Global Ag News Headlines June 4
Overnight trade has SRW up roughly 5 cents, HRW up 6; HRS Wheat up 2, Corn is up 1 cent; Soybeans unchanged, Soymeal up $1.00, and Soyoil down 35 points.
Chinese Ag futures (Sep) settled down 53 yuan, down 8 yuan in Corn, up 27 in Soymeal, down 30 in Soyoil, and up 18 in Palm Oil.
Malaysian palm oil prices were down 69 ringgit at 2,330 (basis August) on ideas of increased May production levels.
U.S. Weather Forecast
Tropical Storm Cristobal will slowly advance; the system will then move at a greater rate to the north across the Gulf of Mexico this weekend; a landfall in Louisiana is likely Sunday; though, some associated heavy rain will impact Florida, southern Alabama, and southern Georgia as well; the main core of rainfall from Cristobal is farther to the east in an area from the central Delta through Indiana Tuesday into next Wednesday
The player sheet had funds net buyers of 3,000 contracts of SRW Wheat; net sold 5,000 Corn; net bought 5,000 Soybeans; net bought 2,000 Soymeal, and; net even in Soyoil.
We estimate Managed Money net short 3,000 contracts of SRW Wheat; net short 266,000 Corn; net long 13,000 Soybeans; net short 40,000 lots of Soymeal, and; are net long 9,000 Soyoil.
Preliminary Open Interest saw SRW Wheat futures up roughly 730 contracts; HRW Wheat up 3,800; Corn up 9,400; Soybeans up 2,400 contracts; Soymeal up 1,100 lots, and; Soyoil down 3,100.
There were no changes in registrations—Registrations total 11 contracts for SRW Wheat; ZERO Oats; Corn ZERO; Soybeans ZERO; Soyoil 3,495 lots; Soymeal 511; Rice 121; HRW Wheat 17, and; HRS Wheat 488 contracts.
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