Today’s Prices
Grain markets finished mixed today as the choppy back and forth trade in the range continues.
Grain Market News
Corn: Weekly Export Sales
Corn export sales very good, 1.59 million metric tons.
That’s the second-best weekly total of the year and about double of what’s needed to reach the forecast.
Soybeans: Weekly Export Sales
Soybean exports were okay, coming in at the lower end of the range of expectations at 736 thousand tons.
That’s still over 3 times the level needed to reach the current forecast.
Wheat: Weekly Export Sales
Wheat exports were very disappointing at just 136 thousand tons.
We continue to see a pattern of good weeks and then bad weeks and so on.
Grain Market News
Crude Oil
After the high nearly two weeks ago prices have pulled back and are now testing chart support again.
EIA Weekly U.S. Crude Oil Stocks
Last year our crude oil stocks were consistently making new lows.
But recently crude oil stocks have been increasing which is seen as a negative factor for the crude oil market.
EIA Weekly U.S. Gasoline Stocks
Last year we were typically at or near the 5 year lows.
Even though our gasoline stocks are the lowest they’ve been over the last 5-6 years, recently we have seen an increase in gasoline stocks.
EIA Weekly U.S. Distillate Stocks
Diesel fuel is the primary component of these stocks.
Even though we’ve seen an increase in the last week we are still below the previous 5 years.
Grain Market News
Estimated National Average Revenue Insurance Guarantee
As of right now guarantees are near record high, just slightly below last year for corn and soybeans.
Expected New Crop Returns
At this time corn returns are estimated to be similar as last year around $180-185 per acre.
Soybeans slightly below last year but still very profitable at $125-130 per acre.
Corn is showing higher profitability than soybeans right now in February.
March Corn Chart
Corn prices did not make a new high for the move today.
We did trade higher this morning but did not take out the highs from two days ago at 6.88, then the market closed lower.
Corn needs some bullish news or we could risk pulling back towards chart support in the 6.60-6.65 range.
March Soybean Chart
Soybeans have mixed signals today.
First of all it was an inside day not taking out yesterday’s high or low.
But we did close higher for the day, so that’s positive sign, we are in an overall uptrend.
Overhead resistance at the 15.48 level and today’s closing at $15.34 is 14 cents below the recent high.
March KC Wheat Chart
Wheat prices rallied sharply early in the day up to 8.92 per bushel challenging the recent high of 8.94.
Wheat then closed at 8.80, 12 cents off the daily high.
With technical indicators extremely overbought could be a signal of a correction to the downside.
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