Apr 11 Morning Ag Commentary

by Michael Niemiec,

Wheat prices overnight are up roughly 3 cents in the SRW Wheat, up 3 in HRW, and up 8 for HRS; Corn is unchanged; Soybeans down 1 cent; Soymeal down $0.50, and; Soyoil down 10 points.

Chinese Ag futures (September) settled down 11 yuan in Soybeans, up 5 in Corn, up 5 in Soymeal, down 18 in Soyoil, and down 44 in Palm Oil. The Malaysian Palm Oil market was down 15 ringgit at 2,155 (basis June) still weakened by March trade data.

The U.S. Midwest weather forecast is a little wetter for the lower Midwest next week with fewer opportunities for fieldwork expected through the next ten days; the April 19-24 period is expected to be drier.

China sweetened an offer to open its cloud-computing sector to foreign companies, in a bid to forge a trade deal after U.S. negotiators rejected an earlier proposal as inadequate

—U.S. Treasury Secretary Steven Mnuchin said that U.S.-China trade talks continue to make progress and the two sides have basically settled on a mechanism to police any agreement

Weekly Sales estimates for Wheat 300,000 to 500,000t; Corn 600,000 to 950,000t; Soybeans 800,000 to 1.150 mt; Soymeal 100,000 to 300,000t, and; Soyoil 8,000 to 30,000t.

U.S. ethanol production for the week ended April 5th averaged 1.002 mil barrels per day (up 0.30% versus a week ago, down 3.09% versus a year ago); stocks totaled 23.193 mil barrels (down 3.33% versus a week ago, up 6.17% versus last year); corn use for the week was 103.3 mil bu (103.0 mil last week and versus the 104.9 mil bu needed to meet USDA projections).

2019-04-11T20:22:56+00:00 April 11th, 2019|