April 24, 2019 | Global Ag News Highlights
USDA Agency Reports
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Grains are mixed. SN is up 3 cents and near 8.78. CN is unchanged and near 3.60. WN is down 2 cents and near 4.43. U.S. Dollar is mixed. Crude is lower. U.S. stocks are higher.
U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to Beijing for trade talks beginning on April 30; Chinese Vice Premier Liu He will travel to Washington for more discussions starting on May 8; the subjects of next week’s discussions will cover trade issues including intellectual property, forced technology transfer, non-tariff barriers, agriculture, services, purchases, and enforcement.
China's biggest pig and poultry producer, Wen's Foodstuff Group, said it recorded a loss of 460.5 million yuan ($68.58 million) for the first three months of the year as weak pig and poultry prices eroded earnings. The firm, which produced 22 million pigs in 2018, reported a profit of 1.4 billion yuan in the same quarter a year earlier.
At least 1 million acres of U.S. farmland were flooded after a "bomb cyclone" storm; Indigo Ag, an agriculture technology company, identified 832 on-farm storage bins within flooded Midwest areas. The bins hold an estimated 5 million to 10 million bushels of corn and soybeans that could have been damaged in the floods
The U.S. Midwest weather forecast saw no major changes as moderate rainfall with some snow from 3 systems move through the Midwest over the next 10 days now into next Thursday.
The Northern U.S. Plains has moderate rainfall for the region Friday and into the weekend with some areas even looking at some measurable snowfall. Another system arrives the middle of the week with light to moderate amounts.
The Southern U.S. Plains is mostly dry through Saturday before rains arrive bringing moderate amounts to most of the region lasting into the middle of next week.
The U.S. Delta and the Southeast is expected to see an improving trend towards drier conditions over the next two weeks, especially after Friday when dry weather settles in for at least a week.
On Tuesday, funds were net buyers of 4,000 contracts of SRW Wheat; sellers of 21,000 Corn; 16,000 contracts of Soybeans; net 6,000 lots of Soymeal, and; 8,000 Soyoil. We estimate managed funds net short 64,000 contracts of SRW Wheat; net short 345,000 Corn; net short 115,000 contracts of Soybeans; short 25,000 lots of Soymeal, and net short 46,000 Soyoil.
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