May 26, 2017 | Global Ag News Highlights
USDA Agency Reports
Grains are mixed. Crude is lower. US Dollar is lower. Gold is higher. Have a great and safe weekend.
For the week, All Wheat prices are roughly up 6 cents to down 8; Corn down 3; Soybeans down 16 cents; Soymeal down $3.00, and Soyoil down 120 points.
Chinese Ag futures were down 13 yuan in soybeans, unchanged in corn, down 27 in soymeal, down 60 in soyoil, and down 36 in palm oil. China's crushing margins for soybeans fell to nine-month lows this week as soymeal stocks rose to their highest since mid-2012. Malaysian palm oil market ended down 51 ringgit at 2554, basis August, tracking recent losses in soyoil.
The International Grains Council raised its forecast for global grains consumption for 2017/18 signaling a bigger drawdown of world stocks than previously expected; the IGC revised its global grains consumption estimate for 2017/18 up by 7 million tons to 2.086 billion tons, just below the 2.087 billion forecast for 2016/17; the group attributed the increase to higher industrial consumption in maize-based ethanol in the United States and starch in China.
Russia will have broadly the same amount of grain to offer the global market in the 2017/18 marketing year despite a smaller crop thanks to record stocks; Russia will start the new 2017/18 season on July 1 with all-time high grain stocks of 20.3 million tons.
Overnight US Midwest was mostly dry. Today Midwest rains are starting in MO. 6-10 day calls for cool and wet Midwest weather. North plains could be dry.
Funds sold 6,000 soybeans, 2,000 soymeal, 2,000 soyoil, 5,000 corn and 1,000 wheat on Thursday. Funds are estimated to be short 55,000 soybeans, short 23,000 soymeal, short 18,500 soyoil, short 209,000 corn and short 121,000 wheat.
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