Wednesday February 19, 2025

• The market is mixed this morning.
• NOPA: Januarys crush numbers came in at the low end of expectations at 200.4mbu down from Decembers 206.6mbu.
  • Year to date crush pace is 52mbu ahead of last years pace and is running in line with the USDA target.
• Corn: The March 25 corn contract made it to new highs yesterday at $5.04 1/4 futures. New crop corn is hovering just a few cents below the $6/bu cash price.
  • The funds are still close to a record long position.
  • Weekly US corn shipments of 63million bushels were well ahead of last weeks 53 million bushels.
• Wheat: futures saw more gains Tuesday, with some contract prices at mutli month highs.
  • Certain areas of the great plains received snow cover before the drop in temperature which diminished some of the fears of winterkill.
  • So far this year wheat exports are still runing 12% above last year.
• Soybeans: Soybean prices are facing some tough realities.
  • This weeks US soybean exports of 24 million bushels was well below last weeks 40 million bushels, with exports being at their lowest since mid-September.
  • Brazils Soybean harvest is progressing and weather remains favourable.