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Aug 21, 2018 | Global Ag News Highlights

USDA Agency Reports

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Grains are mixed to lower. SX is unchanged and near 8.92. CZ is down 1 cent near 3.75. WZ is down 6 cents and near 5.56. US Dollar is lower. US stocks are higher. Copper and Crude are higher. 

Chicago wheat futures dropped for a second straight session on Tuesday, weighed down by expectations of higher exports from Russia in the months ahead as suppliers boost shipments ahead of potential export curbs. Soybeans may be finding resistance as hopes of a resolution to the Sino-U.S. trade war at an upcoming meeting between the two nations were dented by U.S. President Donald Trump. 

U.S. Winter Wheat is 97% harvested versus 98% average. U.S. Spring Wheat is 74% good to excellent versus 75% a week ago and 34% a year ago. Spring Wheat is 60% harvested versus 44% average. U.S. Corn is 68% g/e vs 70% a week ago and 62% a year ago. U.S. Soybeans are 65% g/e vs 66% a week ago and 60% a year ago. 

Yesterday’s weekly export inspections had U.S. wheat exports running 38% behind a year ago with the USDA currently forecasting a 14% increase, corn unchanged (up 5%), and soybeans 3% behind (a 3% decline forecasted). 

Traders are watching the first day of the Pro Farmer Midwest crop tour for on-the-ground insight into how this year's corn and soybean crops are faring; SD corn yield was est near 178.0 vs 148.0 last year and USDA 170.0. OH corn yield was est near 179.6 vs 164.6 last year and USDA 180.0. 

Funds were net sellers of 1,000 soymeal and 5,000 corn 8,000 wheat and bought 2,000 soyoil on Monday. Funds are estimated to be net short 49,000 soybeans, 95,000 soyoil , long 53,000 soymeal, short 19,000 corn, and long 66,000 wheat.

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