Morning Grain Comments, 02/09/2016

Tuesday, February 09, 2016

Wheat is finding some support this morning as it’s unwilling to seriously test contract lows; corn and soy have no such help, stuck safely below chart resistance and above Jan lows heading into the USDA S&D.

Tunisia has tendered for 67k tonnes of soft milling wheat and 75k tonnes of feed barley, all optional-origin, closing tomorrow.

Egypt’s GASC said that they did not feel the need to give any further guarantees on their acceptance of ergot fungus levels in wheat imports, and that suppliers would be “free to offer or not if future tenders are announced”; some in the trade were looking for further written confirmation after prior issues...

Ukraine’s Ag Minister yesterday increased their 2016/17 grain export estimate by a million tonnes, to 37 MMT; corn exports were increased from 16.0 to 16.7 MMT. The country has shipped 24 MMT of grain so far this season, including 11.1 MMT of wheat and 8.9 MMT of corn.

Texas winter wheat crop ratings fell by five points in yesterday’s state NASS report, from 49% good/excellent last week to 44% good/ex this week.


Corn export inspections fell to a five-week low (and the second-lowest number of the last ten) this week at 17.3 million bushels, down from 28.6 mbu the previous week and 27.6 mbu on the comparable week last year. This year’s weekly numbers have beaten the same week last year just five times in the 23 weeks of the marketing year so far. Cumulative inspections of 488.2 mbu are now 129 mbu behind last year’s pace through just under half the 2015/16 season.



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