Grains Are Lower, Palm Oil Up
Grains are lower. SU is down 10 cents and near 13.45. SX is down 10 cents and near 13.42. SMU is near 353.4. BOU is near 63.47. CU is down 4 cents and near 5.54. CZ is down 3 cent and near 5.56. WU is down 4 cents and near 7.25. KWU is down 3 cents and near 7.00. MWU is down 4 cents and near 9.18. US stocks are higher. US Dollar is lower. Crude is higher. Gold is lower.
For the week so far wheat prices are up 21 1/4 in SRW, up 27 1/4 in HRW, up 14 in HRS; Corn is up 10 1/2; Soybeans down 6 3/4; Soymeal up $0.25; Soyoil down 0.72.
Chinese Ag futures (SEP 21) Soybeans up 66 yuan ; Soymeal up 9; Soyoil down 142; Palm oil down 220; Corn up 27 — Malasyian Palm is up 26. Malaysian palm oil prices overnight were up 26 ringgit (+0.63%) at 4146 after posting its biggest loss in seven weeks, with expectations about a recovery in demand from top buyer India and tight supplies from Malaysia improving sentiment.
Midwest corn, soybean and winter wheat forecasts: West: Mostly dry through Wednesday. Isolated showers Thursday, north Friday. Temperatures near to below normal Monday-Tuesday, above normal north and below normal south Wednesday-Thursday, near to above normal Friday. East: Mostly dry through Wednesday. Isolated showers Thursday-Friday. Temperatures below normal through Wednesday, near to above normal Thursday-Friday. 6 to 10 day outlook: Scattered showers Saturday-Wednesday, especially north. Temperatures near to above normal Saturday-Wednesday.
NASS rated us corn crop 62 pct G/E vs 64 lw and 72 ly. IN, OH, SD improved. IA, MN, ND, dropped. US soybean crops was increased to 60 pct G/E vs 58 last week and 73 ly. IL, IN, MI, MS, OH and TN improved. MN, MO dropped. ND rated only 17, SD 30. US HRS crop rated 10 pct G/W vs 9 last week and 73 last year.
On Friday, Managed funds were net buyers of 13,000 contracts of SRW Wheat; 4,000 soybeans; 3,000 soymeal and 12,000 corn and sold 1,000 soyoil. We estimate Managed Money net long 13,000 SRW Wheat; long 243,000 Corn; net long 99,000 Soybeans; net long 19,000 lots of Soymeal, and; long 66,000 lota of soyoil.
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