Sept 12 Morning Ag Commentary

by Michael Niemiec,

Wheat prices overnight are up roughly 3 cents in the SRW Wheat, up 2 in HRW, and up 3 for HRS; Corn is up 2 cents; Soybeans up 8; Soymeal up $2.00, and; Soyoil up 10 points.

Chinese Ag futures (January) settled down 9 yuan in Soybeans, down 9 in Corn, down 18 in Soymeal, down 30 in Soyoil, and down 36 in Palm Oil. The Malaysian Palm Oil market was down 18 ringgit at 2,188 (basis November) on slower demand.

The U.S. Midwest weather forecast looks to be mainly dry and warm for the weekend and most of next week—temps will be running average to above average across the region the next 3 days before warming up to above average for all of next week.

In deliveries, Soymeal totaled 54 lots; Soyoil 45; Rice 15; Corn 132; HRW Wheat 3; Oats ZERO; Soybeans 508, SRW Wheat 1, and; HRS Wheat ZERO.

Preliminary Open Interest saw SRW Wheat futures down roughly 4,000 contracts; HRW Wheat up 275; Corn up 6,500; Soybeans up 2,000 contracts; Soymeal down 3,700 lots, and; Soyoil up 590.

U.S. President Donald Trump said on Wednesday the United States has agreed to delay increasing tariffs on $250 billion worth of Chinese imports from Oct. 1 to Oct. 15 “as a gesture of good will”.

Wire story reports Taiwan steps into trade war breach for US, saying it will buy US$3.6 billion in American agricultural products

White House officials on Wednesday urged U.S. biofuel producers and oil refiners to accept a deal to lift biofuel blending mandates in 2020, saying overlong negotiations could make it hard to enact the change in time for next year.

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2019-09-12T13:15:07+00:00 September 12th, 2019|