January 19, 2017 | Global Ag News Highlights
USDA Agency Reports
Wheat prices overnight are up roughly 1 cent in the SRW, up 1 in HRW, and up 2 for Spring; Corn is up 1 cent; Soybeans up 4; Soymeal up $2.00, and; Soyoil unchanged.
For the week, Winter Wheat prices are up roughly 5 cents for SRW, up 6 in the HRW, and unchanged for HRS; Corn is up 6 cents; Soybeans up 17 cents; Soymeal up $13.00, and; Soyoil down 85 points (March crushing margins are up roughly 3 cents around $1.04).
Chinese Ag futures (May) settled down 44 yuan in Soybeans, down 7 in Corn, up 5 in Soymeal, down 10 in Soyoil, and down 16 in Palm Oil. The Malaysian Palm Oil market was down 35 ringgit at 2,441, basis April, on fears of sluggish demand.
The South American weather forecast continues with limited rainfall in Argentina through the weekend and for the 6-10 day period-----close to average rains are seen for most of Brazil over the next 7 to 10 days with some above average rainfall in the southern half of the country over the next 5 days------temps are seen average to below in most of South America over the next 5 days then, near average in the 6 to 10 day period.
The player sheet had funds net buyers of 2,000 contracts of SRW Wheat; net sold 6,000 Corn; bought 4,000 contracts of Soybeans; net bought 4,000 lots of Soymeal, and; sold 2,000 Soyoil------We estimate Managed Money net short 134,000 contracts of SRW Wheat; net short 220,000 Corn; net short 85,000 contracts of Soybeans; net long 23,000 lots of Soymeal, and; net short 4,000 lots of Soyoil.
Preliminary Open Interest saw SRW Wheat Futures up roughly 1,400 contracts; HRW Wheat up 3,100; Corn down 15,800; Soybeans up 6,000 contracts; Soymeal up 2,600 lots, and; Soyoil up 9,600 lots.
Weekly Sales estimated at 200,000t to 500,000t wheat; 500,000t to 800,000t corn; 600,000t to 1.0 mt soybeans (200,000t to 400,000t new crop); 100,000t to 300,000t soymeal, and; 8,000t to 25,000t soyoil.
Farm Futures farm survey saw 2018 U.S. corn acreage at 90.1 mil acres; soybeans 90.1, and all wheat 32.6 mil.
Farmers in Iowa, where a third of U.S. hogs are raised, have ratcheted up swine barn construction while capitalizing on low-cost feed and thriving U.S. pork exports.
China's appetite for palm oil heading into the Lunar New Year holiday may be lower than expected as plentiful supplies of rival edible oils curb consumption ahead of its largest festive celebration.
The Buenos Aires Grain Exchange may again reduce its 2017/18 soy planting area estimate due to sowing delays caused by dry weather in the northwestern part of Argentina.
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