Good morning Farmer Family …
US farm markets took a beating on Friday.
Corn prices eroded 1.55% lower.
Soybean losses were relatively minimal, down 0.34%, with soyoil slumped 1.5% lower, while soymeal firmed 0.81% higher.
Wheat prices suffered a sharp decline, as Chicago wheat closed 4.06% lower; Kansas City HRW ended the week’s last trade day 2.32% in the red; Minneapolis spring wheat prices ended the day with 2.48% losses.
For the week, corn prices tumbled 4.09%.
Soybeans thanks early week strength, were up 0.11% since the prior Friday.
Meal helped the soybean complex, up 1.22%, while bean oil was down 0.65% for the week.
The wheat markets collapsed, after spent much of the week heading lower.
Chicago SRW was the leader, down 7.48% for the week.
Kansas City was down 7.13%, and Minneapolis spring wheat was 4.82% lower.
Going inside the numbers, corn prices closed the week $0.278 weaker at $6.50/bu.
Soybean was $0.017 higher from the prior Friday at 15.29/bu.
Soymeal gained $6.00/smt, closing at $497.1 smt.
Soy oil shedded $0.40, to close at $61.11.
CBOT soft red winter (SRW) prices tumbled $0.573 for the week to close at $7.08/bu.
KCBT hard red winter (HRW) prices collapsed $0.647, ending at $8.42/bu.
MGE hard red spring (HRS) prices were $0.448 weaker to $8.86/bu.
Export concerns and lingering sentiment that U.S. grains are priced more higher compared to some key overseas markets, led to a robust sell off.
On Friday, USDA’s FAS, indeed, reported a 20% drop in weekly corn bookings.
Notably, the delaied Weekly Export Sales report had 823k MT of sales.
Thus, the old crop book sat at 28.7 MMT, which is down 40% yr/yr and includes 14.36 MMT of shipments and 14.28 MMT of outstanding sales.
For new crop corn, there were 1.563 MMT on the books as of 2/16.
As for soybean, the report showed 544,915 MT were sold for export during the week that ended 2/16.
That was a 20% increase from last week’s volume, but down 18% from the prior four-week average.
That was also toward the lower end of trade estimates.
China booked 176k MT but 120k MT were switched from unknown, and Egypt booked 142k MT.
As of 2/16, there were 48.578 MMT on the books for old crop soybeans, a 29% lead over last year and including 40.8 MMT of exported bens and 7.73 MMT of unshipped sales.
New crop soybean commitments were shown at 1.174 MMT as of 2/16.
Soymeal sales were 65,574 MT for the week that ended 2/16, which was below estimates.
Accumulated meal commitments were 7.553 MMT as of 2/16.
Soybean oil bookings for the week were shown as 755 MT of net cancelations.
Soy oil commitments were 50,863 MT as of 2/16.
As for wheat, USDA reported 338,828 MT of wheat was sold for export during the week that ended 2/16.
That was up from 209k MT prior week.
Old crop wheat commitments, however, were still 16.85 MMT, trailing last year’s 17.98 MMT pace.
New crop wheat were at 413,461 MT on the books as of 2/16.
On Thursday, USDA’s Ag Outlook Forum released their initial estimate for the 2023/24 balance sheet.
Corn acreage was estimated at 91 million acres, which would be up from 88.6m this season but close to the average trade guess.
Applying general silage and abandonment and trendline yields has the corn crop at 15.085 bbu.
Analysts were expecting plantings of 90.9 million acres and production of 14.949 billion bushels.
USDA’s Ag Outlook Forum expects the total FSI use at 6.69 bbu, feed and residual as 5.6 bbu, and 2.2 bbu of exports for a 1.887 bbu carryout.
Their projected cash average price for next year was $5.60.
As for soybean, the USDA projected new crop soybean acreage at 87.5 million acres.
That was slightly below trade estimates of 88.6.
Trend yields were pegged at 52 bpa before weather considerations leaving a 4.5 bbu crop – a 5% increase yr/yr.
Major uses were projected at 2.31 bbu for crush and 2.03 bbu for exports, for a 290 mbu carryout and a $12.90/bu average price.
As for wheat, the USDA showed US wheat production at 1.887 bbu, which offset the tighter carry-in for a total 2023/24 supply of 2.575 bbu.
USDA projected wheat acreage at 49.5 million acres vs 48.7 expected.
Trend yields were pegged at an average yield of 49.2 bushels per acre, up 6% from last year’s drought-affected average of 46.5 bushels.
Usage was marked at 1.967 bbu, with 977 mbu for food and 825 mbu for exports.
The ending stocks were marked at 608 mbu for 23/24, slightly tighter than the 650 mbu trade average guess.
However, USDA proiected a 50-cent drop in average price for the year.
On Wedsneday, weekly EIA data showed 1.029m barrels of ethanol was produced daily through the week that ended 2/17.
That was a 10-wk high, and was up 15k barrels/day from the past week.
That also marks the sixth consecutive week that production has stayed above the 1-million-barrel-per-day benchmark.
However, ethanol stocks firmed another 1%, up by 249k barrels to 25.588 million, the largest stock total since last April.
On the weather side, a storm system brought precipitation to Colorado, northern and eastern Kansas, southern and eastern Nebraska, and southeast South Dakota.
A Pacific weather system starting Feb. 22 brought snow and rain across the Southern Plains and northern states.
Recent cold temperatures in the northern growing regions should not hurt the planted HRW, as the snow will provide a protective cover.
Plenty of wet weather is on its way to the central U.S. over the next several days, with a large portion of the Corn Belt likely to see 1” or more fall until Tuesday.
The agency’s new 8-to-14-day outlook predicts more seasonally wet weather for the Midwest and Plains between March 3 and March 9, with warmer-than-normal conditions likely for most areas east of the Mississippi River.
In this context, corn prices set a six-week low on Friday, while wheat hit its lowest level in more than four weeks.
Soybean prices also eased, with the most active contract hitting its lowest price since Feb. 15.
Soybean market had gapped higher out of the long weekend on reports of scattered frost damage in Argentina.
But now the United States must also facing competition of cheaper supplies coming from Brazil.
Thus, soybean prices followed other grains lower, though additional cuts to Argentina’s production estimates kept prices from falling further.
In this context, corn basis bids climbed 10 cents higher at a Nebraska processor, while holding steady elsewhere across the central U.S..
Soybean basis bids were mostly steady across the central U.S., but did pick up a penny at an Illinois river terminal while sliding 2 cents lower at an Iowa river terminal.
As for wheat, HRW and HRS basis was down in the Gulf, drawn down by the drop in futures and lacking demand to provide support.
Meanwhile, the HRW basis was up in the PNW, while HRS remained steady, strengthened by anticipated demand from steady customers in the coming days.
SW prices dropped in response to the futures slump, while SRW basis remained steady.
As a result, as at February 23, 2023, FOB prices saw US wheat No 2 Hard Red Winter (HRW) valued at $388/mt (down $14 from prior week).
US wheat No 2 Soft Red Winter (SRW) was valued at $321/mt (down $10 from prior week).
Northern Durum offers from the Great Lakes, for April 2023 delivery were quoted at $11.5/bu ($422.00/MT – unch), unchanged from prior week.
As for corn, US corn 3YC (Gulf) was at $293/mt (down $9 from prior week).
As for soybean, US soybean 2Y (Gulf) quoted at $600/mt (up $1from prior week).
USDA reported the week’s average cash ethanol prices from $2.0367 to $2.2950 regionally, mostly 1.5 to 6 cents/gal higher.
Corn oil cash markets ranged from 55 – 68 cents/lb.
DDGS were quoted from $245/ton to $310/ton, mostly higher from $5 to $20/ton for the week.
DDGS prices to the Export Point averaged between $271 to $362/ton, slightly weaker from prior week.
USDA cited the week’s cash average B100 quote as $4.78 in MN, down $0.86.
After the sessions close, the CFTC resumed Commitment of Traders reporting, but the data were delayed three weeks, as the CFTC released Commitment of Traders data as of the 1/31 settlement.
Reporting is delayed due to a ransomware attack on a exchange server that prevented some firms from adequately reporting positions.
In energy markets, oil edged higher in volatile trade on Friday, and was flat on the week.
Brent crude futures, indeed, settled at $83.16 a barrel, up 95 cents, or 1.2%.
West Texas Intermediate U.S. crude futures (WTI) settled at $76.32 a barrel, rising 93 cents, or 1.2%.
The market appeared to be well supplied with U.S. inventories at their highest since May 2021, according to data from the U.S. Energy Information Administration.
Also, an indicator of future supply, U.S. oil rigs fell seven to 600 this week, but the total count was still up 103 rigs, or 15.8%, over this time last year, energy services firm Baker Hughes Co said.
Indications that Russian crude and refined products are accumulating on tankers floating at sea also hinted at increasing supplies.
The prospect of further interest rate hikes supported the dollar index, up about 2.5% for the month.
And a firm dollar makes commodities priced in the greenback more expensive for holders of other currencies, curbing demand.
However, oil prices were supported by the prospect of lower Russian exports.
Both benchmarks rose about 2% Thursday session, on Russia’s plans to cut oil exports from its western ports by up to 25% in March, which exceeded its announced production cuts of 500,000 barrels per day.
In ocean freight markets, the Baltic Exchange’s main sea freight index snapped its seven-week long losing streak and posted its second-biggest weekly jump ever on Friday, as rates for all vessel segments rebounded.
The overall index, indeed, was up 67 points, or about 8.2%, at 883, an over one-month high.
The main index rose about 64% for the week, the biggest gain since mid-June 2020.
Notably, the capesize index gained 63 points, or about 11%, to 636.
It was up about 135% for the week, also the biggest jump since the week ended June 19, 2020.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, gained $517 to $5,271.
The panamax index was up 102 points, or about 8.7%, at 1,271, a seven-week high.
The index saw its first weekly gain in eight sessions, up nearly 57% — the most since the week ended June 6, 2009.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were up $919 at $11,439.
Among smaller vessels, the supramax index rose 56 points to 996.
It was up about 43% for the week, posting its biggest weekly rise on record.
In equity markets, Wall Street’s main indexes posted their biggest weekly drop of 2023 after sharp losses on Friday.
Indeed, the S&P 500 Index closed down -1.05% on Friday, the Dow Jones Industrials Index closed down -1.02%, and the Nasdaq 100 Index closed down -1.73%.
Notably, the Dow Jones Industrial Average fell 336.99 points, to 32,816.92, the S&P 500 lost 42.28 points, to 3,970.04 and the Nasdaq Composite dropped 195.46 points, to 11,394.94.
That has meant, the Dow Jones fell 3% for the week, its biggest weekly decline since September.
It was also the Dow’s fourth straight weekly decline, its longest losing streak for nearly 10 months.
The S&P 500 and Nasdaq Composite were also down 2.7% and 3.3%, respectively.
The S&P 500 fell to a 5-week low, the Dow Jones Industrials dropped to a 2-month low, and the Nasdaq 100 sliding to a 4-week low.
Stocks retreated as stronger-than-expected U.S. economic reports bolstered the case for the Fed to keep raising interest rates.
U.S. Jan personal spending rose +1.8% m/m, stronger than expectations of +1.4% m/m and the biggest increase in 1-3/4 years.
Jan personal income rose +0.6% m/m, weaker than expectations of +1.0% m/m.
U.S. Jan core PCE deflator rose +0.6% m/m and +4.7% y/y, stronger than expectations of +0.4% m/m and +4.3% y/y.
U.S. Jan new home sales rose +7.2% m/m to a 10-month high of 670,000, stronger than expectations of 620,000.
The University of Michigan U.S. Feb consumer sentiment index was revised upward by +0.6 points to a 13-month high of 67.0.
As a result, the market now fully expects the Fed to raise interest rates by +25 bp at the March, May, and June FOMC meetings.
Hawkish Fed comments Friday helped push the 10-year T-note yield to a 3-1/2 month high of 3.975% and weighed on stocks.
Some negative corporate news Friday also weighed on stocks. Autodesk closed down more than -12%.
Also, Live Nation Entertainment closed down more than -10%.
Adobe closed down more than -7%.
Megacap stocks including Tesla Inc, Amazon.com Inc and Nvidia Corp slid between 1.6% and 2.6% as Treasury yields rose.
The yield on two-year Treasury notes , which are highly sensitive to Fed policy, climbed to 4.826% – its highest in nearly four months.
In currency trading, the dollar held a seven-week peak on Friday.
Hotter-than-expected economic data has helped the greenback to strengthen against many of its major peers this week, sending the dollar index up 0.6% at 105.20 to a seven-week high and posting its largest weekly gain since late September.
The euro, meantime, posted its biggest weekly loss against the dollar since late September.
Notably, the euro was last down 0.39% against the greenback at $1.0549, after falling to a seven-week low of $1.0536 earlier in the session.
Against the yen, the dollar hit a two-month high and was last up 1.3% at 136.41 yen.
The U.S. currency also rose to its strongest level in seven weeks versus the Swiss franc following the data.
The dollar last traded at 0.9406 francs, up 0.7%.
Sterling softened 0.60% against the dollar at $1.1951.
Going back to analyzing the other agricultural markets …
In Canada, according to the February Canadian Outlook for Principal Field Crops, Agriculture and Agri-Food Canada foresees a 4% increase in the 2023/23 non-durum wheat area to 8.2 million hectares.
Due to strong competition from other crops, meantime, durum area is expected to decrease by 6% to 2.3 million hectares.
For the 2022/23 crop year, export volumes are up 70% from last year, and the export forecast was increased to 19.3 MMT.
MY 2022/23 ending stocks were revised to 4.0 MMT, up 29% from the prior year, though 11% below the five-year average.
Meantime, the Grain Statistics weekly report, had producers’ deliveries of common wheat at 566,7k mt for week 29 of this shipping season.
That was weaker from 590,8k mt posted prior week.
Deliveries of durum wheat, were at 130,3k mt, the same quantity showed in prior week.
Meantime, Canada exported 312,0k mt of common wheat in week 29.
That was down from 364,6k mt of a week earlier.
Durum wheat exports, were also weaker moving down from 166,2k mt to 105,6k mt.
Total Commercial Stocks of common wheat stood at 3.063,6k mt.
That was up from 2.958,9k mt posted in week 28.
Total durum commercial stocks, were also higher moving from 638,4k mt a week earlier, to 652,9k mt.
Cumulative exports for common wheat were at 10.955,0k mt.
That is compared 6.585,3k mt a year ago.
Durum cumulative exports reached 3.064,7k mt vs 1.423,9 a year ago.
In this context, cash bids for Canadian durum wheat rose week over week.
Indeed, looking at the average regional price of C$458.99/mt as of Feb 24, that was C$3.43/mt firmer from the prior week.
Going inside the numbers of the week, as at February 21, 2023, Canadian wheat prices for FOB delivery West Coast were (Cdn$/mt):
– for the N1 class CWRS 13.5% – $505.11 per tonne, up C$6.04/t wow;
– for the N2 class CWRS 13.0% – $498.90/t, up C$5.96/t wow;
– for the N3 CWRS – $518.95/t, up C$6.15/t wow.
– for the N1 CWAD 13% (durum wheat first class) average street price in Rosetown was at C$459.30, up C$9.19/t from prior week.
The export basis West Coast & Central SK, was not valued as Great Lakes are closed in this period of shipping season.
Meanwhile, the European Commission reported Canada’s No. 1 CWAD at US$425/mt USD FOB the St. Lawrence as of Feb. 22.
That was unchanged from prior week, but in Canadian dollars meant C$578.43/mt, up C$5.7/t from prior week.
As at February 24, 2022, for the N1 CWAD 13% (durum wheat first class), average street price in REGIONAL ZONES was at C$458.99 per tonne, up C$3.43 from prior week.
(1USD=Cnd$1.3610 up from 1.3476 a week earlier).
From South America, adverse weather continues to impact crops there.
More than half of the second corn crop in Brazil’s Parana and Mato Grosso do Sul states will be planted outside the ideal climate window, according to estimates by agribusiness consultancy AgRural on Thursday.
This raises the prospect of the crop being hit by frosts, as the case was in the 2020/2021 cycle, when both states suffered severe losses.
Meantime, Brazil grain exporters’ association, ANEC, estimated Feb soybean exports at 8.3Mt (9.4Mt previous forecast), soymeal at 1.4Mt (1.9Mt), maize at 2.0Mt (2.1Mt) and wheat at 670,400t (489,600t).
Corn and soybean production estimates in Argentina have been lowered again as a result of harsh dry and hot conditions, the Buenos Aires Grains Exchange (BAGE) said in its weekly report.
Corn output is lowered to 41Mt from the previous estimate of 44.5Mt.
Soybean production was also lowered to 33.5Mt, down 4.5Mt from the previous estimate, following early frosts on the western edge of the agricultural area, lack of rain, and the heat registered during the beginning of February.
Refinitiv Commodities Research cut its 2022-23 corn production outlook for Argentina by a further 1pc, to 43.4Mt, amid continued suboptimal conditions across key growing areas of the eastern Pampas in particular.
Similarly, reflecting limited moisture in core producing regions, 2022-23 soybean output seen 2pc lower than before, at 39.5Mt.
In this context, as at Feb 23, 2023 – Argentina Wheat Grade 2 export price, (Up River) was at $359, down $6/t from prior week.
Argentina corn feed was down $2/t for the week, closing at $313.
Brazilian corn feed (Paranagua) was valued at $303, was down $6/t from prior week.
Argentina feed barley, was unchanged for the week to $320.
Argentina soybean was up $2 at $624.
Brazilian soybean was up $2, finishing the week at $563.
In Europe, Euronext wheat fell to a one-month low under pressure from export competition from Russia and expectations the shipping corridor from Ukraine will continue.
The European Commission has revised down its export estimates of -2 Mt in soft wheat compared to last month, now counting on an exported volume of 32 Mt for the 2022/2023 campaign.
Barley export volumes, despite the expected shipments, have also been revised downwards by -0.5 Mt to 9 Mt.
In corn, imports are still forecast at 23 Mt, ie still record levels.
In rapeseed, the European Commission is also counting on rising rapeseed imports, from +0.50 Mt to 5.6 Mt, over the current season.
Meantime, data from farm office FranceAgriMer showed that the condition of soft wheat improved for a second week last week, indicating a record dry spell has not yet strained crops in the European Union’s biggest wheat-producing country.
An estimated 95% of soft wheat was indeed rated as good or excellent compared with 93% the previous week and 92% two weeks earlier, according to the office’s cereal report.
The score was also above the 93% registered a year earlier.
For winter barley, 94% of the crop was rated good or excellent, while durum wheat scored 92%.
Farmers made more swift progress in sowing spring barley, with 80% of the expected area drilled by Feb. 20, compared with 58% a week earlier and an average 24% over the previous five years, FranceAgriMer’s data showed.
French crops have adequate moisture for winter, despite a record dry spell that has raised concerns for spring, while in Germany and Poland regular rain and mild weather were keeping crops in good condition.
In this context, March wheat on Paris-based Euronext, indeed, closed the week at 279,75 euros ($295.05 – $20.42 wow) a tonne on Friday, posting a €15.25/t weekly decline.
As for the other products, price for March’s European Durum Wheat, rose €6.75/t for the week, settling at €427.5/t.
March corn price, in contrast, was down €6.5/t for the week, closing at 288.5 euros per ton.
Rapeseed closed at €542/t, down €22.5/t for the week.
UK wheat feed, Mar 23 contract, closed at £221, down £14.25/t week on week.
Meantime, as of Feb 23, 2022, FOB prices in US dollar for French wheat with 11.5% protein and Feb – March delivery, were at $311/mt, down $14 from prior week.
In Germany, standard 12% protein wheat for March delivery in Hamburg was offered for sale at a premium of about 7 euros over the Euronext May contract, with little purchase interest.
Baltic wheat, delivery first Vilnius, was at $298.48/t, down $0.95/t from prior week.
Spanish durum wheat Sevilla (Depo Silo), was valued at $405/t, past week was not available.
French durum wheat – delivered La Pallice Spot – July 2022 basis, this week was valued at $442.97/mt, down $6.18 from prior week.
Italian durum wheat Bologna (Delivered to first customer), was valued at $430.32 6.32, down $6/t week on week.
Corn, delivered Bordeaux Spot – July 2022 basis, was at $317.46 per tonne, down $2.29/t from past week.
Corn FOB Rhin Spot – July 2022 basis, was down $1.23 to $318.52/t.
Feed barley delivered Rouen was at 278.44$/t, down $14.58 per tonne.
Malting barley FOB Creil Spot – July 2022 basis was at $311.14 per tonne, down $9.68/t from prior week.
Rapessed FOB Moselle – 2022 harvest was at 574.81$/ton, down $17.64 compared to prior week.
Standard sunseed FOB Bordeaux – 2022 harvest was down 18.93$ from prior week at $590.63 per tonne.
(Eur/USD = 1.0547 vs last week 1.0694).
From the Black Sea basin, after one year of war in Ukraine, traders largely expect an extension of the Black Sea grain deal that facilitated the flow of Ukrainian crops to world buyers.
Struck last year, the agreement has increased competition for suppliers of wheat and corn.
Russian President Vladimir Putin spoke to Turkish counterpart Tayyip Erdogan about the deal on Friday.
Ukrainian President Volodymyr Zelenskiy on Friday welcomed some elements of a Chinese proposal for a ceasefire but said only the country where a war is being fought should be the initiator of a peace plan.
From Russia, SovEcon has lowered its monthly estimate of Russian wheat exports by 0.3 MMT to 3.4 MMT due to the weather conditions.
The exports were slowed by the current Black Sea storms.
By mid-February, Russian weekly wheat exports decreased to 0.7 MMT from 0.9 MMT at the beginning of the month, mainly due to unfavorable weather conditions in the significant Russian port of Novorossiysk.
A storm warning was issued again in Novorossiysk on February 20 due to bad weather.
As of February 22, weather conditions affected outstanding wheat sales by Russian traders, reducing them to 2.3 MMT from a record-high of 2.9 MMT two weeks earlier.
However, the number remains high for this time of year.
The volume of exports in February still exceeds the five-year average for February of 2.5 MMT and aligns with SovEcon’s yearly wheat export forecast of 44.1 MMT.
In this context, the Russian agriculture ministry revised the export tax for wheat, corn and barley.
Particularly, as of Mar 1, the export duty on wheat will increase to 5,275.2 from 5,177.2 rubles per ton a week earlier.
Ditto for corn, rised from 2,199.7 rubles of a week earlier, to 2264.6 rubles per ton.
Also for barley, the duty will be higher for this period, increasing to 3,872.3 rubles from 3,717.0 rubles per ton a week earlier.
This new duty rates will be in effect through Mar 7, inclusive.
The duties were calculated based on indicative prices: $303.2 per ton for wheat ($304.8 a week earlier), $261.1 for barley ($261.1), $230.2 for corn ($231.6).
The slower exports may temporarily alleviate pressure on the global wheat markets and curbing export duty.
Nevertheless, the relief will not last long as exports are expected to remain high in H1 2023 amid a record-high wheat crop of 104.4 MMT and a weaker ruble.
From Australia, wheat and sorghum values have gained up to $10 per tonne in the past week as sorghum grabs the logistics spotlight and exposes some uncovered short positions on wheat.
Weather in the past week has been mostly ideal for harvesting sorghum, and crops with good yields and quality are filling trucks and going straight to container packers or to Brisbane for export.
In the southern market, prices have been steady as growers temper their selling of wheat and barley to match demand.
In this context, indicative delivered prices in Australian dollars per tonne for prompt crops during the week were:
Barley Downs: $403, down $4 from Feb 16;
SFW wheat Downs: $405, up $10 from Feb 16;
Sorghum Downs: $415, up $10 from Feb 16;
Barley Melbourne: $365, unchanged from Feb 16;
ASW wheat Melbourne: $418, down $2 from Feb 16;
SFW wheat Melbourne: $415, unchanged from Feb 16.
(AUD/USD=> US$0.6726 vs US$0.6869 a week earlier).
On the international trade scene, Iraq’s state grains buyer is believed to have purchased about 250,000 tonnes of wheat expected to be sourced from Australia in an international tender restricted to a limited number of participants this week.
The wheat was believed to have been bought at an estimated $428 a tonne c&f free out with trading houses Viterra an The Andersons believed to be the sellers.
The tender sought wheat sourced only from the United States, Australia and Canada.
Several South Korean corn importers made a series of large corn purchases from optional origins in a series of international tenders and private deals on Friday.
Traders were speculating about these moves earlier this week, when South Korea cancelled a tender supposedly to wait and see if UDSA’s planting estimates would lower corn prices (and it did).
TMO has booked 48 kmt of crude sunoil as belows:
Aves, 2 x 18 kmt, EX-Antrepo Mersin-Iskenderun, at 1.178,60 & 1.178,80 USD/mt;
Aston, 2 x 6 kmt, at 1159 USD/mt C&F Tekirdag Port.
Watching next week’s market, Monday starts with weekly Export Inspections data in the afternoon.
Tuesday will mark the expiration of the February Live Cattle futures.
As the calendar flips to March, the weekly EIA ethanol production and stocks report will be out on Wednesday in the afternoon.
Monthly domestic use data vis the Grain Crushings, Fats & Oils, and Cotton Systems reports will be released by NASS on Wednesday overnight.
On Thursday afternoon we will see the release of the weekly Export Sales report.
That’s all, thank you.
We wish you a nice day and a good weekend.
Author: Sandro F. Puglisi
