April 24, 2017 by Steve Freed
Grain are higher. SN is up 7 cents and near 9.68. CN is up 1 cent and near 3.65. WN is up 3 cents and near 4.24. US Dollar is sharply lower. Crude is higher. Gold is lower.
Chinese Ag futures were up 1 yuan for soybeans, up 8 in corn, up 16 in soymeal, up 40 in soyoil, and up 22 yuan in palm oil. Malaysian palm oil market closed for holiday.
US Midwest was dry over the weekend. US corn planting pace is est near 15-19 pct vs 18 ave. Rains this week could slow plantings. EU remains dry. NOAA US summer outlook calls for warm temps. China was a small buyer of US soybeans last week. Brazil and Argentina farmers increased cash soybean sales last week. West US Midwest commercial elevators increased soybean sales last week.
US 6-10 day weather outlook is cool and wet.
Funds bought 4,000 soybeans, 2,000 soymeal and 1,000 soyoil and sold 2,000 corn and 2,000 wheat on Friday. Funds are estimated to be short 42,000 soybeans, long 4,000 soymeal, short 53,500 soyoil, short 173,000 corn and short 144,000 wheat.
July Beans 960 970
July Bean Oil 32.25 32.60
July Meal 313 316
July Corn 360 370
July CGO Wheat 420 425