by Steve Freed,
Grains are higher. SK is up 9 cents and near 8.68. CK is up 4 cents and near 3.69. WK is up 6 cents and near 5.12. Number of coronavirus cases is now near 135,866. Number of deaths is 4,992. US stocks are higher. Crude is higher. US Dollar is higher.
Unprecedented moves by Central Banks to infuse money into global economies and the shutdown of schools, entertainment and sports is trying to support futures today. Still demand for US corn, soybean and wheat exports remain slow and could limit upside in prices. China Hubei province is reporting no new cases of the virus but they remain a slow buyer of US Ag goods. Argentina lowered their corn and soybean crop ratings due to recent dry weather. Needed rains though are forecast for Argentina. Black Sea wheat prices continue to slide lower on lack of new export buying as buyers await a price bottom.
For the week, SRW Wheat prices are down roughly 10 cents; HRW down 11; HRS down 11; Corn is down 8 cents; Soybeans down 30; Soymeal down $5.00; and Soyoil down 195 points; Crushing margins are down 2 cents; Oilshare down 2%.
For the week ended March 5th, U.S. All Wheat sales are running 3% ahead of a year ago, shipments up 10% with the USDA forecasting a 7% increase on the year. U.S. Corn sales are running 31% behind a year ago, shipments 44% behind with the USDA forecasting a 16% decline. U.S. Soybean sales are running 16% behind a year ago, shipments 11% ahead with the USDA forecasting a 4% increase on the year
The U.S. Winter Wheat areas have rains forecasted mostly through the next week. The U.S. Midwest forecast has systems moving through the region through the end of next week
The South American weather forecast for Brazil has moderate rainfall coverage for most of the growing region over the next 6 to 10 days. The Argentine weather forecast has rainfall moderate rainfall for most growing areas over the first half of next week with things quieting out the end of the week.
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