Apr 22 Morning Ag Commentary

by Steve Freed,

Earth Day. Save the rock. Grains are lower. SN is down 1 cent and near 8.92. CN is down 1 cent and near 3.65. WN is down 5 cents and near 4.43. U.S. Dollar is lower. Crude is higher. U.S. stocks are lower.

For the week, Winter Wheat prices were down roughly 20 cents for Soft Red Winter, down 16 in the Hard Red Winter, and down 7 for Hard Red Spring; Corn was down 2 cents; Soybeans down 14; Soymeal down $5.00, and; Soyoil down 20 points (crushing margins were up 2 cents at $1.00, oil-share was unchanged at 32%.

China stocks fell from a 13-month high on Monday, posting their worst session in nearly four weeks, as comments from top policy making bodies raised investor fears that Beijing will slow the pace of policy easing after some signs of stabilization in the world’s second-largest economy.

U.S. trade delegation will meet with China next week. Some feel that a deal may be 95 percent done. Still the remaining issues could be tough to agree on. It could take another meeting in May to resolve the last issue. In then mean time, lack of a deal is weighing on U.S. grain prices and farmer income.

The U.S. Midwest weather forecast is generally going to see below average precip for the week in the central regions while the north will see several rain events. Rains return for the north by the weekend. A third system mainly to the north will be seen early next week. Temps will be mostly near average as a whole for the week.

The Southern U.S. Plains will see rains in Oklahoma and Texas the first half of the week with limited rainfall in Kansas. Rains look to fall in Kansas the first part of next week. Temps will be running average to a bit below for the week warming to average to above the first part of next week.

The Northern U.S. Plains will see rain systems come and go through parts of the region through the week, weekend, and early next week. Temps will generally be average.

The U.S. Delta and the Southeast is expected to see net drying in the Delta and southeast towards the end of the week. The drier bias is expected into the first week of May with only light amounts of rain towards the end of the period.

 

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2019-04-22T12:15:31+00:00 April 22nd, 2019|