Premier Cooperative

February 26, 2021

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Morning Grain Comments

Feb 26th, 2021

It looks like we are ending the month of February with a risk off trading environment. We will have to wait and see if March comes in like a lamb or a lion.  Grains, energies, and equites all were trading lower yesterday and continues in the overnight trading.  South American weather shows beneficial rains in the dry areas of Argentina however also has more rain in the areas of Brazil where it will delay harvest and field work. Yesterday’s export sales numbers in corn and soybeans were near the marketing year lows which pushed the market lower.  We are still way ahead of where we need to be to reach marketing year goals.  Key reversal setting up in soybeans.  The uptrend is bending but not broken yet for sure.  Looks like the market might take a breather today.  Have a fantastic Friday!

                                                   Other Headlines

  • Most wheat and barley crops in France, the European Union's biggest grain producer, remain in good condition as they reach the end of winter, data from farm office FranceAgriMer showed on Friday. An estimated 87% of French soft wheat crops were in good or excellent condition by Feb. 22, FranceAgriMer said in a cereal crop report. That was up from 86% a week earlier and well above a 64% score in the same week last year. For winter barley, 83% of crops were rated good/excellent, unchanged from a week earlier and up from a 66% score a year earlier. The latest soft wheat and winter barley ratings were below scores of 96% and 94% respectively in FranceAgriMer's previous crop update at the end of November.
  • China's soymeal futures slid nearly 5% in their sharpest decline in eight years on Friday, as investors took profit and new African swine fever outbreaks stirred concerns over demand. The most actively traded soymeal futures on the Dalian Commodity Exchange for May delivery fell 4.86% to 3,485 yuan ($539.57) per ton following four days of gains, amid worries the new pig disease cases would hit demand for the major feed ingredient. "Prices were rising mainly because soybean cargoes would be limited in March, and people did not think the African swine fever outbreaks were that severe," said a manager with a meat producer in northern China. "But then as more surveys were carried out in the industry, the market found that disease is really bad," said the manager, who declined to be named as he was not authorized to talk to the media.
  • South Korea's largest animal feed maker Nonghyup Feed Inc. (NOFI) purchased around 137,000 tons of animal feed corn to be sourced from worldwide origins in an international tender which closed on Friday. It was bought in two consignments. One consignment of was 68,000 tons was bought at an estimated $294.70 a ton c&f with an additional $1.50 a ton surcharge for additional port unloading for arrival in South Korea in June. Seller was said to be trading house Pan Ocean. The second of 69,000 tons was bought at an estimated $293.89 a ton c&f with an additional $1.25 a ton surcharge for additional port unloading for arrival in South Korea in July. Seller was said to be trading house Cofco.

·         CIF Corn: 71H (NC) at 75H (NC)

·         CIF Soybeans: 75H (-5) at UNQ

·         Dollar index:  90.61 (+0.48)

·         Crude Oil:  63.10 (-0.42)

 

                       ____ MARKET MOVERS__________

USDA Weekly EXPORT INSPECTIONS             Monday            03-01-2021 @ 10:00 AM

USDA Weekly EXPORT SALES                         Thursday           03-04-2021 @ 7:30 AM

The information contained in this report is believed to be reliable but is not guaranteed to accuracy or completeness by Premier Cooperative, Inc. This report is provided for information purposes only and is not furnished for, nor intended to be relied upon for specific trading in commodities here in.

 

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