MarketEdge PM Comments
Feb 20, 2024
(Brayden Frazier)
Good Afternoon!
Grain markets settled in the green after a day off in the market yesterday for Presidents Day. March corn finished up 2.25c at 4.1875 and new crop corn finished up 4.25c at 4.6300. March beans settled up 6.75c at 11.7900 and new crop beans settled up 9.25c at 11.5775. Wheat had a nice rebound as well, up 10.75c at 6.6550.
- Managed Money funds are now short over 300k contracts
- record short is 344k contracts
- Brazil's Safrinha crop planting is currently on pace with favorable weather forecasted for the next two weeks
- USDA announced flash sales this morning
- 155,000 metric tons of corn for delivery to Japan during the 24/25 marketing year
- 228,000 metric tons of soybean meal for delivery to the Philippines during the 23/24 marketing year
- President Biden's administration is expected to announce their adjustments to ethanol emissions
- it is assumed they are going to say that ethanol does not reduce greenhouse gas emissions by as much as previously estimated
- this is negative for the corn-based fuel and agriculture markets
- this will make it more difficult for ethanol producers to take advantage of the tax credits for SAF (sustainable aviation fuel)
Have a great night!