Written Commentary
Wkly Futures Market Summary For 2.10.2025
February 10, 2025
MORNING AG OUTLOOK
Grains are mixed. SU is up. CU is unch. WU is down. KWU is down. MWU is down. US stocks are higher. US Dollar is lower. Crude is higher near $73.80. Key US Fed Chairman speech today.
SU is near 9.45. Market sold off Thursday on talk of record IA crop and net cancellation of old crop US soybeans. 2 week EU US Midwest forecast is dry while GFS added rain next week. Pro Farmer IA soybean pod count were higher than last year. MN was also slightly higher than ly but well below IA. USDA announced 198 mt US new crop soybeans to China and 105 mt new crop soymeal to Vietnam. Weekly US old crop soybean export sales were -43 mt. Weekly US new crop soybean export sales were 1,676 mt, China 926 and 456 unknown .
CU is near 3.71. 2 week EU US Midwest forecast is dry while GFS added rain next week. Pro Farmer IA corn yield 193 vs 183 ly. MN was 165 vs 181 ly. USDA announced 110 mt US new crop corn to Mexico and 132 mt new crop to unknown. Weekly US old crop corn export sales were 119 mt. Weekly US new crop corn export sales were 1,290 mt, Mexico was best new crop buyer. Good weekly ethanol production and slow farmer selling helped narrow CU-CZ spread. .
WU is near 5.09. .WU broke below support on weak tech action. Black Sea wheat areas are dry while parts of Russia spring wheat areas have turned wetter. US south plains is warm and dry. Global wheat import demand remains slow and offers resistance to US and Matif futures. Weekly US wheat export sales were 492 mt .Canada rail strike is slowing movement and lowering income. Arbitrator looks for quick resolution.
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