What Great Lake state has more shoreline than the entire US. Atlantic seaboard?
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Grain Market Insight
Morning Grain Comments 2-24-2020 – The grain markets were lower overnight with all of the nearby grain contracts leaving a gap of 0.25 cent to 2 cents. The trade volume was very heavy again during the night session with well over a quarter-million contracts traded. The early comment Sunday afternoon and most of the news this morning was that the spread of Corona virus will continue to disrupt the supply chain for an extended period of time. We will see how this plays out in the coming days. With the holiday week last week behind us, we should have a normal week of trading with the regular weekly reports starting with the export inspections this morning at 10:00. In world grain trade news, the export sales report Friday showed about 1.9 million bushels of milo sold to China and Tunisia has tendered for 4.6 million bushels of soft wheat. At the end of the night session at 7:45 this morning, Kansas City March wheat was 8.75 cents lower, Chicago March corn was down 3.25 cents, and Chicago March soybeans were 12.25 cents lower. Have a great day.
Afternoon Grain Commentary 2-21-2020 – Grains closed weaker for the day and closed mixed for the week. Cash wheat down 5 cents for the day and up 3 cents for the week at 4.27. Cash milo down 2 cents for the day and down 1 cent for the week to 3.21, cash corn down 2 cents for the day and 1 cent for the week to 3.77, and cash beans down 2 cents for the day and up 12 cents for the week to 7.91. Pretty quiet trade day and not a lot of news to make a difference in the market. USDA Ag Forum Grain and Oilseed Outlook has wheat planted area at 45.0 million acres with yield at 48.2, and season average farm price at 4.90 for 2020/21. Corn estimated at 94 million acres with 178.5 yield, and season average farm price at 3.60 for 2020/21. Beans estimated at 85.0 million acres and a 49.8 yield, and season average farm price at 8.80 for 2020/21. Southwest Kansas weather is 50s for highs into the weekend and cooling off Sunday night into Monday with rain and snow possible. Have a great weekend!
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