainder of February and March seems to be a continuation of what first the half of February has been. In the short term, temperatures are expected to remain extremely cold with a decent amount of precipitation expected. Keep in mind, in roughly 60-70 days, a large swath of fieldwork will be progressing throughout major corn growing areas. The wheat crop sitting dormant on the plains is seeing decent conditions. These areas are expected to see favorable conditions with no extreme cold in the short-term forecast.

March corn finished cents lower at $3.74 . March Soybeans closed 4 cents higher at $9.07 . March Chicago wheat finished 3 cents lower at $5.03 .

For more information, you may contact Brock Beadle at 515-341-7040, or e-mail at bbeadle@maxyieldgrain.com. The opinions and views expressed in this commentary are solely those of Brock Beadle. Data used in writing this commentary obtained from various sources believed to be accurate. This commentary is intended for informational purposes only and is not intended for developing specific commodity trading strategies. Any and all risk involved with commodity trading should be determined before establishing a futures position.




 

Market Commentary provided by:

Karl Setzer Grain Commentary