Sept 14 Morning Ag Commentary

by Michael Niemiec,

Wheat prices overnight are up roughly 7 cents in the SRW Wheat, up 7 in HRW, and up 6 for HRS; Corn is up 1 cent; Soybeans up 3; Soymeal down $1.00, and; Soyoil unchanged.

For the week, Winter Wheat prices are down roughly 6 cents for SRW, down 5 in the HRW, and down 2 for HRS; Corn is down 15; Soybeans down 7 cent; Soymeal down $4.00, and; Soyoil down 45 points (December crushing margins are down roughly 5 cents at around $1.59, oil-share is unchanged at 30%).

Chinese Ag futures (January) settled down 17 yuan in Soybeans, down 8 in Corn, down 3 in Soymeal, down 10 in Soyoil, and down 28 in Palm Oil—–The Malaysian Palm Oil market was down 21 ringgit at 2,222 (basis November) with rival oil and recent monthly trade data weighing on sentiment.

For the week ended September 6th, U.S. All Wheat sales are running 24% behind a year ago, shipments 31% behind with the USDA forecasting a 14% increase on the year

—By class, HRW wheat sales are 40% behind, shipments 5% behind with a USDA forecast of a 1% increase

—SRW sales 3% behind, shipments 5% behind with a 32% increase seen

—HRS sales 14% behind, shipments 21% behind with a 29% increase seen

—U.S. Corn sales are running 44% ahead of a year ago, shipments up 2% with the USDA forecasting a 1% decline on the year

—U.S. Soybean sales are running unchanged, shipments 22% behind with the USDA forecasting a 3% decline on the year

—Soymeal sales 20% ahead of a year ago, shipments 19% ahead with a 24% increase forecasted

—Soyoil sales running 6% behind a year ago, shipments 8% behind with a 4% decrease forecasted

Amid a grilling by US senators, Ted McKinney, the Agriculture Department’s undersecretary for trade, says he’s doubled the number of formal missions to promote US farm products overseas¬†—–a second round of tariff-related aid to U.S. farmers could be announced in December

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 waves of rain into the north through the end of next week; little in the way of rain is seen for the south—–temps will warm going into the middle of next week; cool air 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.

 

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2018-09-14T12:04:58+00:00 September 14th, 2018|