official Coronavirus tally is up to 31,211 confirmed cases with 637
deaths. Reuters reports that one of the first Chinese doctors to recognize
the virus as “SARS-like” has died. He had put out a warning on social media
and was threatened by the government with charges.
USDA says they will not use details from the Phase 1 trade deal to
calculate this month’s WASDE report, which will be released Tuesday,
February 11 at 11am CT.
U.S. dollar index is up 1200 pts so far this week to its highest since
nonfarm payrolls will be released at 7:30am CT with analysts looking for a
increase of 163,000 jobs.
will have a free Compass training class in Inver Grove Heights on March 25th.
Register on our website at www.chshedging.com
as space is limited.
of 6:55 am CT, crude oil is down 51 cents at $50.44/barrel, gold is up
1.00 at $1,566.10, DOW down 98 to 29,234, dollar index is up 77, and Euro
is down 160 pts.
traded to -4 ¾ overnight up from -6 earlier in the week, with -4 being the
narrowest it has traded since August.
estimates Argentine corn planting is 98.8% complete vs a 96.4% 5 year
average, with conditions down 1 pt to 59% good-to-excellent.
estimates Rio Grande do Sul corn harvest is 33% complete vs a 28% 5 year
Outlook: March futures up ¾ to up 2 ¾ overnight.. rangebound
as it bounces off low end support.
has had perfect weather for their soybeans so far, with 2 week forecasts
also looking favorable. Crop conditions are rated 99.9% fair or better.
Ag attache to Brazil raised their soybean production estimate from 123.5
MMT to 124.5 MMT vs USDA at 123 MMT. EMATER says RGDS beans are 33%
flowering and 42% filling.
palm oil futures were down 37 ringgits overnight, but are still up 209 on
the week. China’s Dalian soybeans were up 4 ¾ overnight, soymeal up 0.90,
and soyoil down 16.
beans down 1 to up 3 ¾ overnight.. beans are also looking rangebound as
they wait for the WASDE report and Feb 15 to see if China comes to the rescue.
U.S. and Kenya will begin work on a trade deal, as both sides see
“enormous potential.” Reuters reports that Kenya will, “adopt standards
that will allow U.S. wheat growers access to its markets.”
wheat exports in December totaled 1.2 MMT, a marketing year high. There
were rumors yesterday that China bought 6-11 cargos of French wheat.
wheat stocks as of January 1 are down 4% year-over-year.
agriculture safety watchdog says Russian wheat has gained “preliminary
approval” from Algeria.
Outlook: March KC wheat down 1 ¾ to up 2 ½ overnight.. wheat
is trying to hold its head above its 50 day moving average and hoping for more
export sales announcements.