by Steve Freed,
First day of spring. Grains are higher. SK is up 7 cents and near 8.50. CK is up 4 cents and near 3.51. WK is up 4 cents and near 5.49. Number of World coronavirus cases is now near 250,618. US 14,366 Number of global deaths 10,254. US stocks are higher. US Dollar is lower. Crude is higher
For the week, SRW Wheat prices are up roughly 31 cents; HRW up 37; HRS up 13; Corn is down 14 cents;
Soybeans up 3; Soymeal up $7.00; and Soyoil down 45 points; Crushing margins are up 8 cents; Oil share down 1%.
Talk that China may be looking for US grains is helping prices. Continued confusion over Brazil and Argentina export situation may also be helping prices. This week private estimates of Brazil and Argentina soybean crop were lowered due to dry weather. Matif EU wheat futures continued to firm on talk of a lower EU wheat crop than last year. There is talk of less wheat being moved in EU due to virus health concerns. Increase US demand could be helping meats and wheat. Trade will also be watching Black Sea 2020 weather and forecast of a wet start to the US 2020 planting season.
The U.S. Winter Wheat areas has quieter weather settling in for the 6 to 10 day period. The U.S. Midwest forecast will see a wet pattern developing over the region over the next 10 days
The South American weather forecast for Brazil has rainfall moderate rainfall for most the northern growing regions with things mainly dry in the south. The Argentine weather forecast for the 6 to 10 day period is dry for the weekend and early next week.
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