MARKET COMMENTARY

The weekly export sales report was out this morning, it looked friendly to both corn and soybeans as sales numbers came in above expectations.  At the 7:45am market pause soybeans were a couple cents higher and corn was a couple cents lower.  Corn’s weakness can probably be attributed to the news that a ceasefire that was successfully brokered over in Ukraine.  This is to start at midnight on Feb 15^th and this has corn and wheat trading just a shade lower. 

U.S cash corn/bean basis feels a little firmer today as farmer selling has been slow.  Farmer selling has also been slow in Argentina - but that is not the case in Brazil as the farmers there continue to let go of beans as the Brazilian Real fell to a fresh 10-yr low yesterday.  This strong Brazilian selling could eventually damage potential export business for soybeans out of the U.S.

Overall, our markets appear to be consolidating a bit lately as the ranges tighten.  As these charts get wound up tight like a spring – many feel that a breakout is likely coming, for better or worse…

Opening Calls

Corn steady/mixed

Soybeans 1 to 3 cents higher

Have a great day!

@fccoopgrain