by Steve Freed,
USDA report day. Grains are mixed. SX is unch and near 9.13. CZ is down 1 cent and near 4.37. WZ is unch and near 5.17. US Dollar is lower. Crude is higher.
U.S. soybeans edged lower on Thursday, falling from a 10-day high touched earlier in the session, as traders readied for a widely watched U.S. government report that is expected to lay bare the impact of recent adverse weather. Corn fell, giving back nearly all the gains from the previous session. Wheat also retreated. Analysts said the market was nervously awaiting the U.S. Department of Agriculture’s latest world supply and demand estimates.
Trade expects USDA to raise US 2019 corn acres, crop and carryout and lower soybeans. Wheat numbers should remain mostly negative. USDA could lower US corn and soybean export numbers. USDA could lower US corn feeding and increase wheat. USDA could lower China soybean imports.
Weekly US wheat export sales are estimated near 250-550 mt, corn 250-700 and soybean 250-750.
The U.S. Midwest weather forecast will see some remnants of a tropical system the middle of next week but, rainfall still looks limited over the next 10 days. The 11 to 16 Day Outlook has limited rains and above average temps for the majority of the Plains and Midwest.
The Southern U.S. Plains will see limited rain over the next 10 days with just some hit and miss activity. The Northern U.S. Plains has average to a bit below average rainfall over the next 10 days.
The U.S. Delta and Southeastern states, outside of the tropical disturbance, will continue to see a seasonable pattern of isolated to scattered showers each day during the next two weeks.
The information conveyed by ADMIS or its affiliates to the audience is intended to be instructional and is not intended to direct marketing, hedging or pricing strategy or to guaranty or predict future events, including the pricing and pricing movements of commodities and commodity futures contracts.