Feb 27 Morning Ag Commentary

by Steve Freed,

Grains are mixed. SK is unchanged and near 9.17. CK is up 1 cent and near 3.77. WK is up 5 cents and near 4.73. US Dollar is lower. Crude is higher.

China on Wednesday said it had confirmed a new outbreak of African swine fever in Shaanxi province, as the highly contagious disease spreads. Chinese Ag futures (May) settled down 26 yuan in Soybeans, up 2 in Corn, down 32 in Soymeal, down 20 in Soyoil, and down 34 in Palm Oil.

Agriculture Secretary Sonny Perdue said that U.S. trade negotiators have asked China to reduce tariffs on U.S. ethanol, but it was not immediately clear whether Beijing was willing to oblige; Beijing last summer imposed retaliatory tariffs of up to 70 percent on U.S. ethanol shipments, made exports to the key market uneconomical.

Russia’s Agriculture Ministry does not plan to impose any restrictions on grain exports and it was keeping its forecast for Russia’s 2018/19 grain exports unchanged at 42 million tons

Brazil’s weather forecast continues with close to average rainfall for all growing areas except for the far south over the next 5 days with coverage around 90%. The 6 to 10 day forecast continues with close to average rainfall for most of the growing areas except for central/southern areas. Argentina’s weather forecast still looks for a front to bring good rains to the growing areas later in the weekend and into the first half of next week.

US Midwest 6-10 forecast calls for below normal temps and precip.

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2019-02-27T14:08:45+00:00 February 27th, 2019|