Aug 15 Morning Ag Commentary

by Michael Niemiec,

Wheat prices overnight are down roughly 4 cents in the SRW Wheat, down 1 in HRW, and down 2 for HRS; Corn is down 2; Soybeans down 5 cents; Soymeal down 2.00, and; Soyoil down 20 points.

Chinese Ag futures (January) settled up 27 yuan in Soybeans, unchanged in Corn, up 42 in Soymeal, up 24 in Soyoil, and down 2 in Palm Oil. The Malaysian Palm Oil market was down 20 ringgit at 2,193 (basis October) on disappointing export projections from private surveyors for the Aug 1-15 period versus a month ago.

The U.S. Midwest weather forecast had no major changes as rain events look to bring average to above average totals to the region for through the first half of next week—–close to average temps are also seen. The 11 to 16 day forecast still has near average rainfall and temps for the Midwest and southern Plains; below average rains and above average temps are seen in the northern Plains.

In deliveries, Soymeal totaled 50 lots; Soyoil 95; Soybeans 47 contracts.

The player sheet had funds net buyers of 6,000 contracts of SRW Wheat; bought 15,000 Corn; net bought 6,000 Soybeans; bought 8,000 Soymeal, and; were net even in soyoil. We estimate Managed Money net long 50,000 contracts of SRW Wheat; net short 54,000 Corn; net short 75,000 contracts of Soybeans; net long 47,000 lots of Soymeal, and; net short 96,000 lots of Soyoil.

Preliminary Open Interest saw SRW Wheat futures up roughly 300 contracts; HRW Wheat up 340; Corn up 2,500; Soybeans down 260 contracts; Soymeal up 5,600 lots, and; Soyoil up 3,000 lots.

NOPA crush later this morning and trade is

—-estimating the U.S. July soy crush at 161.745 mln bushels

—-soyoil supplies projected at 1.783 billion pounds

Brazilian farmers are expected to plant a record amount of soybean acres this coming season, encouraged by strong demand from China.

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2018-08-15T12:29:52+00:00 August 15th, 2018|