Apr 13 Morning Ag Commentary

by Steve Freed,

Grains are mixed. SK is up 3 cents and near 10.64. CK is unchanged and near 3.88. WK is down 7 cents and near 4.73. US stocks are higher. Crude is lower.

For the week, Winter Wheat prices are up roughly 3 cents for SRW, down 8 in the HRW, and up 13 for HRS; Corn is down 1; Soybeans up 30 cents; Soymeal unchanged, and; Soyoil up 20 points (July crushing margins are down roughly 28 cents around $1.35).

The U.S. Southern Plains weather forecast has little in the way of precip for the weekend and much of next week; widespread, soaking rains for the region is seen by the end of next week.

The U.S. Midwest weather forecast has a slow moving storm bringing widespread coverage through the weekend; things quiet down next week before another strong storm is seen by the end of next week and into the weekend.

For the week ended April 12th, U.S. All Wheat sales are running 15% behind a year ago with the USDA forecasting a 12% decline on the year. Corn sales 2% behind a year ago, USDA forecasting a 3% decline on the year. Soybean sales are running 4% behind, USDA forecasting a 5% decline on the year. Soymeal sales are running 8% ahead of a year ago, with an 8% increase forecasted. Soyoil sales are running 10% behind a year ago, with a 22% decrease forecasted.

Russian exports of wheat increased to 5.8 million tons in January-February from 3.2 million tons in the same period a year ago, official customs data showed. IKAR said on Friday it had raised its forecast for Russia’s 2017/18 wheat exports to 39.5 million tons from 38.5 million.

Funds bought 14,000 soybeans, 2,000 soyoil 5,000 soymeal and 8,000 corn and sold 4,000 wheat on Thursday. Funds are estimated to be long 206,000 soybeans, long 110,000 soymeal, net short 30,000 soyoil, long 130,000 corn and short 62,000 wheat.

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.

2018-04-13T12:15:28+00:00 April 13th, 2018|