Apr 25 Morning Ag Commentary

by Steve Freed,

Grains are mixed. SN is up 2 cents and near 8.71. CN is down 1 cent and near 3.54. WN is down 1 cent and near 4.36. U.S. Dollar is mixed. Crude is higher.

Weekly US wheat export sales are est near 200-400 mt, corn 600-1.000 and soybeans 300-700.

China imported 1.51 million tons of soybeans from the United States in March, up from February’s shipments of 907,7545 tons. The arrivals were still only half of last year’s volumes, as Beijing’s hefty tariffs on cargoes from the United States curbed purchases. China also imported 2.79 million tons of soybeans from Brazil, up from 2.33 million tons in March 2018. Total soybean imports in March reached 4.92 million ton

Canadian farmers intend to plant 7% fewer acres of canola this spring compared with a year earlier, even less than expected by analysts and traders, as a dispute with China hampers demand, a government report showed. Statscan pegged the all-wheat area at 25.7 million acres, up 4% and exceeding the average trade expectation of 24.8 million acres.

In Brazil, the Brazil-Arab news agency reports that CONAB estimates the 2018/19 crop will end with record ethanol production , jumping more than 23% on the year to 33.58 billion liters, above the previous record of 30.5 billion liters in 2015/16 crop.

Favorable weather during the spring grain sowing in the Black Sea has producers in Russia and Ukraine increasing the chances of another large grain harvest due to healthy levels of soil moisture, analysts and traders said. Russia is on track to harvest a grain crop of 118-129 million tons, up from 113 million tons in 2018. The Ukrainian agriculture ministry expects the country’s grain crop to remain flat at around 70 million tons. Kazakhstan plans to increase its grain crop by 100,000 tons from last year to 20.3 million tons

The U.S. Midwest weather forecast again saw no major changes as moderate rainfall with some snow from 3 systems move through the Midwest today through next Thursday.

The Southern U.S. Plains is mostly dry through Saturday before rains arrive Sunday bringing moderate amounts of precip to most of the region lasting into the middle of next week. More rains are seen at the very end of next week.

The Northern U.S. Plains has moderate rainfall for the region Friday and into the weekend with some areas even looking at some measurable snowfall. Another system arrives the middle of the week with light to moderate amounts of precip. Temps will be running near average for the week turning to below average for the weekend and all of next week.

The U.S. Delta and the Southeast is expected to see an improving trend towards drier conditions over the next two weeks, especially after Friday when dry weather settles in for at least a week.

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2019-04-25T13:20:24+00:00 April 25th, 2019|