Stage Is Set For Big Production In 2014
Feb 18, 2014
Good Morning! Paul Georgy with early morning comments for February 18, 2014 at 4:30 am.
Grain futures are higher as traders remain concerned about the size of Brazil’s soybean crop. Corn and wheat get strength from logistic problems due to weekend winter storm across Midwest.
Reporting from Mankato, MN this morning where I will be presenting to a group of producers for Legends Seeds at 10:00 AM.
Traders will be watching for cancellations this morning at 8:00 as exports continue to run well above the USDA estimate.
Later in the week, USDA will release their first estimate for the 2014 crop production. Their release is expected at 6:00 am on Friday. Traders are now expecting big production estimates after the release of their baseline data last week.
The export shipments release at 10:00 am this morning will be key data to traders.
AgRural cuts Brazil’s soybean production by 1.8 mmt to 87 from 88.8 mmt. They attribute the dry weather as the factor for drop in production. AgRural also suggests Mato Grosso is now 37% complete in soybean harvest.
Argentine soybean producers are now concerned about caterpillar infestation after recent rains cause crop damage.
NOPA crush data will be released this morning at 11:00 am. Trade estimate is for soybean crush to be 162.4 million bushel during January.
Boxed beef cutout values were higher on Monday with choice up 3.30 and select up 2.06. The CME Feeder Index on Friday was 171.58.
Pork cutout values were up 1.06 on Monday. Expect livestock futures to open steady higher this morning.
Markets as of 4:30 AM
- Mar Corn +1 1/4
- Mar Beans +11 1/4
- Mar Wheat +3
- Apr Cattle Steady-Higher
- Apr Hogs Steady-Higher
- Mar Dlr +.02
- Mar S&P -.75
- Mar Crude +.59
- Apr Gold -3.60
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