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DTN Closing Grain Comments 02/22 14:04
Grains Yawn on Busy Friday
Friday began with new USDA estimates for the 2019-20 season, followed by six
weeks of export sales data wrapped up in one report. By the end of the day,
most grain prices showed little change, except for March Minneapolis wheat, the
clear winner in the grain sector with a gain of 9 cents.
No daily commentary available
March beans finished up 8 ½ , March corn up 4 ¾ , and March wheat up 5 ¾. News today about the Chinese pledging to buy large quantities of Ag products including corn and wheat rallied the markets. Beans were able to get back above the major moving averages before settling just below the 50 DMA at 911 ½. Corn found resistance at the 50 DMA but was able to settle above short term 10 day moving average. The market is getting excited about the possible trade deal and that there are some specific things being addressed. The two groups are working on a memorandum or understanding for a trade agreement (written agreement). As always, devil is in the details, exactly what, how much, and when is still up for debate. Initial numbers getting thrown around were that China would buy an additional $30B of US ag products. USDA released estimates for corn acres in 2019 to be 92M, Beans at 85M and wheat at 47M with no big surprises.