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Ag Futures Market News

June 23, 2017 | Global Ag News Highlights

USDA Agency Reports    

Grains are mixed to higher. SX is up 2 cents and near 9.15. CZ is up 1 cent and near 3.81. WU is up 1 cent and near 4.76. US Dollar is lower. Crude is mixed and near $42.82. Gold is higher.

Overnight US rains in MN, IA and WI plus US south. The U.S. Midwest weather forecast has soaking rains for the Ohio River Valley; widespread rains are seen for later next week with an absence of heat. The U.S. Northern Plains weather still has below average precip forecasted over the next week to ten days. The 11-16 day forecast has a forecast of below average precip for most of the Plains, Midwest, and Delta---below average temps seen in most areas as well.

For the week, All Wheat prices are roughly up 15 cents (HRS) to down 5 cents; Corn down 20; Soybeans down 35 cents; Soymeal down $9.00, and; Soyoil down 160 points.

Chinese Ag futures were down 15 yuan in soybeans, up 5 in corn, down 28 in soymeal, down 18 yuan in soyoil, and unchanged in palm oil.

China sold 1.17 million tons of corn from state reserves on Friday. China Jan-May soybean imports are near 37.1 mmt(+19 pct from ly), corn 351 mt(-88 pct), soyoil 220 mt (+52 pct) and wheat 2.1 mmt (+67 pct).

Argentina's government cut its 2016-17 soy forecast to 57 million tons from 58 million tons previously, citing a reduction in area to be harvested and raised its estimate for the 2016-17 corn harvest to 47.5 million tons from 46.5 million tons previously.

The condition of French soft wheat declined sharply in the week to June 19, with 68 percent of crops rated good or excellent compared with 74 percent the previous week.

Funds sold 12,000 soybeans, 6,000 soymeal, 3,000 soyoil, 13,000 corn and 2,000 wheat on Thursday. Funds are estimated to be short 108,000 soybeans, short 56,000 soymeal, short 29,500 soyoil, short 58,000 corn and short 77,000 wheat.