by Michael Niemiec,
Wheat prices overnight are down roughly 3 cents in the SRW Wheat, down 2 in HRW, and down 1 for HRS; Corn is up 1 cent; Soybeans down 3; Soymeal down $2.50, and; Soyoil down 10 points.
Chinese Ag futures (January) settled down 47 yuan in Soybeans, down 20 in Corn, down 62 in Soymeal, down 50 in Soyoil, and down 14 in Palm Oil. The Malaysian Palm Oil market was up 6 ringgit at 2,243, (basis November), tech trading into a higher range.
The U.S. Midwest weather forecast had no major changes as it looks mostly dry through Monday; a front moves in the middle of next week bringing rain chances for the northern Midwest through the rest of next week—–temps will warm going into the middle of next week; cool are looks to build by the middle of next week but no cold air threats are seen.
The 11 to 16 day forecast has no major changes as close to average temps is seen for most of the Plains and Midwest; average to below average rainfall is seen for the regions; no cold air threats are seen.
In deliveries, Soymeal totaled 23 lots; Soyoil 225; Rice ZERO; Corn 146; HRW Wheat ZERO; Oats ZERO; Soybeans 340 contracts; SRW Wheat 53 and; HRS Wheat ZERO.
The player sheet had funds net sellers of 11,000 contracts of SRW Wheat; sold 47,000 contracts of Corn; net bought 9,000 Soybeans; bought 4,000 lots of Soymeal, and; net sold 2,000 soyoil——We estimate Managed Money net long 21,000 contracts of SRW Wheat; net short 102,000 Corn; net short 59,000 contracts of Soybeans; net long 29,000 lots of Soymeal, and; net short 96,000 lots of Soyoil.
Preliminary Open Interest saw SRW Wheat futures up roughly 5,900 contracts; HRW Wheat up 1,300; Corn up 5,800; Soybeans up 9,200 contracts; Soymeal down 65 lots, and; Soyoil up 11,100 lots.
Wheat export sales estimated at 300,000-500,000t; Corn 800,000-1.2 mt; Beans 500,000-1.0 mt.
USDA attache sees Canada’s cattle herd size holding steady through 2019;
USDA attache sees China pork output rising in 2019; cattle and beef consumption demand will continue to outpace domestic production.
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