by Steve Freed,
Grains are mixed to higher. CZ is up 1 cent and near 3.79. WZ is up 2 cents and near 5.19. SF is up 4 cents and near 9.31. Crude is higher. US stocks are higher.
Beijing and Washington have agreed to remove existing tariffs in tranches. Removing all existing tariffs has always been Beijing’s bottom line to reach a trade deal with Washington. The U.S. has for months balked at scrapping all tariffs, aiming to keep at least some in place as a way to pressure China.
Trade will be watching weekly US export sales report. Recent data trend has offered resistance to futures. Trade may also begin to even up positions in front of USDA monthly supply and demand report due Friday. Supply bulls hoping for some positive USDA crop data. Demand bears waiting to sell rallies.
Wire story reports it is no secret that overseas demand for U.S. corn has been downright terrible as of late, and relief does not seem likely in the immediate term as purchase commitments remain dismal; forward sales for U.S. soybeans are nothing to brag about either, but soy exporters have enjoyed more success recently than those for corn.
Global meat shippers have three years to make the most of the outbreak of a fatal pig disease in China before Chinese pork imports peak, according to a report released by the U.S. pork industry. The forecast issued on Wednesday starts a clock ticking for companies to profit from the epidemic of African swine fever (ASF), which has killed up to half of China’s hog herd since August 2018 and pushed Chinese pork prices to record highs.
The U.S. 11 to 16 Day Outlook for the Plains and Midwest continues with a warming temp forecast to the region for the period with but an increase in precip.
The South American weather forecast still has rains for most of Brazil with rainfall also in Argentina except in the region of Buenos Aires. Temps average to below in Argentina, average to above in Brazil.
Registrations total ZERO contracts for SRW Wheat; ZERO Oats; Corn 216; Soybeans 1,769; Soyoil 1,516 lots; Soymeal 710; Rice 805; HRW Wheat 11, and; HRS Wheat 669 contracts.
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.