Morning Ag Commentary 2019-04-02T14:00:40+00:00

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Dec 11 Morning Ag Commentary

by Michael Niemiec

Wheat prices overnight are down roughly 2 cents in the SRW Wheat, down 2 in HRW, and down 2 for HRS; Corn is down 2 cent; Soybeans down 2; Soymeal down $1.50, and; Soyoil down 15 points.

Chinese Ag futures (May) settled down 30 yuan in Soybeans, up 3 in Corn, up 13 in Soymeal, down 36 in Soyoil, and down 50 in Palm Oil. The Malaysian Palm Oil market was down 22 ringgit at 2,881 (basis February) setting back technically from recent price gains.

Grain futures could still be in a trading range. Bulls feel US corn crop could still drop from latest USDA estimate. Market is still not pricing in any 2020 weather problems. US farmers still not aggressive sellers of corn or soybean supplies. Slow export demand for US corn, soybean and wheat limits new buying. Estimates of higher World 2020 corn, soybean and wheat supplies also limits the upside in prices. Trade waits any US and China trade news. Deadline for new US tariffs on China goods is Dec 15. China has increased buying of US soybeans as a gesture of good faith. Commodity trade will be watching US Fed comments today for market direction. Next key USDA report will be in January.  

The South American weather forecast for Brazil in the 6 to 10 day outlook continues with moderate rainfall in most areas with lighter amounts in the northeast.  The Argentine weather forecast also continues in the 6 to 10 day period for the southern growing regions seeing mostly dry conditions with light to moderate rainfall in the north.

In deliveries, Soymeal totaled 506 lots; Soyoil 295; Corn 79; HRW Wheat 1; Oats ZERO; SRW Wheat ZERO, and; HRS Wheat ZERO.

Preliminary Open Interest saw SRW Wheat futures up roughly 1,800 contracts; HRW Wheat down 1,300; Corn up 6,400; Soybeans down 5,300 contracts; Soymeal up 2,200 lots, and; Soyoil down 10,700.

There were changes in registrations (Soymeal up 500)—Registrations total ZERO contracts for SRW Wheat; ZERO Oats; Corn 216; Soybeans 1,469; Soyoil 2,613 lots; Soymeal 1,310; Rice 477; HRW Wheat 11, and; HRS Wheat 789 contracts.

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.

December 11th, 2019|
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Dec 11 Morning Ag Commentary

by Michael Niemiec

Wheat prices overnight are down roughly 2 cents in the SRW Wheat, down 2 in HRW, and down 2 for HRS; Corn is down 2 cent; Soybeans down 2; Soymeal down $1.50, and; Soyoil down 15 points.

Chinese Ag futures (May) settled down 30 yuan in Soybeans, up 3 in Corn, up 13 in Soymeal, down 36 in Soyoil, and down 50 in Palm Oil. The Malaysian Palm Oil market was down 22 ringgit at 2,881 (basis February) setting back technically from recent price gains.

Grain futures could still be in a trading range. Bulls feel US corn crop could still drop from latest USDA estimate. Market is still not pricing in any 2020 weather problems. US farmers still not aggressive sellers of corn or soybean supplies. Slow export demand for US corn, soybean and wheat limits new buying. Estimates of higher World 2020 corn, soybean and wheat supplies also limits the upside in prices. Trade waits any US and China trade news. Deadline for new US tariffs on China goods is Dec 15. China has increased buying of US soybeans as a gesture of good faith. Commodity trade will be watching US Fed comments today for market direction. Next key USDA report will be in January.  

The South American weather forecast for Brazil in the 6 to 10 day outlook continues with moderate rainfall in most areas with lighter amounts in the northeast.  The Argentine weather forecast also continues in the 6 to 10 day period for the southern growing regions seeing mostly dry conditions with light to moderate rainfall in the north.

In deliveries, Soymeal totaled 506 lots; Soyoil 295; Corn 79; HRW Wheat 1; Oats ZERO; SRW Wheat ZERO, and; HRS Wheat ZERO.

Preliminary Open Interest saw SRW Wheat futures up roughly 1,800 contracts; HRW Wheat down 1,300; Corn up 6,400; Soybeans down 5,300 contracts; Soymeal up 2,200 lots, and; Soyoil down 10,700.

There were changes in registrations (Soymeal up 500)—Registrations total ZERO contracts for SRW Wheat; ZERO Oats; Corn 216; Soybeans 1,469; Soyoil 2,613 lots; Soymeal 1,310; Rice 477; HRW Wheat 11, and; HRS Wheat 789 contracts.

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.

December 11th, 2019|
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