August 23, 2017 | Global Ag News Highlights
USDA Agency Reports
Grain are mixed to higher. SX is up 6 cents and near 9.44. CZ is unchanged and near 3.60. WZ is up 1 cent and near 4.30. US Dollar is lower.
The U.S. Commerce Department on Tuesday made a preliminary finding that imports of biodiesel from Indonesia and Argentina were subsidized.
Chinese Ag futures (January) were up 22 yuan in soybeans, up 6 in corn, up 10 in soymeal, up 56 yuan in soyoil, and up 36 in palm oil. The Malaysian palm oil market was up 2 ringgit at 2,739, basis November, with gains limited by the U.S. decision to impose import taxes on biodiesel from Argentina and Indonesia.
The Crop Tour estimated corn yields in Indiana at 171.23 bushels per acre (bpa), below the 173.42 bpa estimated in 2016 but above the three-year tour average of 167.13 bpa (USDA earlier this month estimated the state's average corn yield at 173 bpa, unchanged from 2016)--the tour estimated the amount of soybean pods in a 3-by-3-foot square in Indiana at 1,168.78 pods; that was down from 1,178.41 last year in the state but above the three-year average of 1,164.09 pods.
The Crop Tour estimated Nebraska corn yields at 165.42 bushels per acre; that compares to 158.60 bushels per acre in 2016 and the tour's three-year average of 162.51 bushels per acre for the state (the USDA earlier this month estimated the state's average corn yield at 183 bpa)--soybean pod counts in a 3-by-3 foot area averaged 1,131.02, down from 1,223.07 a year ago and the three-year average of 1,182.12.
The 11-16 day forecast still has near average rainfall for Nebraska, Iowa, and Minnesota with below average precip in the rest of the Plains and Midwest; temps seen near average in the Plains and Midwest.
Funds bought 1,000 soybeans and 2,000 soyoil and sold 7,000 corn and 5,000 wheat on Tuesday. Funds are estimated to be short 2,000 soybeans, short 27,000 soymeal, long 60,000 soyoil, long 18,000 corn and short 53,000 wheat.
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