As of 7:10 AM
Corn: SEP17 +2’6 @ 385’2; DEC17 +2’6 @ 399’0
Beans: AUG17 +5’2 @ 1005’0; NOV17 +6’0 @ 1018’4
Wheat: SEP17 -2’6 @ 500’2
Crude: JULY17 +1.02 @ 47.53
July 20, 2017 by Steve Freed
Grains are mixed. SX is up 8 cents and near 10.21. CZ is up 4 cents and near 4.01. WU is down 1 cent and near 5.02. US Dollar is higher. Crude is higher. Gold is lower.
Chinese Ag futures (September) were down 4 yuan in soybeans, up 2 in corn, up 3 in soymeal, up 56 yuan in soyoil, and up 64 in palm oil. The Malaysian palm oil market was up 52 ringgit at 2,577, basis October, on stronger export demand figures from private surveyors.
Overnight US Midwest rains were in parts of SD, S MN, S WI and N IL. Currently there is big/loud rains in N IL.
The Midwest US weather forecast saw no major changes with rains generally falling in northern regions of the Midwest the next 2 to 3 days, mainly dry for the south; the weekend looks dry with the 6-10 day forecast seeing rains again in northern sections of the Midwest with, the potential for some activity in the southern and central sections of Indiana and Ohio.
The Northern U.S. Plains forecast has periodic precip for the region over the next 5 days with no widespread/soaking rains seen; the 6-10 day sees close to average rainfall in the east, limited activity in the west.
The 11-16 Day forecast has ridging in the Plains producing above average temps and limited rainfall for those areas; average temps and average to below average precip is seen for the Midwest and Delta.
Weekly US wheat export sales are est near 250-600 mt, corn 350-750 mt and old crop soybeans 100-300 mt. Sales could also include 1,300-1.800 mt new crop soybean sales due to China signing frame contracts.
Funds bought 10,000 soybeans, 3,000 soymeal, 3,000 soyoil and 10,000 corn and sold 1,000 wheat on Wednesday. Funds are est to be short 6,000 soybeans, short 11,000 soymeal, long 41,000 soyoil, long 67,000 corn and long 7,000 wheat.
Nov Beans 1005 1025
Sep Bean Oil 33.50 34.00
Sep Meal 327 332
Dec Corn 390 405
Sep CGO Wheat 495 510