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October 20, 2017 | Global Ag News Highlights

USDA Agency Reports

Wheat prices overnight are up roughly 1 cent for the Winters, up 1 for Spring; Corn is down fractionally; Soybeans up 3 cents; Soymeal up $0.50, and; Soyoil up 15 points. 

For the week, Winter Wheat prices are down roughly 6 cents, Spring up 2; Corn down 4 cents; Soybeans down 12; Soymeal down $7.00, and; Soyoil up 20 points (December crushing margins are down 1 cent). 

Chinese Ag futures (January) were up 4 yuan in Soybeans, up 1 for Corn, up 6 in Soymeal, down 22 in Soyoil, and down 2 in Palm Oil-----The Malaysian Palm Oil market was up 21 ringgit at 2,744, basis January, supported by private surveyor Oct 1-20 export estimates. 

Weather for the U.S. has a band of showers and thunderstorms to develop from central Texas northeast through eastern Kansas and Missouri to the Great Lakes Saturday with locally heavy rain; the band of rain will then gradually move east through the Delta and rest of the Corn Belt Sunday into Monday and across the Southeast Monday into Tuesday; a cool air mass will move into the Corn Belt, Delta, and Southeast Tuesday into next Thursday and promote below average temperatures; last evening’s GFS model run was much warmer across the Hard Red Winter Wheat Region and Corn Belt Nov. 2-3. 

For South America, last evening’s GFS model run has a gradual increase of shower activity from Mato Grosso to Sao Paulo Sunday through the end of October and a boost in rainfall for Goias through southern Minas Gerais; more rain is expected to occur in these areas in early November. 

The player sheet had funds net buyers of 2,000 contracts of SRW Wheat; net bought 1,000 Corn; net bought 4,000 Soybeans; net sold 1,000 lots of Soymeal, and; net bought 4,000 Soyoil---------We estimate Managed Money net short 73,000 contracts of SRW Wheat; net short 158,000 Corn; net long 55,000 contracts of Soybeans; net long 19,000 lots of Soymeal, and; net long 31,000 lots of Soyoil.  

Preliminary Open Interest saw SRW Wheat up roughly 13,700 contracts; HRW Wheat up 6,000; Corn up 18,500; Soybeans up 4,700 contracts; Soymeal up 4,400 lots, and; Soyoil up 7,100 lots. 


In tender activity, Jordan again seeks 100,000t optional-origin wheat--- 

Private forecaster Informa came out looking at U.S. 2018 all wheat acreage at 45.9 mil acres versus 46.0 mil a season ago; yield 48.2 bpa versus 46.3, and a crop of 1.903 bil bu versus 1.741 bil------By class, HRW production was seen at 758 mil bu versus 750 mil last season, SRW 302 mil versus 292, and HRS 490 mil (385)---------2018 corn planted area at 90.5 mil acres versus 90.4 mil a year ago; yield 172.2 bpa versus 171.8, and production of 14.314 bil bu (14.280)---------2018 U.S. soybean acreage at 90.3 mil acres versus 90.2 mil a year ago; yield 49.5 bpa versus 49.5 this year, and production of 4.435 bil bu (4.431 bil last season).

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