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March 27, 2017 | Global Ag News Highlights

USDA Agency Reports    

Overnight trade has all Wheat prices down roughly 2 cents to near unchanged; Corn up 1 cent; Soybeans down 2 cents; Soymeal slightly higher, and; Soyoil down 31 points. 

For the week, all Wheat prices were down roughly 12 to 25 cents, corn down 12 cents, soybeans down 24 cents, soymeal down $11.00, and soyoil down 10 points (July crushing margins down 1 cent). 

Chinese Ag futures were down 68 yuan for soybeans, up 7 in corn, down 20 in soymeal, down 128 in soyoil, and down 94 yuan in palm oil-------Malaysian palm oil prices were reportedly down 61 ringgit at 2693, basis June; following weaker rival oils and lower internal export projections. 

The player sheet had funds net buyers of 2,000 contracts of SRW Wheat; net sold 2,000 Corn; sold 10,000 contracts of Soybeans; net sold 3,000 lots of Soymeal, and; net sold 6,000 Soyoil. 

We estimate Managed Money net short 124,000 contracts of SRW Wheat; net short 96,000 Corn; net long 50,000 Soybeans; net long 51,000 lots of Soymeal, and; net short 29,000 Soyoil.  

Prelim Open Interest saw SRW Wheat up roughly 1,100 contracts; Corn up 950; Soybeans up 1,900; Soymeal down 2,100 lots, and; Soyoil up 7,500 lots. 

There were changes in registrations (SRW Wheat down 62 contracts, and; Soyoil down 172 lots)--------Registrations totaled 642 contracts for SRW Wheat; 1 Oat; Corn ZERO contracts; Soybeans 605; Soyoil 3,961 lots; Soymeal 303; HRW Wheat 911, and; HRS Wheat 570 contracts. 

POLL-Trade estimates for USDA U.S. quarterly grain stocks

Wheat

Corn

Soybeans

Average trade estimate

1.627

8.534

1.684

Highest trade estimate

1.721

8.900

1.885

Lowest trade estimate

1.450

8.205

1.627

USDA March 1, 2016

1.372

7.822

1.531

USDA Dec. 1, 2016

2.073

12.384

2.895

 

FORECASTS:

Traders surveyed by Reuters had expected the report to show:

    Cattle on Feed March 1:    100.1 pct of year ago

    Placements during Feb.:     98.9 pct of year ago

    Marketings during Feb.:    103.3 pct of year ago

  

China's Heilongjiang Provincial Agricultural Commission plans to further cut corn planting this year, the official Xinhua news agency reported; Heilongjiang plans to cut corn acreage by 10 million mu (6,667 sq km), after reducing corn acreage by almost 20 million mu (13,330 sq km) last year; Heilongjiang, one of China's top corn-growing provinces, is trying to decrease corn planting due to high grain stocks. 

The Argentine government on Friday denied accusations by U.S. producers that Argentine exporters had flooded the U.S. market with biodiesel and violated trade agreements. 

Egypt will continue to import wheat during the local wheat-buying season as it aims to increase its strategic reserves. 

Malaysia's palm oil exports during the March 1-25 period are estimated down 1.5% on month at 902,628 metric tons, cargo surveyor SGS (Malaysia) Bhd. said------------ Exports of Malaysian palm oil products for March 1-25 fell to 896,621 tons, down 1.2 percent from 907,078 tons during the Feb. 1-25 period, cargo surveyor Intertek Testing Services said.