MarketEdge PM Comments
Feb 12, 2024
(Caleb Kauffman)
Higher start to the week led by the soybean and soymeal markets. Corn traded marginally higher trading within a 5-cent range on the March contract and only 3 cent trading range in December. Closing prices are as follows: March corn $4.3050 up 1 ½, December corn $4.6925 up a penny, March soybeans $11.93 up 9 ½, and November beans $11.6875 up 5.
- The BA Grain Exchange cut their estimate of Argentine corn crop conditions, with 31% rated good or excellent vs. 34% last week, but 20% during last year’s drought. The firm also showed a decline in soybean condition ratings last week, to 31% good/ex. That compares to 16% a year ago.
- U.S. corn export inspections last week were 34.6 million bushels, at the top end of market expectations but will need to average roughly 40.1 million bushels/week through the end of August to meet the USDA’s projection.
- U.S. soybean export inspections last week were 48.7 million bushels, also at the top end of market expectations and are running ahead of the USDA’s pace. Only needing to average 18.1 million bushels/week.
- The Funds are estimated to be short 94% of the record after the close today.
Have a great evening!