On Wednesday, February 14, CBOT wheat futures went down after few days of positive price gains supported by technical factors.
CBOT corn futures closed the Wednesday session with gains in most contracts. The USDA reported a large private export sale of corn. Mar 18 Corn futures increased by 0.6 cents.
On Wednesday, February 14, soybean futures continued to grow. Analysts expected NOPA’s report to show an impressive amount of soybeans crushed in January.
In addition, quotations were influenced by dry weather forecast in the South Plains of the USA. Argentina continued to suffer from dry and hot weather. Weather conditions were satisfactory in Brazil, but next week rains may cause some delay in harvesting.
February’s USDA report presented revised estimates for Ukrainian grain production and exports in the 2017/18 season. In particular, the wheat production forecast for Ukraine was raised by almost 500 KMT to 26.981 MMT.