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Wheat was the only commodity today able to continue it's positive streak. Export sales did a number on beans after they wildly underperformed, while corn continued its mindless walk.
Soybean sales continue to disappoint, with beans priced into the port in China now roughly $2.15 per bushel cheaper for February shipment if they come from Brazil rather than from the U.S. Gulf, and the discounts are even greater for March and April shipment. Marketing year to date soybean export sales to all destinations total 1.394 billion bushels, down 313 million or 18% from the previous year's pace, while falling short of the seasonal pace needed to hit USDA's target by 17 million bushels - and the deficit is growing. Mexico was the featured buyer of U.S. corn in the week. Marketing year to date export sales to all destinations total 1.279 billion bushels, up 332 million or 35% from the previous year's pace.
Commodity Weather Group in a blog post this morning estimated that up to two-thirds of the U.S. winter wheat crop could exit dormancy by the second week of February due to upcoming unseasonable warmth -that would be 2-3 weeks earlier than normal and leave the crop vulnerable to damage. World Weather shows that central & southern Argentina are still not advertised to receive much “significant” rainfall over the next 10 days. Showers are expected after Feb. 3, though most of the precipitation will be light & may not counter evaporation very well.
Funds were thought to be mixed today with wheat a buyer, and corn and beans a sellers.
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