April 26, 2017 | Global Ag News Highlights
USDA Agency Reports
Overnight trade has all Wheat prices up roughly 1 to 4 cents; Corn up 1; Soybeans down 1 to 2 cents; Soymeal down $1.00; and; Soyoil up 20 points.
The U.S. dollar is higher; gold prices slipped to two-week lows on improved risk appetite; crude oil prices were weaker on rising U.S. inventories.
Chinese Ag futures were up 3 yuan for soybeans, up 3 in corn, down 26 in soymeal, down 6 in soyoil, and down 8 yuan in palm oil-----The Malaysian palm oil market ended up 26 ringgit at 2512, basis July, on hopes of festival demand.
The player sheet had funds net buyers of 8,000 contracts of SRW Wheat on the day ; bought 27,000 Corn; sold 6,000 contracts of Soybeans; net sold 6,000 lots of soymeal, and; net sold 2,000 lots of soyoil.
We estimate Managed Money net short 153,000 contracts of SRW Wheat; net short 157,000 Corn; net short 36,000 Soybeans; net short 3,000 lots of Soymeal, and; net short 38,000 Soyoil.
Prelim Open Interest saw SRW Wheat down roughly 17,000 contracts; Corn down 23,000; Soybeans down 16,000 contracts; Soymeal up 1,100 lots, and; Soyoil down 12,000.
There were no changes in registrations------Registrations totaled 576 contracts for SRW Wheat; 1 Oat; Corn ZERO contracts; Soybeans 605; Soyoil 3,761 lots; Soymeal 303; HRW Wheat 911, and; HRS Wheat 870 contracts.
In tender activity, Tunisia seeks 67,000t optional-origin wheat-----------Iraq seeks 50,000t optional-origin wheat---------Turkey bought 44,000t EU and Moldova corn for rapid shipment-------Taiwan bought about 65,000 tons of corn, likely from Brazil---------South Korea bought around 135,000 tons of optional-origin feed wheat for October and November arrival------South Korea seeks up to 12,000 tons of palm meal and 6,000 tons of copra meal from South East Asian origins for June/July.
Prices of U.S. renewable fuel credits for the current year sank by nearly a dime each on Tuesday; the renewable fuel (D6) Renewable Identification Number (RIN) credits traded as low as 40 cents apiece before recovering to 46 cents; that was down from a range of 47 to 49 cents on Monday to the lowest prices since mid-March-------the biomass-based diesel (D4) credits were 94 to 95 cents each, weakening from 96 to 98 cents previously.
Valero Energy Corp Chairman and Chief Executive said he expects costs for renewable fuel credits to drag on the company's returns in the second quarter of 2017; while RIN (Renewable Identification Number) prices have declined relative to 2016, there is still a significant headwind for the quarter; at this level, RINs expense remain an issue, so we continue to work with regulators.
A plan to raise the amount of ethanol that can be blended with motor fuels in Mexico, which could power job growth and lower air pollution, was submitted to the country's energy regulators by an industry group.
Chemicals and seeds producer DuPont, which is merging with Dow Chemical Co, reported a better-than-expected profit for the seventh straight quarter, helped by a rise in seed sales, sending its share up 3.5 percent.DuPont, which is merging with Dow Chemical Co, continues to expect to close its merger in August, Chief Executive Ed Breen said in a statement.
China sold 4,200 tons of imported 2013 wheat at auction of state reserves on Wednesday at average price of 2,532 yuan ($367.68) per ton; the sale represents 4.55 percent of 93,300 tons of 2013 imported wheat available at auction on Wednesday ($1 = 6.8865 Chinese yuan renminbi).
Corn imports to China in March plunged 99.1 percent from a year ago to their lowest since September 2013, customs data showed on Tuesday, as buying dried up after the gap between international prices and the domestic market closed. Imports last month dropped to 5,262 tonnes, data from the General Administration of Customs showed.
The Brazilian government is evaluating setting biofuel mandates to fuel distributors with the aim of increasing consumption of renewable fuels and cutting carbon emissions, the country’s biofuels director said; ethanol and biodiesel mills would issue certificates of emissions reductions (CERs) that would be transferred to fuel distributors when they buy the biofuels; each distributor would be required to hold a certain number of CERs at the end of a year, according to mandates that would be set by the government.
Brazil is expected to slaughter 10 percent more cattle in 2017 than in the previous year, rising to 40.4 million head; that will result in production of Brazilian beef rising to 10.1 million tons this year, up from 9.1 million tons last year.
Ukraine boosted its grain exports to 4.54 million tons in March up 52 percent from 2.98 million tons in February thanks to record sales of corn; corn shipments jumped to 3.1 million tons in March, the highest so far for the 2016/2017 marketing year that runs from July to June, from 1.8 million tons in February-----exports of wheat rose to 1.05 million tons from 840,000 tons a month earlier-----Ukraine exported a total of 34.2 million tons of grain in the first nine months of the current 2016/2017 season.
South Africa will reap the largest ever corn and soybean crops during 2017, aided by good rains and larger plantings; corn output will likely rise 14.5 million tons, which is 87% than 2016 crop; the latest forecast is 2% high than last month's projection as good rains continue to boost crop prospects, fueling a recovery from the worst drought in a century last year------soybean output is projected to nearly double to 1.23 million tons, which is the largest soybean crop produced in the history of South Africa.
1.312.242.7000 (Headquarters) firstname.lastname@example.org
Contact Us Today
Get free guides and special offers in the Knowledge Center.
© 2016 ADM Investor Services
ADMIS is a member of all major U.S. futures exchanges, a registered Futures Commission Merchant, and a wholly owned subsidiary of the Archer Daniels Midland Company.