by Michael Niemiec
Wheat prices overnight are down roughly 2 cents in the SRW Wheat, down 1 in HRW, and up 2 for HRS; Corn is near unchanged; Soybeans up 2; Soymeal up $0.50, and; Soyoil up 20 points.
For the week, Winter Wheat prices were down roughly 17 cents for Soft Red Winter, down 16 in the Hard Red Winter, and down 2 for Hard Red Spring; Corn was down 5 cents; Soybeans up 12 cents; Soymeal up $5.00, and; Soyoil up 110 points; crushing margins were at $1.08—March, oil-share was at 34%.
Chinese Ag futures (May) settled down 2 yuan in Soybeans, down 4 in Corn, up 9 in Soymeal, up 80 in Soyoil, and up 98 in Palm Oil. The Malaysian Palm Oil market was up 46 ringgit at 2,904 (basis February) for a fifth straight day of gains and hitting near a 3 year high on supply concerns; palm oil prices have overtaken U.S. soyoil prices
Busy week this week with USDA report, Brexit vote and US tariff deadline for China import goods.
The South American weather forecast for Brazil in the 6 to 10 day outlook has moderate rainfall in most areas with lighter amounts in the northeast. The Argentine weather forecast remains dry in the 6 to 10 day forecast for the southern growing regions with light to moderate rainfall in the north.
The Trump administration believes it can assuage farmer anger over its biofuels policy by agreeing to use more partial waivers for oil refineries, signaling a potential solution to a protracted battle between Big Corn and Big Oil, two key political constituencies in next year’s presidential election
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