2/18/2021
Joe Hoyle, Grain Marketing Specialist
February 18th Agtegra Morning Market Insight

Morning Market Insight

USDA Ag Outlook Forum for 2021/22 takes place today and tomorrow.

Market Base Builder Sign-Up is going on now. Contact your local Grain Marketing Specialist to get bushels signed up.

As of 7:45

Corn Down 1
Corn is down a penny this morning after being able to rally to a slightly higher close yesterday after spending most of the day trading lower. The USDA Ag Outlook Forum takes place today and tomorrow with 2021 acres and average farm price expectations to be released today and the full new crop balance sheet to be released tomorrow. The average trade guess for planted corn acres is around 93 million acres with a range of 91.5 to 96 million acres. Last year’s total corn acres finished at 90.8 million. The average carryout projection for the 21/22 crop year is 1.665 billion bushels with a range of 1.265 to 2.05 billion bushels. In Argentina, some early planted corn could start being harvested by the end of this week to beginning of next week. Rain forecast is .5” to 1.5” of rain for the next 2 weeks.

Soybeans Down 1
Nearby Soybeans are down 1 this morning while NC beans are up 3 to start the day after finishing mixed yesterday. The average trade guess for planted soybean acres ahead of the USDA Ag Forum is 89.8 million acres with a range of 87 to 92 million acres. Last year’s total soybean acres finished at 83.1 million. The average carryout for the 21/22 crop year is 184 million bushels with a trade range of 100 to 265 million bushels. Harvest continues to roll in Brazil while conditions in Argentina continue to deteriorate as drought conditions worsen.

Wheat Up 6
Spring wheat is up 6 this morning and winter wheat is up 7 this morning after finishing significantly lower yesterday and giving back most of Tuesday’s gain. The average trade guess for total planted wheat acres is 45.3 million acres with a range of 42 to 47 million acres. Last year’s total wheat acres finished at 44.3 million. The average trade guess for total wheat carryout is 739 million with a trade range of 603 to 831 million bushels. The cold streak across wheat country will end the week followed by a dry period across the plains, but more moisture is predicted for SRW wheat territory.