by Steve Freed,
Grains are mixed to lower. SH is down 4 cents and near 9.41. CH is unchanged and near 3.86. WH I down 3 cents and near 5.60. US stocks are higher. US Dollar is higher. Gold is lower.
For the week, Winter Wheat prices were up 9 cents for Soft Red Winter, up 20 for the Hard Red Winter, and up 11 for Hard Red Spring; Corn was down 1 cent; Soybeans up 5; Soymeal up $2.00, and; Soyoil down 75 points; March crushing margins were down 8 cents at $0.99; March, oil-share was unchanged 36%.
Grain futures now trying to play the guessing game of when and what will China buy under a new trade agreement. This with South America weather normal and suggest potential for increased supplies over demand. There is also a good chance that US 2020 crops could also be above demand. 2020 could also be a key US political year and money flow could still go to stocks and energies as long as interest rates stay low and there is tension around the world.
The South American weather forecast for Brazil continues to see rains fall through much of the region over the next 6 to 10 day period. The Argentine weather forecast has a front bringing moderate rainfall through much of the growing region the beginning of the week with things turning drier the rest of the week, the weekend, and early next week.
For the week ended January 2nd, U.S. All Wheat sales are running 6% ahead of a year ago, shipments up 17% with the USDA forecasting a 4% increase on the year. U.S. Corn sales are running 43% behind a year ago, shipments 54% behind .U.S. Soybean sales are running 2% behind a year ago, shipments 23% ahead
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