June 5 Morning Ag Commentary

by Michael Niemiec,

Wheat prices overnight are down roughly 13 cents in the SRW Wheat, down 15 in HRW, and down 8 for HRS; Corn is down 8 cents; Soybeans down 7; Soymeal down $3.00, and; Soyoil down 5 points.

Chinese Ag futures (September) settled down 42 yuan in Soybeans, down 9 in Corn, down 14 in Soymeal, up 28 in Soyoil, and up 18 in Palm Oil. The Malaysian Palm Oil market is on holiday until Friday.

The U.S. Midwest weather forecast still has above average precip over the next 10 days but excessive rainfall is turning sparse; 3 systems will be moving through with the third system early next week showing different models with the GFS being a bit wetter for most areas while the European favors the north; midweek next week looks dry until more rains arrive to the north by Friday—-temps will be running average to below average.

The 11 to 16 Day Outlook has been showing different forecasts lately with now close to average rainfall being seen for the Plains and Midwest—temps are looking at average to above average in the Plains and average in the Midwest.

 

U.S. Vice President Mike Pence will host Mexican leaders at the White House on Wednesday for talks aimed at pressuring authorities to clamp down on migrants heading for the southern U.S. border.

Wire story reports grain traders are selling Brazilian corn to Smithfield Foods Inc in the United States where wet weather has reduced plantings.

U.S. soybean exporters are facing what may be their busiest and most logistically challenging summer due to an unprecedented backlog of soybeans purchased by China that still needs to be shipped and widespread floods in the U.S. Midwest.

China’s customs agency plans to increase inspections of Canadian meat and meat product imports, a move that could seriously damage the Canadian industry.

Chinese importers are preparing applications for waivers on import tariffs levied on more than 700 U.S. goods in the Sino-U.S trade war, after the Ministry of Finance said it would start taking submissions

There’s more volatility in store for European crop prices, says French consultancy Agritel; milling wheat prices fell on the Euronext after the USDA reported that the U.S. winter wheat crop was in good condition; at the same time, the euro has been strengthening against the dollar; also, hot weather in Russia also has the potential to swing global prices.

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2019-06-05T13:06:59+00:00 June 5th, 2019|