National Grain Market Review - Week ending Feb. 17th
Wednesday, February 22, 2017 11:37 AM
Compared to last week, grains were mostly higher with soybean bids mostly lower. Corn and winter wheat remain in an upward trend while soybeans trend is stalling, in spite of Thursday’s selling. U.S. corn is still pleasingly priced for more export business. The southwestern Plains are expecting warmer temperatures over the next several days causing winter wheat crops to be at risk of a late freeze. Early 2017 is anticipating an increase in corn and soybean production from South America with the soybean harvest in Brazil making good progress. It is still unclear as to how trade relations will change with China and others or how those countries might retaliate. Weekly export sales for wheat was listed at 21.6 mb (588,600 mt) with 20.9 mb (569,100 mt) for the 2016-2017 marketing year. Export sales for corn came in at 42.1 mb (1,068,700 mt) with 30.8 mb (783,500) for the 2016-2017 marketing year. Soybeans were at 40.3 mb (1,097,400 mt) with 32.7 mb (890,000) for the 2016-2017 marketing year. Weekly export sales for sorghum were at 5.3 mb (134,900 mt) for the 2016-2017 marketing year. Wheat was mostly 1-11 cents higher. Corn was mostly 2-9 cents higher. Sorghum was 5 to 11 cents higher. Soybeans were mostly 1-6 cents lower.
SOURCE: USDA-MO Dept of Ag Market News Service, St Joseph, MO