|
Wheat led the grains today after headlines about an escalated Ukraine/Russian war shot across the news. This helped wheat surpass the 20, 50 and 100 day moving averages. Weather concern in Argentina continues to provide underlying background support for corn and soybean futures.
A Russian military transport plane crashed near the border with Ukraine killing all 74 people on board including 65 prisoners of war. Russian Foreign Minister Sergei Lavrov said Russia has called for an emergency U.N. Security Council session on Wednesday to discuss the crash. Russia has accused Ukraine of deliberately shooting down the military transport plane carrying 65 captured Ukrainian soldiers to the prisoner exchange in what it called a barbaric act of terrorism.
South American weather has continued to trend drier in Argentina and Southern Brazil into the first week of February. This will need monitoring as moisture will be needed to finish Argentina's record yield potential. Commodity Weather Group in a blog post today also noted the potential for a drier turn for northeastern Brazil during the 11-15 day time frame.
Today's EIA report shows commercial crude oil stocks down 9.2 million barrels to 420.7 million, while ethanol stocks were up 0.1 million barrels to 25.80 million. Ethanol production decreased 236 thousand barrels per day to 818 thousand. (due to cold weather). This week, production margins are above average for the time of year in the Corn Belt.
Funds were thought to have been mostly buyers today.
Export sales will be out tomorrow. Estimates are below.
Hope to see you all at tomorrow's AGM!
| 
