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December 15, 2017 | Global Ag News Highlights

USDA Agency Reports

Grain are mixed to higher. SH is up 3 cents and near 9.81. Talk China prices soybeans yesterday may be supportive. Forecast Argentina rains offering resistance. CH is unchanged and near 3.49. WH is unchanged and near 4.19. KWH is unchanged and near 4.19. MWH is up 3 cents and near 6.20. US Dollar is mixed to lower. Crude is higher. Gold is higher.  

For the week, Winter Wheat prices are down roughly 1 cent for SRW, up 1 in the HRW, and up 9 for HRS; Corn is down 3 cents; Soybeans down 19; Soymeal down $9.00, and; Soyoil down 15 points. 

Chinese Ag futures (May) settled up 8 yuan in Soybeans, up 4 in Corn, down 20 in Soymeal, down 32 in Soyoil, and down 24 in Palm Oil. The Malaysian Palm Oil market was up 65 ringgit at 2,565, basis February, on a technical recovery since hitting recent monthly lows. 

The South American weather forecast still calls for rains across all of Argentina over the weekend and the end of next week. Things are dry in southern Brazil for the weekend but good rains are seen next week----rains continue in northern Brazil----the 6-10 day forecast has close to average rainfall for northern Brazil. 

For the week ended December 7th, U.S. All Wheat sales are running down 9% versus a year ago, shipments 8% behind with the USDA forecasting an 8% decline on the year. Corn sales 28% behind a year ago, shipments 37% behind with the USDA forecasting a 16% decline on the year. Soybean sales are running 16% behind, shipments 13% behind with the USDA forecasting a 2% increase on the year. 

NOPA is expected to show a November soybean crush of 163.2 million bushels (crush forecasts ranged from 161 million to 165 million bushels). -----would eclipse the previous November record of 161.2 mil bu set in November 2014. NOPA reported an October crush of 164.2 million bushels. 

Funds sold 9,000 soybeans, 4,000 soymeal and 1,000 corn and bought 2,000 wheat on Thursday. Funds are estimated to be long 12,000 soybeans, long 39,000 soymeal, long 13,000 soyoil, short 177,000 corn and short 132,000 wheat. 

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