Thursday brought the market several numbers to ponder over. First off the bat was the USDA's weekly export sales. Both corn and soybeans showed strong sales, with corn coming in at 60.8 million bushels and soybeans at 39.3 million bushels. The USDA released their projects for the 2009/2010 crop at 88.0 million acres up 2.0 million acres from 2008/2009 at 86.0 million acres. The USDA corn production for 2009/2010 is estimated at 12.685 billion bushels. On soybeans the USDA projects the 2009/2010 crop at 74.0 million acres down from 75.7 million acres on the 2008/2009 crop, with production forecasted at 3.110 billion bushels. The USDA Ag Outlook is scheduled for Feb 26-27. Producer cash sales continue to remain light.
On the weather front, private weather forecasters have added some rain in longer range outlooks for Argentina, but traders remain cautious of long range predictions. The trade continues to eye outside markets for guidance as well, with crude oil being weaker on the day and the dollar continuing to firm up.
Chris Spurlock
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