by Michael Niemiec,

Wheat prices overnight are up roughly 2 cents in the SRW, up 3 in HRW, and up 7 for Spring; Corn is up 1; Soybeans up 7 cents; Soymeal up $2.50, and; Soyoil up 10 points.

Chinese Ag futures (May) settled down 2 yuan in Soybeans, down 12 in Corn, down 23 in Soymeal, down 36 in Soyoil, and down 18 in Palm Oil. The Malaysian Palm Oil market was up 9 ringgit at 2,449, basis May, on demand hopes ahead of holidays.

The South American weather forecast still has two rain events occurring in Argentina in the next five days——In Brazil, frequent, scattered shower and thunderstorm activity is seen in most crop areas through next Wednesday. The U.S. Plains had the GFS model run increase precipitation in southwestern Kansas, the Texas and Oklahoma Panhandles.

In deliveries, Soymeal totaled 129 lots; Soyoil 19 lots; Corn 28; HRW Wheat 30 contracts; Oats 2; Soybeans 24; SRW Wheat ZERO; and; HRS Wheat ZERO.

The player sheet had funds net buyers of 3,000 contracts of SRW Wheat; net sold 8,000 Corn; sold 13,000 Soybeans; net sold 6,000 lots of Soymeal, and; sold 3,000 Soyoil.

We estimate Managed Money net short 43,000 contracts of SRW Wheat; net long 186,000 Corn; net long 154,000 contracts of Soybeans; net long 99,000 lots of Soymeal, and; net short 12,000 lots of Soyoil.

Preliminary Open Interest saw SRW Wheat futures up roughly 3,200 contracts; HRW Wheat up 1,500; Corn up 3,800; Soybeans down 8,800 contracts; Soymeal up 2,300 lots, and; Soyoil up 2,900 lots.

Export sales for Wheat estimated at 250,000 to 500,000t; Corn 1.3 to 1.7 mt; Soybeans 800,000 to 1.2 mt; Soymeal 100,000 to 350,000t, and; Soyoil 15,000 to 35,000t.

The NOPA February soybean crush is estimated at 149.4 mln bushels, soyoil stocks 1.766 bil lbs.

Starting to get trading firms estimates for the Prospective Plantings report at the end of the month; one pegged 2018 all Wheat acreage at 46.889 mil acres; corn 88.514 mil, and; soybeans at 92.104 mil acres.

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