Aug 24 Morning Ag Commentary

by Steve Freed,

TGIF. Grains are mixed. SX is up 2 cents and near 8.56. CZ is unchanged and near 3.61. WZ is down 4 cents and near 5.37. US Dollar is lower. Crude is higher.

For the week, Winter Wheat prices are down roughly 41 cents for SRW, down 42 in the HRW, and down 27 for HRS; Corn is down 17; Soybeans down 37 cents; Soymeal down $15.00, and; Soyoil down 10 points (December crushing margins are up roughly 2 cents at around $1.54, oil-share is up 1% at 31%).

Traders are watching the fourth day of the Pro Farmer Midwest crop tour for on-the-ground insight into how this year’s corn and soybean crops are faring; MN corn yield was est near 178.7 vs 191.5 last year and USDA 191.0. IA corn yield was est near 188.2 vs 179.8 last year and USDA 202.0.

U.S. Agriculture Secretary Sonny Perdue said on Thursday that details of a planned $12 billion aid package for U.S. farmers hurt by the Trump administration’s trade wars will be disclosed on Monday.

China trade talks end with no breakthrough as tariffs kick in; tariffs take effect amid mid-level talks in Washington; Senior Trump official minimizes chances for progress; China files WTO complaint against latest U.S. tariffs; semiconductor group says duties hurt U.S. more than China.

For the week ended Aug 16th, U.S. All Wheat sales are running 26% behind a year ago, shipments 34% behind with the USDA forecasting a 14% increase on the year. U.S. Corn sales are running 7% ahead of a year ago, shipments up 2% with the USDA forecasting a 5% increase on the year. U.S. Soybean sales are running 3% behind, shipments 4% behind with the USDA forecasting a 3% decline on the year. Soymeal sales 21% ahead of a year ago, shipments 19% ahead with a 22% increase forecasted.

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.

2018-08-24T12:55:40+00:00 August 24th, 2018|