Soybean futures managed gains on Friday as early USDA projections for the 2021-22 marketing year showed US supplies will remain tight.
According to new-crop supply-demand estimates released at the annual Agricultural Outlook Forum earlier in the day, soy ending stocks will increase just 25 million bu from the current year to 145 million. Heavy demand is expected to keep supplies in check, even as the USDA forecast that 2021 production will amount to a new record high of 4.52 billion, up 9% from last year. The weekly export sales report showed 455,944 tonnes of US soybeans sold for week ending Feb. 11. That was down 43.3% on the week, and 8% below the same week last year. March soybeans were up 2 ¼ cents to $13.77 ¼ and November added 9 ¾ cents to $11.96 ¼.
Wheat ended lower as traders took profits ahead of the weekend. The outlook forum put 2021-22 all wheat ending stocks at 698 million bu, down 17% from the previous year and the lowest since 2013-14. The USDA’s weekly export sales data showed 399,121 tonnes of wheat booked on the week ending Feb. 11. That was down on the week, but up 15.26% on the year. New-crop wheat sales were above trade estimates with 214,400 tonnes booked – mostly HRS. March Chicago fell 11 ¾ cents to $6.50 ¾, March Kansas City lost a nickel to $6.31 ¾ and March Minneapolis dipped 3 cents to $6.28 ¾.
Corn was mixed, with profit taking also weighing. Corn ending stocks will build only 50 million bu to 1.6 billion in 2021-22, according to the outlook projections. Production is projected at 15.15 billion bu, 7% above a year ago. The export sales report showed 999,165 tonnes of corn booked for the week ending Feb.11. That was a 6-week low, but in line with pre report estimates. New crop corn sales were above trade estimates at 182,612 tonnes. March corn fell 7 ½ cents to $5.42 ¾ and new-crop December was up ¾ of a cent at $4.60.
Live cattle ended higher today. Lean hogs were lower.
Source: DePutter Publishing Ltd.
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