Morning Ag Commentary 2019-04-02T14:00:40+00:00

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June 14 Morning Ag Commentary

by Steve Freed,

Grains are higher.  SU is up 3 cents and near 9.05. CU is up 4 cents and near 4.51. WU is up 1 cent and near 5.40. US stocks are higher. Crude is higher.

For the week so far wheat prices are up 28 1/4 in SRW, up 19 1/2 in HRW, down 4 in HRS; Corn is up 22 3/4; Soybeans up 31 1/2; Soymeal up $1.02; Soyoil up 0.53.

For the month to date wheat prices are up 30 1/4 in SRW, down 1 in HRW, up 14 1/4 in HRS; Corn is up 14 1/2; Soybeans up 12 1/2; Soymeal up $0.24; Soyoil up 0.25.

Nearby July corn futures are supported by higher east US Midwest basis. End users are net buyers on concern over lower US 2019 supply. Farmer selling has also slowed. Key to corn will be US weather over the next 30 days.

July soybeans is nearing next resistance near 8.96. Trade over 9.00 could suggest the trade is concerned about US supply due to late plantings. This could offset the negative bias due to record World supplies and slower China soybean imports.

July Chicago wheat is testing resistance near 5.40. Next resistance is near 5.60. Support is near 5.10. Wheat supported by concern over US winter wheat quality and dryness in parts of Canada and Russia. Wheat futures are also a follower to corn.

U.S. farmers should consider increasing 2020 corn sales near 4.20 CZ0, soybean near 9.50 SX0 and wheat near 5.60 WN0.

The U.S. Midwest weather forecast has wet weather returning to the Midwest this weekend, favoring Illinois, Indiana and Ohio. Another system rolls through early next week, which should cover the eastern Plains, Midwest and eastern corn-belt states. The seven day total is expected to be 1 ½ to 3 inches. This could continue to delay soybean plantings in Illinois, Indiana, Ohio and Michigan.

Russian May grain export inspections totaled more than 37 thousand tons grains and its processed products. The main importer of these products is China with 19.8 thousand tons of soybeans &corn, 4.1 thousand tons wheat flour. Since the beginning of 2019, 227.9 thousand tons of grain and 22.3 thousand tons of processed products have been exported.

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.

 

June 14th, 2019|
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June 14 Morning Ag Commentary

by Steve Freed,

Grains are higher.  SU is up 3 cents and near 9.05. CU is up 4 cents and near 4.51. WU is up 1 cent and near 5.40. US stocks are higher. Crude is higher.

For the week so far wheat prices are up 28 1/4 in SRW, up 19 1/2 in HRW, down 4 in HRS; Corn is up 22 3/4; Soybeans up 31 1/2; Soymeal up $1.02; Soyoil up 0.53.

For the month to date wheat prices are up 30 1/4 in SRW, down 1 in HRW, up 14 1/4 in HRS; Corn is up 14 1/2; Soybeans up 12 1/2; Soymeal up $0.24; Soyoil up 0.25.

Nearby July corn futures are supported by higher east US Midwest basis. End users are net buyers on concern over lower US 2019 supply. Farmer selling has also slowed. Key to corn will be US weather over the next 30 days.

July soybeans is nearing next resistance near 8.96. Trade over 9.00 could suggest the trade is concerned about US supply due to late plantings. This could offset the negative bias due to record World supplies and slower China soybean imports.

July Chicago wheat is testing resistance near 5.40. Next resistance is near 5.60. Support is near 5.10. Wheat supported by concern over US winter wheat quality and dryness in parts of Canada and Russia. Wheat futures are also a follower to corn.

U.S. farmers should consider increasing 2020 corn sales near 4.20 CZ0, soybean near 9.50 SX0 and wheat near 5.60 WN0.

The U.S. Midwest weather forecast has wet weather returning to the Midwest this weekend, favoring Illinois, Indiana and Ohio. Another system rolls through early next week, which should cover the eastern Plains, Midwest and eastern corn-belt states. The seven day total is expected to be 1 ½ to 3 inches. This could continue to delay soybean plantings in Illinois, Indiana, Ohio and Michigan.

Russian May grain export inspections totaled more than 37 thousand tons grains and its processed products. The main importer of these products is China with 19.8 thousand tons of soybeans &corn, 4.1 thousand tons wheat flour. Since the beginning of 2019, 227.9 thousand tons of grain and 22.3 thousand tons of processed products have been exported.

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.

 

June 14th, 2019|
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