by Michael Niemiec,
Wheat prices overnight are down roughly 2 cents in the SRW Wheat, down 2 in HRW, and unchanged for HRS; Corn is up 1 cent; Soybeans down 1; Soymeal down $0.50, and; Soyoil down 20 points.
Chinese Ag futures (September) settled up 5 yuan in Soybeans, up 5 in Corn, down 4 in Soymeal, up 16 in Soyoil, and down 6 in Palm Oil. The Malaysian Palm Oil market was down 42 ringgit at 2,170 (basis June) on higher than expected production on monthly trade data; its first gain after four months of decline.
The U.S. Midwest weather forecast has frequent precip falling during the next ten days from northern into the eastern Midwest with some drying between rounds; a drier period is seen for the following weekend
Preliminary Open Interest saw SRW Wheat futures down roughly 6,600 contracts; HRW Wheat down 6,000; Corn up 9,200; Soybeans up 11,100 contracts; Soymeal up 985 lots, and; Soyoil down 3,900 lots.
U.S. 2018/19 Wheat stocks were pegged at 1.087 bil bu (trade estimate 1.072 bil) versus 1.055 bil a month ago, 1.099 bil last year
—The USDA pegged World Wheat stocks at 275 mt versus trade estimates of 271 mt and 270 mt a month ago, 281 mt a year ago
U.S. 2018/19 Corn stocks were pegged at 2.035 bil bu (trade estimate 1.991 bil) versus 1.835 bil a month ago, 2.140 bil last year
—The USDA pegged World Corn stocks at 314 mt versus trade estimates of 311 mt and 308 mt a month ago, 340 mt a year ago
—Brazil Corn Production 96.0 mt versus trade estimates of 94.83 mt and 94.5 mt a month ago
—Argentine Corn Production 47.00 mt versus trade estimates 46.44 mt and 46.00 mt a month ago
U.S. 2018/19 Soybean stocks were pegged at 895 mil bu (trade estimate 898 mil) versus 900 mil a month ago, 438 mil last year
—The USDA pegged World Soybean stocks at 107 mt versus trade estimates of 108 mt and 107 mt a month ago, 99 mt a year ago
—Brazil Soybean Production 117.0 mt versus trade estimates of 116.19 mt and 116.5 mt a month ago
—Argentine Soybean Production 55.00 mt versus trade estimates 55.36 mt and 55.00 mt a month ago
U.S. Agriculture Secretary Sonny Perdue said on Tuesday that talks with China about reducing Beijing’s tariff on U.S. ethanol products were “positive,” but cautioned the discussions were not over.
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