Grain Bids
CANOLA FOB UTOWN 02-27-23            
Delivery Start Notes Basis Cash Price Delivery End Basis Month Futures Price

SWW            
Delivery Start Notes Basis Cash Price Delivery End Basis Month Futures Price

Club Wheat Max 10.5%            
Delivery Start Notes Basis Cash Price Delivery End Basis Month Futures Price

HRW 11.5%            
Delivery Start Notes Basis Cash Price Delivery End Basis Month Futures Price

DNS 14.0%            
Delivery Start Notes Basis Cash Price Delivery End Basis Month Futures Price

Barley (Coast)            
Delivery Start Notes Basis Cash Price Delivery End Basis Month Futures Price
Quotes are delayed, as of February 28, 2024, 01:25:49 PM CST or prior.
All grain prices are subject to change at any time.
Cash bids are based on 10-minute delayed futures prices, unless otherwise noted.

Protein Scales

HRW: + 5 cents each 1/2% above 11.5% to 13.0%; - 10 cents each 1/2% below 11.5%

DNS: + 3 cents each 1/4% above 14.0% to 15.5%; - 7 cents each 1/4% below 14.0%

SWW: + 0 cents each 1/10% below 10.5%; - 0 cents each 1/10% from 10.5% to 12.0%. Max = -$0.00

** CLUB WHEAT MAX 10.5% PROTEIN ONLY **

Premiums and Discounts are Subject to Change...Please Call to Confirm


Commentary
Cotton Working Off Highs, Still +200 Points at Midday
The cotton market had gotten to the expanded 5 cent limit earlier in the session, but has backed off into midday. Futures are still trading 200 points higher so far for the day with May over the $1 mark. New crop prices are red at midday, giving back as much...
Triple Digit Losses for Midday Cattle
Front month cattle futures are down by as much as $1.40 through Wednesday’s midday. Cash trade was mostly unestablished for the week through Tuesday. USDA confirmed cash trade for finished cattle from $180.50 to $184 on Friday with solid volume. Feeder cattle futures are down by $3+ at midday with...
Midweek Corn Futures Rallying
Corn futures are now up by double digits for the week’s trade with 3 to 5 cent gains through Wednesday’s midday. Traders are looking for the weekly FAS report to show between 600k MT and 1.2 MMT of old crop corn bookings for the week that ended 2/22. New crop...
Wheat Prices Dropping on Wednesday
Wheat futures are trading 1% to 1.5% weaker at Wednesday’s midday. Chicago futures are down by as much as 12 cents, though the May contract is still at a net 5 cent gain for the week. May SRW is also a 2 ¾ cent discount to May HRW. KC wheat...
Wednesday Soybean Futures Sitting in the Black
Futures are trading 2 to 4 cents higher at midday, though prices remain 10c off their overnight highs. May beans are a net 1 ¾ cents higher for the week’s move so far. Front month Soymeal futures are trading $3.30 to $4.70 higher at midday. Soy oil futures are backing...
Hog Futures Recovering on Wednesday
The lean hog futures are trading 35 to 57 cents higher at midday. The April contract has traded within a $1.45 range so far, and is $1 off the session high. USDA’s National Average Base Hog price increased by $1.79 to $72.70. The CME Lean Hog Index was $79.46 which...

Futures Table
Quotes are delayed, as of February 28, 2024, 01:25:49 PM CST or prior.

Local Daily Commentary

02/28/2024

Daily Email: http://s3.amazonaws.com/media.agricharts.com/sites/2446/Markets_AM_02_28_24.pdf

 

Wheat futures are trading lower this morning, down 7 to 8 cents in the MAY 2024 futures, unable to trade in the green for three days in a row. Weakness in Paris and Black Sea wheat pressured US wheat prices overnight which spilled to the other commodities except for meal. Corn and soybeans were narrowly mixed as the morning session began. Mutual fund buying over the last couple of days provided a lift to the wheat futures with an estimated 4K being bought yesterday. It was good to see the US grain futures bouncing off the market lows and hopefully the trend can continue. First notice day is tomorrow in the March futures and there may be some more repositioning ahead of the roll to May futures for the traders.

 

Looking at the wheat charts:

Chicago May 2024 Wheat: Support at 577, then 559; first resistance at 590 1/2, then 600.

KC May 2024 wheat: Support at 576 1/4, then 553; resistance at 594 3/4, then 614. 

 

MPLS MAY 2024 Wheat: Support at 659, then 651 1/2; resistance at 676 1/2.

 

Northern Brazil's weather is near normal over the next 2 weeks. ARgentina leans drier for the next 10 days but some rain is in the forecast for this weekend. The 6-10 day is wetter in the western Midwest and drier in the Delta and eastern Midwest. The only area in the US that seems at risk right how is over Iowa which has been drier than they would like and is the only real "red" shaded area in terms of drought. Abiove expects Brazil's soybean production at 153.8 MMT vs 156.1 MMT estimated previously. Last year's Brazil bean produciton was 159 MMT.

 

Cash Futures Prices: Chicago MAY is down 8 at 575. KC MAY is down 7 at 578 and MPLS MAY is down 7 at 654. US Dollar is trading 0.11 higher at 103.94.

 


2024 Spring Canola Program

WINFIELD CROPLAN

                  IN SEASON

CP9978TF   $ 789/50# BAG

CP9221TF   $ 799/50# BAG

CP930RR     $ 699/50# BAG

 

TREATED WITH HELIX VIBRANCE PLUS LUMIDERM

(VARIETIES ARE SUBJECT TO AVAILABILITY)

 

  TF* TRUE FLEX VARIETIES—44oz RATE OF GLYPHOSATE

  RR* ROUNDUP READY VARIETIES—22oz RATE OF GLYPHOSATE

 

MARKETING REBATE ON SEED—Growers who purchase their Canola seed from UCA and deliver any portion of their crop to UCA will receive a $ 0.25/cwt marketing premium when they sell their crop.

To place seed orders, please contact BEN ANDRUS 


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Forecast

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