Grains Mixed in Early Morning

在一夜之间会话,谷物混合with corn unchanged, soybeans down 1 1/2 cents and wheat up 2 cents this morning. The U.S. dollar is trading .27 percent lower and crude oil is down $1.25 per barrel. Yesterday’s announcement by the Federal Reserve Chief Janet Yellen announced that interest rates will remain unchanged at 0-0.25 percent which seemed to have little impact on the grains immediately following the announcement. Janet Yellen emphasized that our economy was improving and the labor market was improving but that uncertainties abroad lowered their inflation outlook.

Yesterday, Egypt’s GASC announced a tender for between 55,000 metric tons and 60,000 metric tons. This morning the lowest offer in the tender is for Ukrainian wheat at $174.95 bushels per acre. U.S. wheat continues to struggle with competitiveness on the global market but the decline in the U.S. dollar following the announcement to hold interest rates unchanged could help U.S. wheat on the global market over the coming weeks. This morning the Korean Feed Association in Basan issued a tender to purchase 25,000 metric tons of feed wheat for February 28th arrival.

Brazilian federal agricultural agents are going on strike to protest recent government budget cuts and to look for higher wages. These federal agents are critical to the movement of grain and play a big role in the approving of imports and exports throughout the country.

Rains are expected tomorrow throughout the central and south western parts of the Midwest. However, precipitation is not expected to cause harvest delays in the 6-15 day forecast. Rains will pick back up in the 16-30 day forecast throughout the plains states.

—Cody Bills