Grains are mixed to higher. SH is up 7 cents and near 10.64. CH is unchanged and near 3.70. WH is unchanged and near 4.33. US Dollar is higher. Crude is mixed.
US Dollar has turned higher but higher China Ag futures and higher Malaysian palmoil prices may be helping US fututres.
Oil prices rose on Tuesday on evidence that the global market was tightening as lower production by OPEC and other exporters drained stocks, but analysts said higher U.S. output could eventually limit gains.
Russia needs to find new markets for its grain exports and speed up its supplies abroad to ease pressure on the domestic market after a record crop of 119 million tonnes in 2016. China is prepared to take the helm of the global economy if Western nations abdicate their leadership role, a top Chinese diplomat said Monday, days after U.S. President Donald Trump pledged in his inaugural address to put "America first."
Est for World 2017/18 soybean demand is near 340.0 mmt vs 330.3 this year. Est for World 2017/18 corn demand is near 1,029.0 mmt vs 1,027.0 this year. Est for World 2017/18 wheat demand is near 733.5 mmt vs 739.9 this year.
Traditional funds sold 6,000 soybeans, 5,000 soymeal and 1,000 corn and bought 1,000 soyoil and 5,000 wheat on Monday. Funds are estimated to be long 122,000 soybeans, 45,500 soymeal, 49,500 soyoil and net short 49,000 corn and 76,000 wheat.
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