Mar 14 Morning Ag Commentary

by Michael Niemiec,

Wheat & Corn are lower, Soybeans higher this am.  US Stocks should open higher.

Wheat prices overnight are down roughly 2 cents in the SRW, down 2 in HRW, and down 3 for Spring; Corn is down 1; Soybeans up 3 cents to down 1; Soymeal up $2.50 to down $0.50, and; Soyoil near steady.

Chinese Ag futures (May) settled up 19 yuan in Soybeans, up 1 in Corn, up 2 in Soymeal, up 34 in Soyoil, and up 36 in Palm Oil.

The Malaysian Palm Oil market was up 27 ringgit at 2,440, basis May, again supported by rival oils.

The South American weather forecast still has two rounds of meaningful precipitation occur in Argentina into Monday—— In Brazil, daily scattered shower and thunderstorm activity is seen in most crop areas.

The U.S. Plains forecast is showing meaningful precipitation for the drought-stricken portions of the Hard Red Winter Wheat Region and West Texas east through the southeastern states.

In deliveries, Soymeal totaled ZERO; Soyoil 22 lots; Corn ZERO; HRW Wheat 2 contracts; Oats ZERO; Soybeans ZERO; SRW Wheat 3 contracts; and; HRS Wheat 1.

The player sheet had funds net sellers of 4,000 contracts of SRW Wheat; net bought 11,000 Corn; bought 9,000 Soybeans; net bought 5,000 lots of Soymeal, and; bought 5,000 Soyoil. We estimate Managed Money net short 46,000 contracts of SRW Wheat; net long 194,000 Corn; net long 167,000 contracts of Soybeans; net long 105,000 lots of Soymeal, and; net short 9,000 lots of Soyoil.

Preliminary Open Interest saw SRW Wheat futures up roughly 17,300 contracts; HRW Wheat down 215; Corn up 22,400; Soybeans up 750 contracts; Soymeal up 4,500 lots, and; Soyoil down 725 lots.

Yield prospects are dimming for winter wheat in the breadbasket of the southern U.S. Plains, where the crop is emerging from dormancy and requiring moisture at a time when much of the region is gripped by drought.

NOPA February soybean crush tomorrow seen at 149.443 mln bushels; soyoil stocks seen at 1.766 billion lbs.

U.S. lawmakers said on Tuesday they agreed to revise a portion of the new tax code that gave farmers a massive tax break for selling crops to cooperatives, in a win for private grain firms that were disadvantaged by the overhaul.

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2018-03-14T12:31:12+00:00 March 14th, 2018|