Premier Cooperative

February 1, 2023

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Morning Grain Comments

02-02-2023

Markets are higher across the board this morning. Ethanol production for this last week was up 16K, putting us at 1.03 million barrels a day. Ethanol stocks decreased by 635K down to 24.44 million barrels. Production increased more than expected, while stocks fell more than what was expected. However, stocks are the second highest for this week on record. The Federal Reserve increased interest rates by 25 basis points. It was also indicated that more raises were to come. Weather maps are still showing that SA’s weather outlook remains similar. Brazil will continue to stay wet, while Argentina will remain dry.

                                               Other Headlines

  • The lowest price offered in the international tender from Egypt's state commodities buyer GASC to purchase wheat on Thursday was believed to be $322.80 a ton cost and freight (c&f) for wheat sourced from Russia. The offer was believed to have been submitted by trading house Grainflower. The tender seeks shipment in February and March.
  • Algerian state agency ONAB is believed to have bought about 30,000 tons of animal feed corn expected to be sourced from Argentina in a purchase made late last week. It was believed to have been purchased at around $339 a ton c&f. Shipment was between March 1 and March 15.
  • India's January palm oil imports fell 31% from a month ago to their lowest in months as a narrowing discount to rival oils prompted refiners to increase purchases of soybean and sunflower oils. The reduction in palm oil imports by India, the world's biggest importer of vegetable oils, could weigh on Malaysian palm oil prices but support soyoil BOc1 and help Russia and Ukraine in bringing down their sunoil stocks. India's palm oil imports fell to 770,000 tons last month, the lowest since July 2022, according to the average of the estimates from the five dealers with trading firms.
  • Agricultural chemical and seed company Corteva Inc on Wednesday reported fourth-quarter results that beat market estimates driven by higher seed prices amid a tight supply. Food exports from Ukraine, called the "breadbasket of the Black Sea", have resumed after a deal was struck between Moscow and Kyiv but the volume remained much lower than the previous years, keeping prices of essential grains higher. Corteva's operating core profit was $370 million, or 16 cents per share, in the October-December quarter, up from $262 million, or 8 cents per share, a year earlier. Analysts on average had expected a profit of 5 cents per share.

USDA Weekly EXPORT SALES                                     Thursday                         02-02-2023 @ 7:30 AM

USDA Weekly EXPORT INSPECTIONS                         Monday                         02-06-2023 @ 10:00 AM

USDA FEB WASDE REPORT                                         Thursday                        02-09-2023 @ 11:00 AM

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Lane Avenatti
Farm Marketing Specialist
Premier Cooperative, Inc.
Location: Ivesdale
Office: (217) 564-2271
Direct: (217) 733-2182

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