2/22/2021
Abbey Miedema, Grain Marketing Specialist
2/22/2021February 22nd Agtegra Morning Market Insight

CORN: As of 7:45 – up 2
Weaker tone in the corn market on Friday was attributed to money flow. The Outlook Forum conference wrapped up before the weekend and a speaker from US Grains Council shared an argument that Chinese demand should remain higher than past years due to increased corn usage in their hog rations. The forum is expecting corn this summer to total 92 million acres. Export sales were decent at 39.3mbu.

SOYBEANS: As of 7:45 – steady
Another day, another large trading range in soybeans, but we only closed 2 ¼ cents higher on Friday in the nearby March contract. Traders really leaned into the bullish tone set at the Outlook Forum and pushed beans higher going into the weekend on more opinions flowing of short soybean stocks. The conference pegged soybeans at 90 million acres this year.

WHEAT: As of 7:45 – Mpls up 5; KC up 6   
Russian wheat production was trimmed by SovEcon due to poor weather in the month of February. Snow cover in the upper plains is scant and that is causing a bit of a worry about the health of their winter wheat crops. Jordan is tendering for hard wheat.