Daily Market update from MAC | Michigan Ag Commodities | Michigan Farm News

Today's market report

Category: Markets & Weather

by Chris Betz, Michigan Ag Commodities


Corn

Soybean

Wheat

Old Crop (futures month, change, settle price)

CH9

0'0

374'6

SH9

40

907'4

WH9

2'6

504'2

New Crop (futures month, change, settle price)

CZ9

3'2

399'2

SX9

4'0

952'0

WN9

4'0

509'2

Mixed to close out the week with corn closing unchanged, beans up four, and wheat down around three to four cents.

NOPA January soybean crush exceeded expectations giving soybeans a lift in the afternoon. U.S. January crush was the fourth largest month on record at 171.63 million bushels of soybeans. This, down from December crush at 171.759 million bushels. Soy oil stocks were also a little below expectations at 1.549 billion pounds, which is up from December.

Trade negotiations between the U.S. and China are set to resume in Washington DC next week. Additional talks had not been planned originally, but would suggest some headway is being made. President Trump said there is a possibility he will extend the March 1st deadline if “we’re close to a deal or the deal is going in the right direction.” The President Trump was speaking to reporters on the declaration that a government shutdown will be avoided, and that he is declaring a national emergency in order to fund a border wall.

Four weeks of export data will be released next week, which will help clear up how much U.S. soybeans, corn, and maybe wheat China has actually purchased. Regardless, Chinese purchases will turn towards South America moving forward, especially should negotations drag on.

Showers in Brazil Friday were a bearish influence as late planted soybeans will benefit, as well as early development in second crop corn. Although, harvest and planting of each respectively will experience some delays.

Wheat continued lower Friday notching fresh year lows. The firmer dollar continues to lend pressure, and Russian FOB values have been more competitive over the past week.

For cash grain bids visit http:/www.michag.com/grain-bids/ or more information email [email protected].