Afternoon Grain Commentary 2018-08-29T18:26:48+00:00

Morning 

Commentary

Daily 

Video

Afternoon 

Commentary

Special 

Reports

Livestock 

Commentary

Newsletter

Archive

Market News and Updates

Morning Commentary

Daily Video

Afternoon Commentary

Special Reports

Livestock Commentary

Newsletter Archive

Feb 21 Afternoon Ag Commentary

by Steve Freed

SOYBEANS

News about the coronavirus and USDA estimate of US 2020/21supply and demand was the main trading headlines today. USDA estimated total US 2020 corn, soybean and wheat planted acres near 224.0 million up 13 million from last year. Soybeans were estimated near 85.0 versus 76.1 last year. USDA estimated US 2020 soybean acres near 85.0, yield 49.8 and production near 4,195 mil bu. Some could see yield higher. USDA estimates total 2020/21 soybean demand near 4,134 mil bu. Of the total, crush is 2,130 versus 2,105 last year, and exports 2,050 versus 1,825. Some could see final exports below USDA guess. Brazil prices are cheaper than US to all buyers. Weekly US soybean export sales were 18 mil bu. Total commit is 1,229 versus 1,350 last year. USDA goal is 1,825 versus 1,748 last year. May soybean futures had an outside day trading below Thursdays low.

CORN

Corn futures traded lower. Bearish USDA estimate of US 2020/21 supply and demand offered resistance. If correct, this could limit the upside in corn futures. Continued spread of the coronavirus also offered resistance to US stocks, energies and most commodities. USDA estimated total US 2020 corn, soybean and wheat planted acres near 224.0 million up 13 million from last year. Corn was estimated near 94.0 versus 89.7 last year. USDA estimated US 2020 corn acres near 94.0, yield 178.5 and production near 15,460 mil bu. Some could see yield and acres higher. USDA estimates total 2020/21 corn demand near 14,470 mil bu. Of the total, feed and residual is 5,800 versus 5,525 this year, ethanol 5,450 versus 5,425 and exports 2,100 versus 1,725. USDA said they did not plug in any corn exports to China. Some could see final exports below USDA guess. Fact USDA est US 2020/21 corn carryout near 2,637 mil bu vs 2,443 expected and 1,892 this year weighed on prices. Weekly US corn sales were 49 mil bu. Total commit is 984 vs 1,508 last year. USDA goal is 1,892 versus 2,221 last year. May corn is near early December lows. 2019 low was near 3.74.

WHEAT

Wheat futures traded lower and near session lows. Wheat futures got a little spark after USDA estimated that in 2020/21 US wheat carryout would decline. Concern about the spread of the coronavirus outside of China weighed on US stocks, energy and most commodity markets. This may have triggered late selling in wheat. USDA est total US 2020 corn, soybean and wheat planted acres near 224.0 million up 13 million from last year. Wheat was estimated near 45.0 versus 45.2 last year. USDA estimated US 2020 wheat acres near 45.0, yield 48.2 and production near 1,836 mil bu. Some could see yield higher. USDA estimates total 2020/21 wheat demand near 2,139 mil bu. Of the total, food and residual is 1,019 versus 1,015 last year, and exports 1,000 versus 1,000. Some could see final exports below USDA guess. Weekly US wheat sales were 12 mil bu. Total commit is near 818 vs 789 last year. USDA goal is 1,000 vs 936 last year. Chicago May wheat had an outside day and closed below Thursday low. Support is 5.40.

The information conveyed by ADMIS or its affiliates to the audience is intended to be instructional and is not intended to direct marketing, hedging or pricing strategy or to guaranty or predict future events, including the pricing and pricing movements of commodities and commodity futures contracts.

February 21st, 2020|
Load More Posts

Related Posts

Feb 21 Afternoon Ag Commentary

by Steve Freed

SOYBEANS

News about the coronavirus and USDA estimate of US 2020/21supply and demand was the main trading headlines today. USDA estimated total US 2020 corn, soybean and wheat planted acres near 224.0 million up 13 million from last year. Soybeans were estimated near 85.0 versus 76.1 last year. USDA estimated US 2020 soybean acres near 85.0, yield 49.8 and production near 4,195 mil bu. Some could see yield higher. USDA estimates total 2020/21 soybean demand near 4,134 mil bu. Of the total, crush is 2,130 versus 2,105 last year, and exports 2,050 versus 1,825. Some could see final exports below USDA guess. Brazil prices are cheaper than US to all buyers. Weekly US soybean export sales were 18 mil bu. Total commit is 1,229 versus 1,350 last year. USDA goal is 1,825 versus 1,748 last year. May soybean futures had an outside day trading below Thursdays low.

CORN

Corn futures traded lower. Bearish USDA estimate of US 2020/21 supply and demand offered resistance. If correct, this could limit the upside in corn futures. Continued spread of the coronavirus also offered resistance to US stocks, energies and most commodities. USDA estimated total US 2020 corn, soybean and wheat planted acres near 224.0 million up 13 million from last year. Corn was estimated near 94.0 versus 89.7 last year. USDA estimated US 2020 corn acres near 94.0, yield 178.5 and production near 15,460 mil bu. Some could see yield and acres higher. USDA estimates total 2020/21 corn demand near 14,470 mil bu. Of the total, feed and residual is 5,800 versus 5,525 this year, ethanol 5,450 versus 5,425 and exports 2,100 versus 1,725. USDA said they did not plug in any corn exports to China. Some could see final exports below USDA guess. Fact USDA est US 2020/21 corn carryout near 2,637 mil bu vs 2,443 expected and 1,892 this year weighed on prices. Weekly US corn sales were 49 mil bu. Total commit is 984 vs 1,508 last year. USDA goal is 1,892 versus 2,221 last year. May corn is near early December lows. 2019 low was near 3.74.

WHEAT

Wheat futures traded lower and near session lows. Wheat futures got a little spark after USDA estimated that in 2020/21 US wheat carryout would decline. Concern about the spread of the coronavirus outside of China weighed on US stocks, energy and most commodity markets. This may have triggered late selling in wheat. USDA est total US 2020 corn, soybean and wheat planted acres near 224.0 million up 13 million from last year. Wheat was estimated near 45.0 versus 45.2 last year. USDA estimated US 2020 wheat acres near 45.0, yield 48.2 and production near 1,836 mil bu. Some could see yield higher. USDA estimates total 2020/21 wheat demand near 2,139 mil bu. Of the total, food and residual is 1,019 versus 1,015 last year, and exports 1,000 versus 1,000. Some could see final exports below USDA guess. Weekly US wheat sales were 12 mil bu. Total commit is near 818 vs 789 last year. USDA goal is 1,000 vs 936 last year. Chicago May wheat had an outside day and closed below Thursday low. Support is 5.40.

The information conveyed by ADMIS or its affiliates to the audience is intended to be instructional and is not intended to direct marketing, hedging or pricing strategy or to guaranty or predict future events, including the pricing and pricing movements of commodities and commodity futures contracts.

February 21st, 2020|
Load More Posts