|Monday, February 6, 2023 |
Morning Markets: Corn -1. Beans -4. Wheat +5.
TFG WILL BE HOSTING THREE FOCUS MEETINGS ON THURSDAY FEBRUARY 9TH. THE FIRST MEETING WILL BE 8AM AT THE BEMENT LIONS CLUB BREAKFAST WITH MEETING TO FOLLOW. THE SECOND WILL BE AT THE LINCOLN OASIS SENIOR CENTER AT 12PM LUNCH WITH MEETING TO FOLLOW. OUR FINAL MEETING WILL BE 4PM AT THE FORSYTH COMMUNITY ROOM WITH MEETING AND DINNER TO FOLLOW. PLEASE LET YOUR TFG ORIGINATOR KNOW IF YOU PLAN ON ATTENDING SO WE CAN HAVE AN ACCURATE COUNT. THANK YOU!
MONTICELLO WILL BE OFFERING FREE DP ON CORN HAULED FROM THE BIN FROM 2/1/23-3/31/23.
Most of the early trade this week will center on positioning for the monthly WASDE report on Wednesday. Very few changes are expected to be seen in domestic balance sheets. Trade is leaning towards a decline in demand for both corn and soybeans. For corn this is projected from both the domestic side and exports and these figures remain below what is needed to reach our current estimates. Soybean demand has been better but many thinks this will falter once the South American crop starts to enter the world market. It would not be surprising to see the USDA wait to see if soybean demand does falter as the year progresses and South American exports build. The most interest in the monthly report will fall on the global side, especially what the USDA does with Argentine crops. Rains have fallen in some of the driest regions of Argentina but these likely did little for early planted crops. Later crops will have seen more benefit, and this has been verified by an improvement in crop ratings. The USDA is likely to trim Argentine production but doubtful to the level that some privates are predicting. We are seeing more questions on Chinese demand as well, and the USDA may trim some of these numbers also.
Crude Oil is up $0.22 at $73.61.
U.S. Dollar is up $2.094 at $103.24.
Global Equities: Japan +0.5%, China -2.0%, and Europe -1.4%
Dow futures is down 197 points at 33,765.
EU MATIF Exchange: Corn +0.4%, and Wheat +0.3%
- The U.S. saw a wild swing from cool on Friday to spring-like yesterday. The northeast saw record breaking windchills over the weekend. Temps will remain very seasonal for most of this week across the eastern half of the Midwest. Rain chances increase from Illinois and east later this weekend. A sharp cooldown is still being hinted at towards the end of the month.
- Tyson Foods Inc missed Wall Street estimates for quarterly revenue on Monday, pinched by slowing demand for its premium beef and pork cuts amid a fall in chicken prices. The U.S. meatpacker's sales rose to $13.26 billion in the first quarter from $12.93 billion a year earlier. Analysts on average had expected sales of $13.52 billion, according to IBES data from Refinitiv.
- Brazilian farmers have harvested 9% of the planted soybean area in the 2022/23 cycle through last Thursday, agribusiness consultancy AgRural said in a statement on Monday, up four percentage points from the previous week. At the same time last year, 16% of the Brazilian soy fields had been reaped, said AgRural, which expects the local crop to reach 152.9 million tonnes this season, according to a January estimate.
- Three Western seed producers have suspended sunflower seed shipments to Russia and paused customers' bids for purchases, the Izvestia newspaper reported on Monday, citing letters received by several Russian agricultural firms. According to the report, Germany's Bayer, Swiss agrochemicals group Syngenta and seed firm Nuseed have suspended contracts with some Russian customers and revised prices.
- Indonesia will suspend some palm oil export permits to secure domestic supply amid rising cooking oil prices ahead of upcoming Islamic festivals, senior cabinet minister Luhut Pandjaitan said on his official Instagram account on Monday. Palm oil exporters had accumulated large shipment quotas last year and they now had little incentive to supply the domestic market, he said. Indonesia issues export permits for palm oil companies that have already sold a proportion of their products to the domestic market, under a policy known as "Domestic Market Obligation" (DMO). The DMO currently allows export volumes that are six times what companies have sold at home. "Exporters can use those export rights after the situation has calmed," said Luhut, Coordinating Minister for Maritime Affairs and Investment.
- 111,800 metric tons of corn for delivery to Japan during the 2022/2023 marketing year.
- 200,000 metric tons of corn for delivery to Mexico. Of the total, 100,000 metric tons is for delivery during the 2022/2023 marketing year and 100,000 metric tons is for delivery during the 2023/2024 marketing year.
Have a wonderful day!!!!
Emery Manager & Originator:: Topflight Grain Cooperative, Inc.
593 Emery Rd :: Maroa, IL 61756
This 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.