Global Ag News for Apr 28

TODAY—WEEKLY ETHANOL STATS—

Overnight trade has SRW Wheat down roughly 17 cents; HRW down 20; HRS Wheat down 19, Corn is down 20 cents; Soybeans down 25; Soymeal down $5.00, and Soyoil down 220 to 105 points.

Chinese Ag futures (September) settled down 52 yuan in soybeans, down 5 in Corn, down 51 in Soymeal, down 8 in Soyoil, and up 48 in Palm Oil.

Malaysian palm oil prices were down 121 ringgit at 3,951 (basis July) at midsession on position-evening.

U.S. Weather Forecast: Last evening’s GFS model run was much drier in many crop areas east of the Rocky Mountains May 7 – 12. The most notable decreases were in the Delta, southeastern states, central Texas, central Oklahoma, Kentucky, Nebraska, and South Dakota.

South America Weather Forecast: Notable moisture relief to interior southern Safrinha corn areas of Brazil is still unlikely through at least the next ten days to two weeks.

The player sheet had funds net sellers of 3,000 contracts of SRW Wheat; net sold 2,000 contracts of Corn; sold 12,000 Soybeans; sold 4,000 Soymeal, and; net even in Soyoil.

We estimate Managed Money net long 45,000 contracts of SRW Wheat; net long 534,000 Corn; net long 211,000 Soybeans; long 54,000t Soymeal, and; net long 118,000 Soyoil.

Preliminary Open Interest saw SRW Wheat futures down roughly 4,400 contracts; HRW Wheat up 495; Corn down 56,200; Soybeans down 15,900 contracts; Soymeal down 4,300 lots, and; Soyoil down 14,000.

There were changes in registrations (Soybeans down 5)—Registrations total 10 contracts for SRW Wheat; ZERO Oats; Corn ZERO; Soybeans ZERO; Soyoil 968 lots; Soymeal 175; Rice 1,013; HRW Wheat 1,291, and; HRS 235.

Tender Activity—Egypt cancelled optional-origin wheat tender—S. Korean feed groups seek 279,000t optional-origin corn, bought 50,000t Ukraine corn—Taiwan bought 65,000t Argentine corn—Algeria seeks 30,000t optional-origin soymeal—

U.S.-based meat processor Perdue is shipping one cargo of 31,450 tonnes of Brazilian soybeans into the United States, according to line-up data from shipping agency Cargonave, as stocks dwindle in the destination market. The Four Turandot vessel chartered by the United States is scheduled to arrive on Wednesday at the port of Barcarena in the north of Brazil, and is expected to sail on May 9, the Cargonave ship line-up data shows.

U.S. renewable fuel credits soared on Tuesday to the highest on record, as higher costs for soybean oil pushed up both renewable fuel and biomass-based credits. Renewable fuel (D6) credits for 2021 traded at $1.50 each, up from $1.44 in the previous session, traders said. Biomass-based (D4) credits traded at $1.58 each, up from $1.52 previously. Both were the highest since Reuters began reporting data for renewable fuel credits in 2013 and biomass-based credits in 2014.

U.S. Supreme Court justices on Tuesday appeared divided over a bid by small oil refineries for exemptions from a federal law requiring increasing levels of biofuels to be blended into their products. The justices heard arguments in an appeal by three refineries in Wyoming, Utah and Oklahoma of a lower court ruling that faulted the U.S. Environmental Protection Agency for giving the companies waivers from the Clean Air Act’s renewable fuel standard requirements.

• CANADA 2021 CANOLA SEEDING INTENTIONS +3.6% TO 21.5 MLN ACRES, VS 20.8 MLN ACRES IN 2020 – STATSCAN
• CANADA 2021 TOTAL WHEAT SEEDING INTENTIONS -6.9% TO 23.3 MLN ACRES , VS 25.0 MLN ACRES IN 2020
• CANADA 2021 DURUM WHEAT SEEDING INTENTIONS +0.3% TO 5.7 MLN ACRES, VS 5.7 MLN ACRES IN 2020
• CANADA 2021 OAT SEEDING INTENTIONS -6.0% TO 3.6 MLN ACRES, VS 3.8 MLN ACRES IN 2020
• CANADA 2021 BARLEY SEEDING INTENTIONS +13.9% TO 8.6 MLN ACRES, VS 7.6 MLN ACRES IN 2020

• BRAZIL SOY EXPORTS SEEN REACHING UP TO 15.78 MLN TNS IN APRIL VS UP TO 16.7 MLN TNS FORECAST IN PREVIOUS WEEK – ANEC

Brazilian oilseeds lobby group Abiove is pushing the government to clearly signal whether it plans to raise its biodiesel blending requirement after a surprise move to temporarily cut it this month. The government is taking on “an enormous risk” by failing to send a swift and strong message to crushers regarding the future of blending

Euronext wheat futures climbed on Tuesday to fresh contract highs, part of a weather-fueled surge in grain prices, before giving back some gains as traders digested an aborted tender by top wheat importer Egypt. September milling wheat was up 2.50 euros, or 1.1%, at 228.75 euros ($276.24) a tonne. It earlier set the latest in a series of life-of-contract highs at 233.50 euros. Old-crop May wheat rose as much as 6 euros to a contract high of 252.75 euros, also equaling a near eight-year high for a front-month price set in early March.

• EURONEXT AUGUST RAPESEED DOWN 3.1% AT 479.50  EUROS/T
• EURONEXT SEPTEMBER WHEAT DOWN 2.5% AT 221.75 EUROS/T AFTER CONTRACT HIGH IN PREVIOUS SESSION

Indonesia estimates that it will export 5.9% more crude and refined palm oil in 2022 than this year, official data showed on Wednesday. Next year’s exports are estimated at 27.135 million tonnes versus the 2021 estimate of 25.612 million, the data from BPDP, the government body in charge of subsidizing palm oil programs, showed.