by Steve Freed,
Overnight trade has SRW up roughly 9 cents, Corn is up 3 cents; Soybeans down 1, Soymeal down $1.20, and Soyoil up 9 points.US stocks are lower. Crude is higher. US Dollar is higher.
For the week, SRW Wheat prices are down roughly 21 cents; HRW down 13; HRS down 13; Corn is down 9 cents; Soybeans down 21; Soymeal down $12.00, and; Soyoil down 60 points; Crushing margins are down 13 cents; Oilshare up 1%.
Chinese Ag futures (Sep) settled down 33 yuan in Soybeans, down 2 in Corn, down 28 in Soymeal, up 28 in Soyoil, and down 22 in Palm Oil. Malaysian palm oil prices were down 36 ringgit at 2,275 (basis June) at midsession.
For the U.S., A snow event will be possible in the Northern Plains during the Apr 10-12 time period. There was an increase of precipitation across the Corn Belt and some nearby areas in the Apr. 15 – 17 time period
For South America, Conditions in much of Argentina and Brazil will still be favorable for fieldwork and crop production.
For the week ended March 26th, U.S. All Wheat sales are running 2% ahead of a year ago, shipments up 9% with the USDA forecasting a 7% increase on the year. U.S. Corn sales are running 26% behind a year ago, shipments 39% behind with the USDA forecasting a 16% decline. U.S. Soybean sales are running 15% behind a year ago, shipments 6% ahead with the USDA forecasting a 4% increase on the year.
A U.S. poultry company said it is reducing chicken production in Georgia and cutting chicken processing to 1 million birds a week from 1.3 million over the next four weeks in Moultrie, Georgia.
Brazilian mills are turning to wheat suppliers outside of Argentina as they seek to avoid shortages during the coronavirus pandemic; Brazil, which relies on imports for 60% of domestic wheat consumption, is pressing the government to lift sanitary restrictions on Russian wheat and temporarily drop a 10% import tariff on wheat from outside the South American trade bloc.
Brazil’s production and exports of soybeans in the 2019/2020 crop year will come in about 4 million tons lower than previously forecast due to blistering temperatures and a drought in southern Rio Grande do Sul state. Brazil is expected to produce 120.1 million tons of soybeans, down roughly 3% from its previous forecast
Bad weather and coronavirus are walloping Argentina’s key soy export industry, with a grains exchange cutting its harvest estimate on Thursday as a long line of cargo ships dropped anchor in the Parana River, delayed by health inspections. The country’s soy crop is expected at 49.5 million tons, the Buenos Aires Grains Exchange said, citing bad weather and lower-than-expected yields as the reason for chopping its earlier 52-million-ton forecast
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