Jan 22 Morning Ag Commentary

by Steve Freed,

Grains are mixed. SH is down 2 cents and near 9.14. CH is down 2 cents and near 3.79. WH is up 1 cents and near 5.19. Crude is lowered. US stocks are lower.

For the week, Winter Wheat prices were down roughly 2 cents for Soft Red Winter, down 1 in the Hard Red Winter, and up 4 for Hard Red Spring; Corn was up 3 cents; Soybeans up 6; Soymeal up $1.00, and; Soyoil up 60 points (crushing margins were up around 1 cent at $0.95, oil-share was unchanged at 31%).

Last week commodity rally was linked in part to talk China was prepared to buy $1 trillion dollars of US Ag goods over 6 years. Over the weekend, Bloomberg news reported US and China was having trouble coming to terms of the IT/IP protection issue. White House advisor suggested it may take a while to agree on a trade deal. That could weigh on commodity prices.

Brazil’s weather forecast saw light to moderate rainfall across 85% of the growing areas except for the far northeast over the weekend; close to average rains will continue over the next 6 to 10 days with the except of the far south and the far northeast where little rainfall is seen.

Argentina’s weather forecast saw mainly dry weather over the weekend; moderate rains return to most areas over the next 5 days and for the southern 2/3rds of the growing region over the next 6 to 10 days.

 

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2019-01-22T13:37:09+00:00 January 22nd, 2019|