July 26, 2017 | Global Ag News Highlights
USDA Agency Reports
Wheat prices overnight are up roughly 4 cents; Corn is near unchanged; Soybeans up 1; Soymeal near unchanged, and; Soyoil up 10 points.
Oil's rise back above $50 a barrel helped prod stock markets higher; the dollar edged higher rising from a 13-month low; Gold prices fell as the dollar firmed above multi-month lows.
Chinese Ag futures (January) were down 4 yuan in soybeans, down 7 in corn, down 25 in soymeal, up 4 yuan in soyoil, and up 48 in palm oil-----The Malaysian palm oil market was up 7 ringgit at 2,633, basis October, following outside vegoil markets.
The Midwest US weather forecast had no major changes; a front will bring rains to most of Iowa, northern Missouri, and the northern two-thirds of Illinois, Indiana, and Ohio; it will be dry in most areas Friday, the weekend, and much of next week with some light to moderate rains seen in Minnesota and Wisconsin the end of next week----temps heat up for a day or two then cool to below average for the weekend and first half of next week.
The Northern U.S. Plains forecast had no major changes; below average precip will continue for a majority of the region the next week to ten days; spotty rains from time to time seen favoring the east---temps will spend most of the time above average.
The 11-16 Day forecast sees ridging in the western third to half of the Midwest, below average rains are seen in Minnesota and Iowa with average precip seen elsewhere; above average precip is seen for the Delta; mainly dry weather is expected in the northern Plains---------temps seen running average to below average in all of the Midwest/Delta and above average in the northern Plains.
The player sheet had funds net sellers of 9,000 contracts of SRW Wheat; sold 15,000 Corn; sold 14,000 Soybeans; sold 7,000 Soymeal, and; net sold 4,000 lots of Soyoil------We estimate Managed Money net long 19,000 contracts of SRW Wheat; net long 87,000 Corn; net long 27,000 Soybeans; net short 7,000 lots of Soymeal, and; net long 47,000 lots of Soyoil.
Preliminary Open Interest saw SRW Wheat down roughly 5,300 contracts; HRW Wheat up 1,300; Corn up 11,000; Soybeans down 4,800 contracts; Soymeal down 4,100 lots, and; Soyoil up 3,100 lots.
Today--------Weekly Ethanol Stats-----
The Wheat Quality Council tour calculated an average yield for hard red spring wheat fields in the region and adjacent areas of Minnesota and South Dakota at 37.9 bushels per acre (bpa) on the first day of a three-day crop tour; the figure compares with the 2016 tour's first-day yield of 43.1 bpa and the five-year average of 45.7 bpa------the U.S. Department of Agriculture's in-field survey for July pegs the national average for spring wheat yields at 40.3 bushels per acre compared to about 47 bushels per acre last year
Russia's Agriculture Ministry hopes to receive government permission to export some of its grain stockpile in September.
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