by Steve Freed,
Grains are mixed. SH is unchanged and near 9.42. CH is unchanged and near 3.89. WH is up 5 cents and near 5.67. US stocks are lower US Dollar is higher. Crude is higher. Gold is lower.
The Malaysian Palm Oil market was down 74 ringgit at 3,032 (basis March) on further ringgit strength and India, Malaysian import relations.
US farmer has increased corn and soybean cash sales after disappointing USDA report. Elevators also selling basis corn and soybeans. Commercial concerned when China buys they may buy new crop 2020.
The South American weather forecast for Brazil has not changed much with rains seen falling through much of the region over the next 6 to 10 day period. The Argentine weather forecast is turns dry through the upcoming weekend with rains returning by midweek next week.
President Trump will be the keynote speaker at the American Farm Bureau’s annual convention on Sunday, making it the third year in a row Trump has been the head guest, the Farm Bureau says; Agriculture Secretary Sonny Perdue and EPA Administrator Andrew Wheeler will also be in attendance.
The U.S. Treasury Department will drop its designation of China as a “currency manipulator” just two days before negotiators from Beijing and Washington are set to sign the first phase of the trade deal between the two countries.
Yesterday’s U.S. weekly export inspections had Wheat exports running 14% ahead of a year ago (15% last week) with the USDA currently forecasting a 4% increase on the year. Corn 54% behind a year ago (54% last week) with the USDA down 14% for the season. Soybeans 25% ahead of a year ago (up 25% last week) with the USDA having a 2% increase forecasted on the year.
Strikes on the French railway network could hurt grain exports from the European Union’s largest wheat producer by disrupting transport links between farms and ports. Euronext wheat rose on Monday to its highest in more than seven months as supply snags in France caused by transport strikes added to support from brisk overseas demand; benchmark March milling wheat settled up 1.50 euros, or 0.8%, at 193.00 euros ($214.98) a ton.
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.