So, this was the week of the WASDE – normally the most exciting week of the month during the winter period. Corn had a somewhat bullish WASDE report but only somewhat with prices only moving up by USD 2 or 3 m/t on the week. Soybeans and soymeal got hit hard by the WASDE with larger year end stocks in the US and higher expected yields in Brazil and ended the week with losses of about USD 12 m/t for soybeans and close to USD 20 m/t for soymeal.

Looks like another week of the soybean as Argentina is still at center stage in world grain markets and comments. US futures prices for soybeans were up by about USD 8 m/t while soymeal rallied by close to USD 15 m/t.
But it wasn’t just soybeans this week as wheat also took a good run higher with US hard red winter wheat (HRW) up by USD 18 m/t while US soft red winter wheat was up by about USD 13 m/t.................please see click PDF to see more details

Once again, this week, soybeans were the most exciting part of the market with prices moving higher by another USD 5 or 6 m/t. The dry weather in Argentina coupled with lowered Argentina crop estimates continue to push soybean prices higher. Preliminary crop estimates in the US for soybeans were mainly neutral but more experts are getting on board for a record soybean crop in Brazil. Looks like the bullish side of soybeans is still winning even though everyone’s crop but Argentina looks to be in or close to record levels..........please click PDF to see more details

Monday is a holiday in the US – Presidents’ Day – businesses, banks and the CBOT will be closed.

Ah, this was the week of the USDA WASDE report and, as usual, it is never quite what we expected. Perhaps, it is also true that the volatility in the world stock exchanges is having a bigger effect on commodity prices than the WASDE – or even the downs and ups of the US dollar.

Looking at market prices this week, the only grain to show much strength was wheat – hard red winter in particular. The winter wheat crop was said to be quite vulnerable to the cold weather and a lack of snow cover in major HRW areas created concern. The weather forecast did change on Friday and there seems to be some snow in the forecast which will offer better protection to the wheat........please click PDF to see more details

Again this week, soybeans/soymeal were the hot item – soybean prices have rallied by USD 18 to 20 m/t in the past two weeks and the rally may not be over. As was reported last week, the continued heavy rains in Brazil have badly delayed the harvest of the soybean crop and is making the planting of the corn crop more difficult. However, a couple of weather reports have said the rains will stop shortly and while that may get the soybeans harvested what will happen with the planting of the second corn crop.

This week, all the excitement was in the soybean/soymeal market as the dryness in Argentina push soybean prices to their three-month high. There has also been very slow soybean harvesting in Brazil that added even more upward pressure to bean prices.
Argentina had been expecting rain for last week and some did appear, but it was not as good as had been hoped or as was needed --- there seems to be a serious risk that the low rainfall will result in lower soybean yields in Argentina...............please click PDF to see more details 

As most experts had predicted, the USDA WASDE report this week was bearish for corn and soybeans but the bearish numbers for winter wheat did come as a surprise. With winter wheat it seems that farmers in the US just planted a lot more than had been expected............please click PDF to see more details

It is cold, cold, cold in the US and Canada which is adding to nearby logistics problems and causing some worry about the winter wheat crops.
Looking at price activity for the week: little or nothing happened to corn prices while soybeans and soymeal prices moved higher on concerns over the dry weather and the heat in Argentina and Brazil. However, forecasters are saying that Brazil should have the second largest soybean crop on record, just a little behind last year’s record harvest..........please click PDF to see more details