This week’s action:  

Corn March up 7 at $6.8350

Beans March up 6 at $15.12

KC Wheat March up 25 at $8.69

Feeders March up 2.600 at $183.575

Fats Feb down .225 at $156.850

Hogs Feb down 1.675 at $76.150

Corn Dec23 down 8 at $5.87

Beans Nov23 unch at $13.52

KC Wheat July23 up 18 at $ 8.53

Recap:

Mostly, a positive finish in the commodity markets into the weekend after the early week pressure of rains across South America.

Exports sales were better this week, but still generally weak year over year. Corn had net sales of 910,400 MT for 22/23, which were down 20% from the previous week, but up 46% from the prior 4-week average. Soybean net sales of 1,145,700 MT for 22/23 were up 16% from the previous week and 53% from the prior 4-week average.

Quick update on basis throughout the western corn belt…

Corn:

• ADM Columbus, NE: +45H Feb, +50H March
• Cargill Blair, NE: +55H Feb, +55H March
• CIE Norfolk, NE: +34H Feb, +38H March
• Cargill Wood River, NE: +62H Feb, +65H March
• Andersons Denison, IA: +22H Feb, +25H March
• Valero Hartley, IA: +48H Feb, +50H March
• Bartlett Council Bluffs, IA: +40H Feb, +42H March

Beans:

• Cargill Sioux City, IA: +5H Feb, +20H March
• Bunge Council Bluffs, IA: +35H Feb, +30H March
• AGP Hastings, NE: +10H Feb, +25K April

Forecast:

Winter storm warning issued across northeastern Nebraska, southeast South Dakota, and northwestern Iowa over the next 24 hours, which matches up well with where precipitation is needed looking at the drought monitor and soil moisture analytics map.

Something that Probably Means Nothing:

If you can find eggs, you’ll notice they’re not quite as cheap as they used to be. Prices across various egg types are up 79% since January 2020, compared to 21% for all food and beverages in the same period. Across US cities, a dozen large Grade A eggs will now typically set you back over $4, more than double the $1.90 average from January 2021.

Thanks and have a great weekend!