by Steve Freed,
Grains are mixed to higher. SH is up 5 cents and near 8.87. CH is up 1 cent and near 3.76. WH is up 2 cents and near 5.13. US government is still in partial shutdown. US Dollar is lower. Crude and US stocks are higher.
For the week, Winter Wheat prices are down roughly 2 cents for Soft Red Winter, down 5 in the Hard Red Winter, and down 4 for Hard Red Spring; Corn is down 2 cents; Soybeans down 11; Soymeal down $1.00, and; Soyoil down 40 points (crushing margins are up around 5 cents at $0.99, oil-share is unchanged at 31%).
China reports November soymeal use was down 11 pct yoy for 180 feed mills surveyed. Soybean crush margins are negative, hog margins are negative, port soymeal stocks are on the rise and swine fever continues to spread. China beige book also reports a slower economy and concerns economy may slow in 2019.
Brazil’s weather forecast calls for decent rains to fall in most growing regions over the near future.
Argentina’s weather forecast has soaking rains for all growing areas today and into the weekend; additional rains are also seen in most areas next week as well.
The U.S. Department of Agriculture’s weekly export sales report, which had been scheduled for release on Friday, has been postponed indefinitely due to a partial shutdown of the U.S. government. Estimates for last weeks US sales were near 1,000-1,500 mt corn, 1,800-2,800 mt soybeans and 200-500 mt wheat.
The U.S. Commodity Futures Trading Commission will not publish its Commitments of Traders report during the federal government’s partial shutdown; the CFTC said it will resume publication of the report when federal government operations return to normal.
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