REGIONAL CUSTOMER MEETINGS: Come find out what is happening in your cooperative, learn about marketing options through Premier & hear the latest market outlook on fuel, and your agronomy inputs. Talk to your local facility manager to find out more information. March 3rd at Homer Community Building March 4th at Sadorus Town Hall All meetings will start at 8:00 am with a breakfast
FREE PRICE LATER :
now available (through 8/31/15) on corn and beans delivered out of your bins on space available basis. Call your local elevator for details . GRAIN DELIVERIES TO DILLSBURG will be limited, starting February 1st due to construction. Please call Shane Drayer at 217 280-0851 for details.
PLEASE BE AWARE: Premier is not accepting Duracade® corn grown in 2014.
Corn futures ended the session weaker as fund selling drove prices lower. As of midday funds were estimated to have sold approximately 7,000 contracts of corn. Corn also found pressure from cheaper price competition from outside countries. Both the Ukraine and Argentina did not follow the CBOT rally late last week, allowing both exporters to undercut U.S. corn offers. This is disappointing news as weekly corn export inspections came in this morning at a solid 50.4 mln. bu. Informa is expected to update their world production forecast on Tuesday, while the USDA’s updated numbers will be out a week from tomorrow. The USDA is also surveying U.S. farmers regarding their 2015 planting intentions and March 1st stocks. The anticipation is to see slightly lower corn and slightly higher bean acres compared to last year. Traders also anticipate March 1st corn and bean stocks to be higher than average trade estimates. NOAA’s midday 6 to 10 day weather forecast suggested we’ll see normal temperatures for the western corn belt and the central plains while the eastern cornbelt may continue to see below normal temperatures. The 8 to 14 day forecast looks more favorable, calling for well-above normal temperatures making their way into the western corn belt while precipitation is expected to stay below normal.
Soybean and soymeal futures were down sharply today. The weakness in the market was being attributed to fund selling sparked by a favorable South American weather forecast as well as news that the Brazilian trucker strike may be subsiding. Better than expected rainfall fell in Argentina over the weekend, reducing some of their dry areas. There is also talk that the Brazilian trucker strike may be over soon. Brazil’s President ordered additional police and the national guard onto the highways to hand out fines in an effort to prevent new blockages. By yesterday evening, there were reportedly only 12 partial roadblocks nationwide, which was a substantial decrease from the prior day. On Friday, Safras estimated Brazil’s bean harvest at 28% complete compared to an average of 32%. Some traders estimate that their harvest could advance to 40-45% by the coming weekend. Mato Grosso was said to be 53% done compared to 59% a year ago. Traders also continue to keep an eye on China’s bean import totals. Some believe that the USDA’s estimate for China to import 74 MMT’s of beans in the 14/15 crop year may be overstated. Helping to reiterate this thought right now is the fact that China has been fairly quiet in sourcing soy since their Lunar New Year holiday and that their import totals are coming in below prior trade expectations. Weekly U.S. soybean export inspections came in this morning at 23.3 mln. bu. This was the lowest U.S. weekly pace for beans since late September.
HAVE A PREMIER DAY 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 the purpose of, nor intended to be relied upon for specific trading in commodities here in.
The future prices and elevator bids on this web site are delayed. For the current bids please check with your local elevator.
Premier Cooperative's bids are alway subject to change without notice from this web site.