March 23, 2018 | Global Ag News Highlights
USDA Agency Reports
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Black Friday for grains. SK is down 17 cents and near 10.12. CK is down 5 cents and near 3.70. WK is down 7 cents and near 4.48. US stocks are lower. US Dollar is lower. Gold is lower.
POTUS signed an order imposing tariffs on as much as $60 billion worth of Chinese imports to punish Beijing for what he said is the theft of American technology and Chinese pressure on U.S. companies to hand it over; it is the largest deficit of any country in the history of our world.
China responded with a list of $3 billion in U.S. goods that it would target if no agreement was reached including pork, steel pipes, and wine, but there was no immediate mention of soybeans.
For the week, Winter Wheat prices are down roughly 19 cents for SRW, down 33 in the HRW, and down 21 for HRS; Corn is down 11; Soybeans down 32 cents; Soymeal down $9.00, and; Soyoil down 35 points
The South American weather forecast has a front moving through Argentina today/tomorrow bringing decent rains to the northern third of the growing areas and only light and scattered precip elsewhere. Average rainfall looks to fall over Brazil for the near term.
The U.S. Southern Plains is quiet over the weekend; eastern sections of the region look to get light to moderate rains early next week; things then turn dry for the southern Plains for the remainder of the week into next weekend. Average to above average temps are seen across the Plains.
Weekly US corn export sales are est near 1,400-2,100 mt, soybeans 700-1,400 and wheat 100-300 mt.
Funds sold 2,000 soybeans and 4,000 soyoil and bought 3,000 soymeal, 3,000 corn and 2,000 wheat on Thursday. Funds are estimated to be long 202,000 soybeans, long 105,000 soymeal, net short 19,000 soyoil, long 180,000 corn and short 59,000 wheat.
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