Friday, March 1, 2024 MARKET SUMMARY: Happy Friday and happy first day of meteorological spring! Markets are mixed at the CBOT with corn and wheat futures lower and the soybean complex higher. Position squaring/profit taking will likely be the theme today as traders prepare for the weekend and next week’s USDA March WASDE report. Products are higher, soybean meal is up $1.50-2.50/ton and soybean oil is up 20-30 points. Outside markets are mixed, crude oil futures are $1-1.25/bbl. higher, the Dow Jones index is down 20 points, and the US dollar index is down 5 points. Crude Oil is up $1.40 at $79.66. U.S. Dollar is +0.2% at $104.165.Global Equities: Japan +1.3%, China +0.5%, and Europe +0.3%.Dow futures is down 21 points at 39,022.EU MATIF Exchange: Corn -1.3%, and Wheat -1.7%. WEATHER:
- Temps still look to warm up across the Midwest this weekend and stay on the warmer side through the first two weeks of March. Rain chances will increase next week, but totals won’t be heavy. River levels are expected to work lower through the month of March.
- Grain trader Archer-Daniels-Midland said on Friday it was expecting to report material weakness in the internal control over financial reporting in its annual report, which it aims to file by March 15. The company's finance chief Vikram Luthar was placed on administrative leave in January amid a probe over its accounting practices at its Nutrition unit. It had also delayed reporting its fourth-quarter results. ADM said it was working on a plan to address the weakness related to its accounting practices and procedures for intersegment sales. The company does not anticipate an impact on its consolidated balance sheets, earnings statements, or cash flow, it said. Shares of the company rose 2.6% in trading before the bell, after briefly falling 2%.
- Argentine farm exports rose to $1.52 billion in February, a 64% jump from the same month last year, oilseed industry and grains export chamber said on Friday. The surge in sales, also up 22% versus the previous month, comes as News Story devalued the peso currency by more than 50% after taking office in December, in a boost to agricultural shipments. Grain exports are key for Argentina as they bring in foreign currency as it battles an economic crisis, with depleted central bank reserves and annual inflation topping 250%. Argentina is one of the world's top exporters of processed soy, the No.3 for corn and a major supplier of wheat.
- Indonesia's rice output in the harvest period from January to April is expected to drop 17.52% from last year, hit by dry weather that brought a decline of 1.39%, data from the statistics bureau showed on Friday. The Southeast Asian nation produced 31.10 million metric tons of the grain in 2023, Statistics Indonesia said, estimating output from January to April at 10.71 million, down from 12.98 million in the year-earlier period. The El Nino weather phenomenon discouraged planting by some farmers in the period from October to December, the bureau said, with rice-producing areas expected to shrink about 16% over January to April.
- Polish farmers protested on the border with Lithuania on Friday against what they say are imports of Ukrainian grain through the Baltic country, something Vilnius denies. Small groups waving Polish flags and carrying banners joined customs officials checking trucks coming over the frontier at the Budzisko crossing, but made no attempt to block the route. Farmers across Europe have been protesting for weeks against constraints placed on them by EU regulations meant to tackle climate change, as well as rising costs and what they say is unfair competition from outside the EU, particularly Ukraine.
EXPORT NEWS: Have a wonderful day!!!! Chelsey WhiteEmery Manager & Originator:: Topflight Grain Cooperative, Inc.593 Emery Rd :: Maroa, IL 61756 Phone:: 217-794-2240E-Mail:: firstname.lastname@example.orgWeb:: www.topflightgrain.comThis material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any trading strategy, promotional element or quality of service provided by Topflight Grain Cooperative, Inc. Topflight Grain is not responsible for any redistribution of this material by third parties, or any trading decisions taken by persons not intended to view this material. Information contained herein was obtained from sources believed to be reliable but is not guaranteed as to its accuracy. Contact Topflight Grains designated personnel for specific trading advice to meet your trading preferences. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by Topflight Grain Cooperative, Inc.
- World Trade Organization (WTO) negotiators extended talks again in Abu Dhabi on Friday as they struggled to break a political deadlock after five days of high-level negotiations. It was far from clear whether a consensus could be reached among the WTO's 164 members before a new deadline of 10 p.m. local time (1800 GMT). Several delegates warned that countries remained far apart as organisers announced a fifth extension. "I think we're leaving here empty-handed," one delegate said.