May 22, 2017 | Global Ag News Highlights
USDA Agency Reports
Grains are higher. SN is up 3 cents and near 9.56. CN is up 1 cent and near 3.73. WN is up 2 cents and near 4.35. US Dollar is lower. Crude is higher. Metals are higher.
Soybean market will be watching political events in Brazil and impact it could have on farmer selling. Over the weekend Brazil President was combative in a speech but the Order of Lawyers vote for an impeachment hearing in the lower house of Congress. Impeachment hearings could start this week. Key will be will farmers sell soybeans which could pressure futures or wait for a lower currency. Also will China increase soybean buying? There is talk that China pork demand could be slowing.
Corn and wheat could find support from the heavy rains that fell over the weekend across pats of the Midwest. Delta and SE. Cool temps could slow growth and there is more rain in the 2 week forecast. US corn planting progress in near 85 pct done and near average. Trade looks for USDA to lower the rating of the US winter wheat crop again this week. Higher corn prices could also trigger new US farmer selling. This offers resistance to prices.
Hot and dry weather in north China will also have to be watched. US 6-10 day forecast calls for cool temps and normal rains. 11-16 calls for normal rains north and below normal rains south. Temps could be normal to below west and normal east. Long range maps suggest east EU and Russia could be dry this summer.
Commodities will also be watching news on US POTUS and impact it could have US stocks market and US Dollar. Mixed news on the US economy could slow US Fed increasing rates. Consumer spending is up but so is consumer debt.
Funds bought 7,000 soybeans, 1,000 soymeal, 3,000 soyoil, 6,000 corn and 8,000 wheat on Friday. Funds are estimated to be short 47,000 soybeans, short 19,000 soymeal, short 10,500 soyoil, short 206,000 corn and short 117,000 wheat.
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