Good morning Farmer Family …

US farm markets ended mixed on Friday.

The soybean complex fell in all three markets, on expectations that recent rains in Argentina boosted crop potential there.

Weakness in the crude oil market made an additional pressure.

The wheat complex, was mixed, with Chicago soft red winter wheat contract sagged on profit taking, after notching its biggest weekly gain in four weeks.

Kansas City HRW, and Minneapolis spring wheat, were firm meantime.

Snow and rain in Kansas, eastern Colorado, and Nebraska benefited the dormant wheat crop.

However, the amount is insufficient to alleviate the persisting long-term drought conditions. 

Moisture in the Pacific Northwest helped alleviate some dryness in Washington, Oregon, and Idaho.

Looking ahead, plenty of wet weather is on its way to the Mid-South and Southeast until Tuesday, and much of the Midwest and Plains will see at least some measurable rain and/or snow during this time, according to the NOAA. 

The agency’s new 8-to-14-day outlook predicts more seasonally wet weather in store for the central U.S. between February 3 and February 9. 

However, cooler-than-normal conditions are also likely during the first week of February.

Thus, this cold snap forecasted in the U.S. Plains, which could damaging the dormant crop, worried operators especially about wheat contracts tracking high-protein supplies.

Worries that escalations in the Russia-Ukraine war could lead to supply disruptions from Black Sea ports, also supported markets.

Corn market, meantime, was mostly flat during the end week session.

However, corn prices manage edged higher at the bell, on hopes for stepped-up demand on the export market.

Thus, the March corn contract ended the last trade day of the week with a fractional gain of 0.07%, while the other nearby contracts went home in the red. 

Soybeans were 0.92% weaker at the close. 

In the products, meal ended 0.75% in the red, and bean oil prices went hme with 0.33% losses. 

SRW wheat prices closed with 0.33% losses, the hard red wheats rallied 0.52% and Minneapolis gained 0.38%. 

For the week, all main three commodities posted weekly gains.

Notably, corn prices was 0.99% higher since the prior Friday.

Soybeans took back a couple cents of previus week’s drop, as March was up 0.2%. 

Soy Meal was again the leader of the complex, this time with gains of 2.11%. 

Soy oil prices, meantime, were down another 2.18 %, their fifth straight weekly loss.

The wheat complex, on its part, was stronger during the week.

Kansas City led the way, up 2.51%, Chicago was 1.15% higher, and Minneapolis up 0.96%. 

KC wheat has posted gains in three straight weeks and six of the last seven.

Going inside the numbers, corn prices closed the week $0.067 higher at $6.83/bu.

Soybean was $0.030 higher at 15.10/bu.

Soymeal bounced $9.8/smt, closing at $473.5 smt.

Soy oil fell $1.35, to close at $60.62.

CBOT soft red winter (SRW) prices lifted $0.085 for the week to close at $7.50/bu.

KCBT hard red winter (HRW) prices jumped $0.213, ending at $8.69/bu.

MGE hard red spring (HRS) prices rose $0.088 to close at $9.22/bu.

Weekly EIA data on Wedsneday had 1.012m barrels of ethanol production per day through the week that ended 1/27. 

That was a 4k bpd increase from the prior week and was a 5-wk high. 

But ethanol stocks were up by 1.5675 million barrels compared to the prior week at 25.077 million barrels. 

That was a jump of 7% higher week on week and the largest increase in a single week on record.

Weekly export sales were strong both for wheat and soybean.

USDA reported wheat export sales for 500,249 MT in the week ending 1/19. 

That was up 6% from the previous week and 84% from the prior 4-week average.

However, accumulated wheat commitments were still 16 MMT as of 1/19, remaining 7% under last year’s pace and 76% of the USDA export projection. 

Normally we would have 85% of the projection sold/shipped by now. 

Also, actual shipments are 54% of the projected full-year total, and 7% back of the average pace. 

As for soybean, the report showed 1.146 MMT of old crop beans were sold during the week ending 1/19. 

That was the high end of estimates, and was 16% above prior week and 11% higher yr/yr. 

The season’s commitments are now 46.54 MMT, or 5% larger than last year at this time, and were sitting at 86% of the WASDE forecast – compared to 79% last year.

They need this buying pace to compete with Brazil soon to come into the market.

However, exports of 1,900,300 MT, were down 8% from the previous week, though up 11% from the prior 4-week average.

As for the products, USDA reported meal bookings at 303,934 MT for the week of 1/19. 

Soybean oil export sales were 2,231 MT – which was a 5-week high but still 89% below the same week last year. 

Corn export sales, in contrast, had a 19.6% drop from prior week, at 910,400 MT. 

However, that was up 46% from the prior 4-week average, and was within the range of estimates. 

Corn export shipments were reported at 912.6k MT for the week, leaving the accumulated export at 12.012 MMT of the season.

Old crop corn export commitments (shipped and unshipped sales) are now at 24.039 MMT, which is down 45% vs. last year. 

That is also 49% of the USDA forecast, compared to the 63% average pace.

Meantime, other revenue management issues for US producers are coming in the next weeks.

Wednesday February 1, indeed, is the beginning of the computation period for prices used to determine payments for corn and soybeans, put under insurance protection.

The prices used to determine payments for corn and soybeans are the monthly average of December corn futures and the monthly average for November soybeans during February. 

In this context, corn basis bids were steady to weak after trending 2 to 5 cents lower at three Midwestern locations on Friday.

Soybean basis bids were mostly steady across the central U.S., but did move 5 cents higher at an Indiana processor and 3 cents lower at an Iowa river terminal.

Basis levels for wheats, were mixed across export locations during the week. 

As Lunar New Year celebrations continue around Asia, demand from the PNW was light during the week. 

PNW HRS basis remained unchanged, while Gulf HRS was down with few new inquiries.

Traders noted the impact of softer interior freight as railroad performance normalizes. 

Likewise, PNW HRW basis decreased, drawn down slightly by the cheaper freight, though demand from the domestic milling industry continues to prop up basis values. 

Gulf HRW was also steady, supported by the domestic market and the tighter corn-wheat spreads. 

Gulf SRW basis and PNW SW prices were up for the week, bouncing back after several weeks of price decline, indicating that prices may have hit their lower limit.

As a result, as at January 26, 2023, FOB prices saw US wheat No 2 Hard Red Winter (HRW) valued at $386/mt (up $10/t from prior week).

US wheat No 2 Soft Red Winter (SRW) was valued at $326/mt (up $3/t from prior week).

Northern Durum offers from the Great Lakes, for April 2023 delivery were quoted at $11.85/bu ($435.00/MT), unchanged from prior week.

As for corn, US corn 3YC (Gulf) was at $306/mt (up $1/mt from prior week).

As for soybean, US soybean 2Y (Gulf) quoted at $608/mt (up $4 from prior week).

USDA saw the week’s average ethanol prices as 1 to 7 cents weaker from $1.97 to $2.20/gal regionally.

The cash corn oil market saw quotes ranging from 66 to 70 cents/lb regionally, with bids mostly 1-2 cents weaker wk/wk. 

DDGS were reported from $220/ton in Ohio to $315/ton in NE through the week – which was within $20 of last week but mostly $5-$15/ton lower. 

DDGS prices to the Export Point averaged between $259 to $360/ton, weaker from prior week.

USDA cited the B100 cash price at $5.50/gal in MN for the week, a 20c drop from last week. 

After the sessions close the weekly CFTC report had managed money funds buying 12.9k corn contracts and selling 3.3k short. 

That moved their net long position to above 201,797 contracts for the first time since 11/8. 

The commercial corn hedgers were shown 395,931 contracts net short as of 1/24. 

That was a 5k contract weaker net short through the week given closed hedges. 

As for soybean, CFTC reported managed money soybean spec traders were 146,261 contracts net long as of 1/24. 

That was a 22k contract weaker net long through the week as the funds closed 14k longs and added 8k new shorts. 

Commercial soybean hedgers added 15k new long hedges which helped weaken their net short by 19k contracts to 179,807. 

In the products, the spec traders were 15k contracts less net long in meal and 18k contracts less net long in soybean oil. 

Commercials were also adding long hedges in the products, with 8k new longs for meal and 14k new longs for the oil through the week. 

As for wheat, the report showed Chicago wheat specs were selling 8.4k contracts short through the week that ended 11/24. 

That expanded the group’s net short to 73,933 contracts – the most since 2018 when the group peaked at 83,502 contracts net short. 

In KC wheat, the weekly update showed the funds were 459 contracts less net short as of Tuesday, given slightly more new buyers than new spec sellers. 

The managed money funds were adding to both sides in MPLS wheat too, but were 135 contracts more net short from Tuesday to Tuesday. 

In energy markets, oil prices settled lower on Friday.

Notably, Brent futures settled down 81 cents, or 0.9%, at $86.66 per barrel, up just 3 cents from last week’s settlement. 

U.S. crude fell $1.33, or 1.6 %, to settle at $79.68, 2% lower on the week.

Oil loadings from Russia’s Baltic ports are set to rise by 50% this month from December.

Urals and KEBCO crude oil loadings from Ust-Luga over Feb. 1-10 may rise to 1.0 million tonnes from 0.9 million in the plan for the same period of January.

If Russian supply remains strong heading into next month, oil is probably going to continue to trend lower.

U.S. energy firms during the week kept oil and natural gas rigs steady at 771, energy services firm Baker Hughes Co BKR.O said in its closely followed report on Friday.

A 4.2 million barrel build this week in stocks at Cushing, the pricing hub for NYMEX oil futures, also weighed on the market.

Meanwhile, OPEC+ delegates meet next week to review crude production levels, with analysts expecting no change to current output policy.

Also, next week, the Fed’s decision on interest rates will be made at meeting over Jan. 31 and Feb. 1.

In ocean freight markets, the Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, marked its fourth consecutive weekly fall on Friday as capesize demand remained numb.

The overall index, indeed, was down one point to 676, levels last seen during June 2020. 

The index was down 11.4% for the week.

Notably, the capesize index lost 15 points, or about 2.7%, at 534, a near five-month low. 

It was down 32% for the week, also a fourth consecutive weekly fall.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $118 to $4,433.

The panamax index was up nine points, or about 0.9%, at 1,054. However, it edged down 0.6% on its second consecutive weekly drop.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose by $78 to $9,487.

Among smaller vessels, the supramax index rose five points to 650.

In equity markets, Wall Street advanced on Friday, marking the end of an rocky week in which economic data and corporate earnings guidance hinted at softening demand but also a economic resiliency.

All three major U.S. stock indexes, indeed, ended the session green, with the Nasdaq, powered by megacap momentum stocks, enjoying the biggest gain.

Notably, the Dow Jones Industrial Average rose 28.67 points, or 0.08%, to 33,978.08, the S&P 500 gained 10.13 points, or 0.25%, to 4,070.56 and the Nasdaq Composite added 109.30 points, or 0.95%, to 11,621.71.

American Express, jumped 10.5% despite reporting weaker profit and revenue for the latest quarter than expected. 

It gave a forecast for earnings through 2023 that topped Wall Street’s expectations and announced a planned increase to its dividend.

Another big gain was for Tesla’s stock also supporting the market. 

It rose 11% following its stronger-than-expected profit report for the end of 2022 released earlier in the week.

On the other hand Intell fell 6.4%, following a jarring warning from the chipmaker. 

Not only did its revenue and earnings fall short of expectations last quarter, it also gave a forecast for revenue this quarter more than $2 billion below analysts’ expectations.

Hasbro fell 8.1% after saying it “underperformed” in this past holiday shopping season and will likely report a 17% drop in revenue for the fourth quarter. 

The company will cut about 1,000 jobs to reduce costs.

There are two competing big ideas on the market. 

On one hand are worries about a steep drop-off in profits and a severe recession for the economy. 

On the other are hopes that cooling inflation may allow the Fed to take it easier on rates.

So far, the job market has remained remarkably resilient despite a slowing overall economy. 

Almost all of the high-profile layoff announcements have been within the tech industry, which raced to expand after the pandemic sent demand for technology soaring.

The market is partly trying to reconcile that weak earnings and a drop in demand may be necessary for inflation to keep cooling.

Economic reports on Friday backed up recent data points suggesting inflation continues to moderate. 

U.S. Dec personal spending fell -0.2% m/m, right on expectations and the biggest decline in a year.  

Dec personal income rose +0.2% m/m, right on expectations.

U.S. Dec PCE core deflator rose +0.3% m/m and +4.4% y/y, right on expectations, with the +4.4% y/y gain the slowest annual pace of increase in 14 months.

U.S. Dec pending home sales unexpectedly rose +2.5% m/m, stronger than expectations of -1.0% m/m and the biggest increase in 14 months.

The University of Michigan U.S Jan consumer sentiment was revised up by +0.3 to a 9-month high of 64.9. 

The University of Michigan U.S. Jan 1-year inflation expectations fell -0.1 to 3.9%, the lowest in 1-3/4 years.  

Also, the University of Michigan Jan 5-10-year inflation expectations fell -0.1 to 2.9%. 

In this context, the yield on the 10-year Treasury, which sets rates for mortgages and other important loans, held steady at 3.51%. 

The two-year yield, which moves more on expectations for Fed actions, held at 4.19%.

From prior Friday’s close, the S&P and the Dow posted their third weekly gains in four, while the tech-laden Nasdaq notched its fourth straight weekly advance.

So far in the early weeks of 2023, the Nasdaq has jumped 11%, while the S&P 500 and the Dow have gained 6% and 2.5%, respectively.

In currency trading, the dollar clung to modest gains against the euro on Friday after data showed falling U.S. consumer spending and cooling inflation, and as investors awaited a slew of central bank meetings next week.

The euro was 0.17% lower at $1.08725, but not far from the nine-month high of $1.09295 touched on Monday. 

For the week, the common currency was up about 0.2%.

Against the yen , the dollar was 0.25% lower at 129.89 yen as hot Tokyo inflation readings spurred bets that a hawkish pivot from the Bank of Japan (BOJ) could be in the offing.

Sterling slipped 0.12% to $1.2397 , amid investor worries that the British economy’s slowdown may prompt the BoE to end its tightening cycle soon, a move which might weaken the pound in the short term.

The U.S. Dollar Index decreased slightly from last week’s 102.21 to 101.9.

Going back to analyzing the other agricultural markets …

In Canada, the Grain Statistics weekly report, had producers’ deliveries of common wheat at 503,1k mt for week 25 of this shipping season.

That was down from 533,7k mt posted prior week. 

Deliveries of durum wheat, were at 192,4k mt, slightly down from 195,6k mt showed in prior week.

Meantime, Canada exported 443,9k mt of common wheat in week 25.

That was down from 499,0k mt of a week earlier.

Durum wheat exports, meantime, were sharply higher moving up from 167,3k mt to 220,0k mt. 

Total Commercial Stocks of common wheat stood at 2.805,7k mt.

That was down from 2.840,8k mt posted in week 23.

Durum total commercial stocks, were also weaker from 693,2k mt a week earlier, at 667,7k mt. 

Cumulative exports for common wheat were at 9.528,1k mt.

That is compared 5.587,8k mt a year ago.

Durum cumulative exports reached 2.503,3k mt vs 1.253,9 a year ago. 

In this context, cash bids for Canadian durum wheat crumbled week over week. 

Indeed, looking at the average regional price of C$456.3/mt as of Jan 27, that was C$15.3/mt weaker from the prior week, which added to C$22.63/mt drop posted a week earlier, totalling a C$37.93 losse in two weeks.

Going inside the numbers of the week, as at January 23, 2023, Canadian wheat prices for FOB delivery West Coast were (Cdn$/mt): 

– for the N1 class CWRS 13.5% – $495.1 per tonne, up C$0.09/t wow; 

– for the N2 class CWRS 13.0% – $488.94/t, up C$0.2/t wow;

– for the N3 CWRS – $482.81/t, up C$1.68/t wow.

– for the N1 CWAD 13% (durum wheat first class) average street price in Rosetown was at C$503.39, virtually unchanged from prior week.

The export basis West Coast & Central SK, was not valued as Great Lakes are closed in this period of shipping season.

However, official daily price data for the Southeast Saskatchewan region, randomly chosen from the southern prairie regions producing durum, shows the bid as of Jan. 25 falling for seven consecutive days, a move that has seen price drop by $39.80/metric ton to $449.75/mt. 

On Jan. 26 price data showed a mixed close across the Prairies, which includes a modest $0.94/mt increase in the southeast Saskatchewan bid.

At the same time, Jan. 26 bids included a sharp $8.43/mt jump in the southern Alberta bid, the first increase in six sessions and the largest daily increase since Nov. 1. 

It is interesting to note, however, that cash offers in the export sector appear to be holding steady in Canada, while cash bids to the grower are sliding lower.

Durum total commercial stocks, indeed, contineued to decline week on week, down 29.22% from one year ago and down also from the five-year average for this week.

Meanwhile, the European Commission reported Canada’s No. 1 CWAD at US$445/mt USD FOB the St. Lawrence as of Jan. 25.

That was down US$10/t from prior week, and in Canadian dollars meant C$592.34/mt, down C$16.59/t from prior week.

As at January 27, 2022, for the N1 CWAD 13% (durum wheat first class), average street price in REGIONAL ZONES was at C$456.30 per tonne, down C$15.30 from prior week.

(1USD=Cnd$1.3311 down from 1.3383 a week earlier).

From South America, a storm front is expected to bring rains in a large part of Argentina over the next week, the Buenos Aires Grains exchange said on Thursday.

That should help farmers in the planting stage.

Polar winds are also expected to blow through the country, the exchange said, and Argentina’s mountainous areas and the southeast of Buenos Aires could see a light frost. 

Argentina’s 2022/23 corn and soybean plantings are nearly complete. 

Corn progress reached 94%, while soybean plantings are nearly 99% complete, according to a recent report from the Buenos Aires grains exchange. 

Meantime, the BAGE reported corn condition ratings for Argentina at 12% good/excellent, from 5%, and 39% poor, improved from 47% last week by recent rains. 

The Argentine soy crop was rated 4% points higher on Buenos Aires Grains Exchange’s good/excellent rating this week, to 7%. 

The portion of the crop rated poor was at 54%, improved from 60% last week. 

Consultancy Safras & Mercado predicts record-breaking corn production in Brazil this season.

Despite the Brazilian consultancy trimmed its estimates for the country’s first corn crop to 23.72 MMT, citing drought in the production state of Rio Grande Do Sul. 

However, Safras & Mercado is also anticipating a record-breaking second corn crop, with an estimated production of 87.73 MMT.

Analysts from Brazil’s Deral had the southern state of Parana bringing 3.7 MMT of first crop corn and 15.4 MMT of second crop corn. 

Both are consistent with their prior estimate. 

Safras & Mercado reported the 22/23 soybean harvest reached 4.4%, compared to 11% last year when the crop was diminished by drought. 

Brazil’s Deral expects the state of Parana will yield 20.7 MMT of soybeans via their most recent forecast. 

That is down by 3% citing the season’s dryness in the South.

In this context, as at Jan 26, 2022 – Argentina Wheat Grade 2 export price, (Up River) was at $378, up $1/t from prior week.

Argentina corn feed was up $6/t for the week, closing at $316.

Brazilian corn feed (Paranagua) was valued at $312, was up $4/t from prior week.

Argentina feed barley, was unchanged for the week to $345.

Argentina soybean was up $3 at $620.

Brazilian soybean was up $1, finishing the week at $584.

In Europe, March wheat on Paris-based Euronext, firmed at 286.00 euros ($310.85 + $1.73 wow) a tonne on Friday, posting a €1.25/t weekly gain.

As for the other products, price for March’s European Durum Wheat, on Friday settled at €481/t, unchanged for the week. 

March corn price, was up €0.75/t for the week, closing at 278.75 euros per ton.

Rapeseed closed at €544.25/t, up €11.25/t for the week.

UK wheat feed, Mar 23 contract, closed at £225.30, up £2.55/t week on week.

Meantime, as of Jan 26, 2022, FOB prices in US dollar for French wheat with 11.5% protein and Feb – March delivery, were at $324/mt, up $2 from prior week.

German wheat price, Deposilo Hamburg, was not available this week, past week was valued at $322.42/t.

Baltic wheat, delivery first Vilnius, was at $313.02/t, down $10.48/t from prior week.

Spanish durum wheat Sevilla (Depo Silo), was valued at $492.37/t, up $0.58/t from the prior week.

French durum wheat – delivered La Pallice Spot – July 2022 basis, this week was valued at $499.97/mt, up $14.21 from prior week.

Italian durum wheat Bologna (Delivered to first customer), was valued at $490.74, up $0.59/t week on week.

Corn, delivered Bordeaux Spot – July 2022 basis, was at $306.51 per tonne, up $3.63/t from past week.

Corn FOB Rhin Spot – July 2022 basis, was up $3.63 to $304.33/t.

Feed barley delivered Rouen was at 289.11$/t, up $5.78 per tonne.

Malting barley FOB Creil Spot – July 2022 basis was at $326.07 per tonne, down $5.04/t from prior week.

Rapessed FOB Moselle – 2022 harvest was at 592.36$/ton, up $9.39 compared to prior week.

Standard sunseed FOB Bordeaux – 2022 harvest was up 6.18$ from prior week at $624.97 per tonne.

(Eur/USD = 1.0869 vs last week 1.0856).

From Russia, the Russian agriculture ministry revised the export tax for wheat, corn and barley.

Particularly, as of Feb 1, the export duty on wheat will increase to 4,365.3 from 4,283.2 rubles per ton a week earlier.

Ditto for corn, rised from 886.5 rubles of a week earlier, to 1,186.2 rubles per ton.

Also for barley, the duty will increase to 3,174.3 rubles from 3,083.7 rubles per ton a week earlier.

This new duty rates will be in effect through Feb 7, inclusive.

The duties were calculated based on indicative prices: $308.8 per ton for wheat ($309.5 a week earlier), $267.7 for barley ($267.9), $226.4 for corn ($221.9).

From Australia, wheat and barley prices have softened in the southern market during the week, while barley rates in the north have firmed to reflect limited supply.

Some sell-side pressure on wheat has been seen in the northern market as growers make room for corn and sorghum soon to be harvested, and supply-side pressure in the south appears to be coming from the trade and not the grower.

Harvest is fast coming to a close in all states bar Tasmania, where the headers have gotten going in the past week or two.

USDA’s Ag Attaché expects Australia’s wheat crop will be 37 MMT even compared to the official WASDE forecast of 36.6 MMT. 

Meantime, indicative delivered prices in Australian dollars per tonne for prompt crops during the week were:

Barley Downs: $410, up $5 from Jan 19;

SFW wheat Downs: $395, down $5 from Jan 19;

Sorghum Downs: $405, unchanged from Jan 19;

Barley Melbourne: $368, down $2 from Jan 19;

ASW wheat Melbourne: $412, down $13 from Jan 19;

SFW wheat Melbourne: $408, down $7 from Jan 19.

(AUD/USD=> US$0.7108 vs US$0.6969 a week earlier).

Other main news 

Soft (non-durum) wheat exports from the European Union have reached 18.1 MMT as of Jan. 22, up 6% from 2021/22. 

The European Commission estimates 2022/23 wheat production at 133.4 MMT and all wheat exports at 34.9 MMT.

The Russian wheat export pace is on track for record wheat shipments in January, with 3.5 MMT for the month. 

The January forecast is 2.1 MMT above last year’s rate.

According to Joint Coordination Center (JCC) data grain exports through Ukrainian Black Sea ports increased 85% to 893,874 MT for the week ending on Jan. 22, and the average cargo size has increased 14% to 47,046 MT. 

Wheat shipments accounted for 32% of last week’s exports. 

As of Jan. 22, 30 ships awaiting inspection by the JCC in Turkey are loaded with agricultural products from the Black Sea and five are headed into port for loading.

SovEcon expects the 2023 wheat crop to be 18.2 MMT out of Ukraine, which is 600k MT above their prior estimate given rainfall.

Ukrainian consultancy UkrAgroConsult reports that the country’s 2022 wheat harvest is now complete, with a total production of 20.2 MMT. 

Average yields came in at 1.64t per acre.

Ukrainian consultancy UkrAgroConsult reports that the country’s 2022 corn production has reached 25.2 MMT, with harvest at 90% completion. 

Average yields were 2.5t per acre.

India’s sunflower oil imports are expected to reach record levels in January, with an estimated 473,000 metric tons as top exporters Russia and Ukraine are both drawing down their large stockpiles. 

On the international trade scene, South Korea’s Major Feedmill Group (MFG) purchased about 68,000 tonnes of animal feed wheat thought likely to be sourced from Australia in a private deal on Friday without issuing an international tender.

It was purchased at an estimated $343.85 a tonne c&f including a surcharge for additional port unloading.

Seller was believed to be Australian trading house GrainCorp with wheat shipment between May 15 and June 15 for arrival in South Korea around June 30.

Watching next week’s market, Monday starts with the Export Inspections report released in the afternoon. 

On Tuesday, the USDA will release their Cattle Inventory report. 

On Wednesday the EIA will release their weekly report showing ethanol production and stocks. 

Wednesday the Fed will announce their next interest rate decision. 

We will also get the monthly Fats & Oils, Grain Crushing, and Cotton Systems reports. 

Weekly Export Sales will be out on Thursday afternoon. 

Friday is expiration day for February live cattle options.

That’s all, thank you.

We wish you a nice day and a good weekend.

Author: Sandro F. Puglisi

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