Overnight trade has SRW down roughly 3 cents, HRW down 4, HRS Wheat down 2, Corn is down 2 cents, Soybeans down 2, Soymeal steady, and Soyoil down 50 points.
Chinese Ag futures (May) settled up 31 yuan in Soybeans, unchanged in Corn, up 20 in Soymeal, down 48 in Soyoil, and down 28 in Palm Oil.
The Malaysian Palm Oil market was down 77 ringgit at 2,632 (basis April) as virus cases surge.
Malaysia held its export tax for crude palm oil unchanged at 6% for March, the Malaysian Palm Oil Board said
The death toll from the coronavirus outbreak in China reached 1,367 as of the end of Wednesday, up 254 from the previous day, the country's National Health Commission said; across mainland China, there were 15,152 new confirmed infections on Wednesday, bringing the total number to 59,805.
The South American weather forecast for Brazil has no change as rains continue over the next 6 to 10 days for most of the growing regions with things turning drier the rest of next week.
The Argentine weather forecast has rains today and tomorrow quieting down over the weekend; and front brings rains Monday and Tuesday of next week before turning quiet the second half.
The player sheet had funds net buyers of 4,000 contracts of SRW Wheat; net bought 12,000 Corn; bought 9,000 Soybeans; net bought 3,000 lots of Soymeal, and; bought 3,000 Soyoil.
We estimate Managed Money net long 45,000 contracts of SRW Wheat; net short 58,000 Corn; net short 71,000 contracts of Soybeans; net short 59,000 lots of Soymeal, and; net long 69,000 Soyoil.
Preliminary Open Interest saw SRW Wheat futures down roughly 1,500 contracts; HRW Wheat down 4,500; Corn up 17,900; Soybeans down 8,300 contracts; Soymeal up 5,900 lots, and; Soyoil up 5,500.
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.
TODAY-------WEEKLY EXPORT SALES ----
In tender activity---Jordan seeks 120,000t optional-origin wheat---S. Korea bought 67,000t Canadian feed wheat---
U.S. ethanol production for the week ended February 7th averaged 1.033 mil barrels per day (down 4.44% versus a week ago, up 0.39% versus a year ago); stocks totaled 24.358 mil barrels (up 3.77% a week ago versus, up 3.80% versus last year); corn use for the week was 103.7 mil bu (108.6 mil last week) and versus the 102.9 mil bu needed to meet USDA projections.
The Trump administration has touted the US-China phase one trade deal as a victory for American agriculture that will see China dramatically boost purchases of US food, but grain-trading giant Bunge isn't so sure yet that the US-China trade situation remains a big uncertainty for 2020, with questions remaining around the timing of purchases and what goods China will import
---Executives of agriculture conglomerate Bunge say there are reasons to hope that China is getting past the African swine fever outbreak that's estimated to have led to the culling of hundreds of millions of hogs in the world's top pork-producing nation; China's sow population has rebounded by about 2%, a necessary step for rebuilding herds there, and feed demand is improving, important for Bunge's business supplying ingredients like soybean meal
Wire story reports after spending much of this year wringing their hands over export demand for US agricultural products, traders are slowly reverting their attention back to abundant supplies; all attention over the past few months has been on demand... we will soon start to see more interest on production
China's state reserve will release 20,000 tons of frozen pork on Feb. 14, according to a notice published by the government.
Chinas 1.4 billion population is hungry; the country’s burgeoning middle class, alongside a lethal pork disease destroying Asian pork stocks, have propelled its meat imports to all-time highs; meat and Livestock Australia’s latest analysis found affluent consumers and African swine fevers impact on hog stocks caused China to import almost 6 million tons of protein last year
A Ministry of Commerce (MOC) report covering 20 key supermarket enterprises in 34 major Chinese cities showed sufficient daily necessities supplies on Feb. 10; on the day of work resumption from the Spring Festival holiday, 92.3 percent of more than 7,100 supermarket outlets nationwide were in operation
Most of Ukrainian winter grain crops are in perfect condition despite a lack of moisture during sowing, a senior state weather forecaster said; 80 percent of crops were in perfect condition, while there were fewer sprouts that did not survive the winter; the area sown for Ukraine's 2020 winter grain harvest rose 0.2 percent to 7.6 million hectares; this included 6.4 million hectares of winter wheat, 0.6 percent less than a year earlier
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