by Steve Freed,
Grains are mixed to higher. SH is up 2 cents and near 9.18. CH is up 2 cents and near 3.90. WH is up 7 cents and near 5.89. US stocks are higher. US Dollar is higher. Crude is lower. Gold is lower.
The Malaysian Palm Oil market was up 87 ringgit at 2,974 (basis April) on some estimates of output drops and hopes of India import tax cuts.
Overnight, grain futures are higher. Some link higher wheat prices to ongoing protest in France push EU wheat prices higher. There is also talk that China may issue new import quotas for certain US Ag goods that can be bought before China holiday starting Saturday.
US farmer soybean selling has slowed due to lower prices, US farmers continue slow sellers of corn but could begin to sell 5-10 cents higher. US wheat farmers are scale up sellers of wheat on the continued rally in futures.
US farmers should sell remains old crop wheat inventory and add 10 pct sales to 2020 crop. US farmers should consider increase inventory corn sales near 4.00 CH and 2020 sales near 4.10 CZ.
The South American weather forecast for Brazil continues with rainfall for much of the growing regions favoring the north over the next 6 to 10 day period with lesser amounts in the south. The Argentine weather forecast has rainfall returning for most of the growing regions early next week and turning quiet for the remainder of the week.
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