Latest ADMIS News

Feb 11 Global Ag News Headlines

by ADMIS Research Team

Overnight trade has SRW down roughly 2 cents, HRW unchanged, HRS Wheat unchanged, Corn is down 1 cent, Soybeans up 1, Soymeal up $0.50, and Soyoil down 10 points. 

Chinese Ag futures (May) settled up 39 yuan in Soybeans, down 5 in Corn, unchanged in Soymeal, down 54 in Soyoil, and down 78 in Palm Oil. 

The Malaysian Palm Oil market was down 61 ringgit at 2,693 (basis April) on uncertainty of demand issues. 

The South American weather forecast for Brazil has rains continuing over the next 6 to 10 days for most of the growing regions. 

The Argentine weather forecast is dry for most of the rest of the week but, rains return to most areas the beginning of next week, which is an increase from previous forecasts. 

The player sheet had funds net sellers of 4,000 contracts of SRW Wheat; net sold 8,000 Corn; net bought 6,000 Soybeans; net bought 3,000 lots of Soymeal, and; sold 4,000 Soyoil. 

We estimate Managed Money net long 51,000 contracts of SRW Wheat; net short 60,000 Corn; net short 80,000 contracts of Soybeans; net short 59,000 lots of Soymeal, and; net long 63,000 Soyoil.  

Preliminary Open Interest saw SRW Wheat futures down roughly 13,900 contracts; HRW Wheat down 3,600; Corn down 9,400; Soybeans up 2,500 contracts; Soymeal down 6,300 lots, and; Soyoil down 2,600. 

There were no changes in registrations---Registrations total ZERO contracts for SRW Wheat; ZERO Oats; Corn 58; Soybeans 131; Soyoil 2,793 lots; Soymeal 1,714; Rice 565; HRW Wheat 10, and; HRS Wheat 788 contracts. 


In tender activity---Egypt seeks optional-origin wheat supplies---Algeria bought 660,000t optional-origin wheat---S. Korea seeks 140,000t optional-origin corn— 

Analysts Expect To See Shrinking Grain Stockpiles--World inventories of grains are expected to post minor moves in this month's WASDE report from the USDA, according to firms polled 

The U.S. Department of Agriculture seems to be in a tough spot regarding its U.S. supply and demand outlooks, which in their current state probably reflect much lighter Chinese purchases than are promised in the Phase 1 trade deal; however, the lack of details in the official trade agreement likely prohibits the U.S. agency from an imminent overhauling of those forecasts, as well as fully applying the new assumptions throughout its global projections; USDA hinted last week that its monthly supply and demand update is unlikely to include big changes that may be expected following the deal, such as a boost to U.S. exports. 

China will work to keep grain production stable this year and improve planting structure, an official document said; efforts will be made to ensure grain production to remain above 650 million tons, the Ministry of Agriculture and Rural Affairs said in a document outlining key tasks of planting for the year; the combined planting area of the country's three major grains -- rice, wheat and corn -- should stay above 93 million hectares 

China said on Tuesday the extended Lunar New Year holiday and restrictions on movement of people and transport had a short-term impact on crop supplies, but it stopped short of changing its outlook for the full year. 

China's inflation leaps to an eight-year high Coronavirus crisis sees prices surge as food costs soar by more than a fifth as manufacturing shuts down; prices are surging in China as shutdowns to stop the spread of the coronavirus make it harder to get basic goods including food and toilet paper, while businesses and households hoard whatever they can find. 

China's pork prices are hovering near last year's record after measures to battle a coronavirus epidemic hit transport of pigs and delayed the restart of slaughtering plants, crimping already tight supplies of the meat; the virus epidemic, which has killed more than 1,000 people and infected more than 40,000, prompted many provinces to extend the Lunar New Year holiday by at least a week and clamp down on the movement of people in many regions 

Argentina's top exporter of processed soy, Vicentin, has asked a judge to begin negotiations for debt restructuring as the firm struggles to cope with a widening economic crisis in the South American nation; the near 90-year-old firm, which defaulted on payments to suppliers late last year, was forced to sell part of its stake in a joint venture with Glencore in December, as its plans for expansion collided with Argentine financial woes. 

Russia exported 22.7 million tons of wheat from July 1, 2019 to January 30, 2020, or 15.6% less than the previous year, according to the Agriculture Ministry's Analytical Center.

---Barley exports dropped by 30.5% to 2.4 million tons

---Corn decreased by 10.7% to 1.3 million tons; and other grains plummeted by 59.2% to 170,000 tons.

---A total of 26.6 million tons of grain was exported for this period, which was 17.5% less than the previous year

---the Center also said that Russia exported 445,400 tons of grain from January 24-30, which was down by 44.2% from the previous week

---this included wheat exports dropping by 49.2% to 314,800 tons; corn decreasing by 34.5% to 31,300 tons; and barley dropping by 27.8% to 90,200 tons 

Soft wheat exports from the European Union in the 2019/20 season that started last July had reached 17.54 million tons by Feb. 9, official data showed; that was 73% above the volume cleared by Feb. 3 last year

---EU 2019/20 barley exports had reached 4.47 million tons, up 49% from the same period a year earlier

---EU 2019/20 maize imports stood at 13.40 million tons, down 9% 

European Union soybean imports in the 2019/20 season that started on July 1 had reached 8.35 million tons by Feb. 9, official data showed; that was 5% lower than the volume cleared by Feb. 3 last year

---EU rapeseed imports in 2019/20 had reached 4.05 million tons, up 43.%

---Soymeal imports so far in 2019/20 were at 11.17 million tons, up 6% versus the year-earlier period

---palm oil imports stood at 3.28 million tons, down 17% 

Egypt's state grains buyer is seeking local sunflower and soyoil in a local purchase tender on Thursday, the supply ministry said; GASC is seeking cargoes of at least 3,000 tonnes of soyoil and 2,000 tonnes of sunflower oil for arrival March 25-April 15 

---Egypt extends imported wheat moisture limit specs for another year; Egypt planted 3.18 mln acres of wheat in 2019/2020; Egypt may add Indian wheat to list of acceptable import origins; extended its imported wheat moisture limit specifications of 13.5 percent until April 2021