Overnight trade has SRW up roughly 3 cents, HRW unchanged; HRS Wheat up 1, Corn is up 1 cent; Soybeans up 3, Soymeal down $1.50, and Soyoil up 20 points.
Chinese Ag futures (Sep) settled up 55 yuan in Soybeans, up 9 in Corn, up 40 in Soymeal, up 48 in Soyoil, and up 138 in Palm Oil.
Malaysian palm oil prices were up 34 ringgit at 2,387 (basis June) on supply concerns.
In Argentina, enough rain is likely in the next two weeks for favorable crop conditions in most areas. Northeastern Argentina will remain in a dry-bias though through this weekend with some additional increase of crop stress before greater rainfall arrives.
In Brazil, rain will gradually increase in the south after Thursday; though, meaningful moisture will be erratic; Greater coverage of rain will be possible in southern Brazil in early April and this will be important due to monsoonal rains withdrawing later in the month
The midday US GFS model had suggested a strong trough of low pressure to dip into the western U.S. in the second week of the outlook and cause overdone precipitation in the Pacific Northwest and many crop areas east of the Rocky Mountains.
The player sheet had funds net sellers of 1,000 contracts of SRW Wheat; net bought 11,000 Corn; bought 1,000 Soybeans; net sold 2,000 lots of Soymeal, and; bought 2,000 Soyoil.
We estimate Managed Money net long 31,000 contracts of SRW Wheat; net short 106,000 Corn; net long 11,000 contracts of Soybeans; net long 46,000 lots of Soymeal, and; net long 6,000 Soyoil.
Preliminary Open Interest saw SRW Wheat futures down roughly 3,200 contracts; HRW Wheat down 2,500; Corn down 15,700; Soybeans down 6,700 contracts; Soymeal up 115 lots, and; Soyoil down 5,000.
There were no changes in registrations---Registrations total 11 contracts for SRW Wheat; ZERO Oats; Corn 43; Soybeans 357; Soyoil 2,668 lots; Soymeal 564; Rice 700; HRW Wheat 10, and; HRS Wheat 821 contracts.
TODAY----WEEKLY ETHANOL STATS---
Tender Activity---Algeria bought 240,000t optional-origin wheat---S. Korea seeks 68,000t optional-origin corn, 68,000t feed wheat---
The United States and China have made progress in implementing the agriculture-related provisions of a Phase 1 trade deal that took effect on Feb. 14, the U.S. Department of Agriculture (USDA) and U.S. Trade Representative said on Tuesday; in a joint statement, they listed a number of steps taken that should help boost U.S. exports of beef, poultry and other farm products to China, and said U.S. food and agricultural products exports were benefiting from Chinese tariff relief; these steps show that China is moving in the right direction to implement the Phase 1 agreement
Time has run out for the U.S. Environmental Protection Agency to challenge a federal court ruling that would limit the agency's use of waivers exempting small oil refineries from the country’s biofuels regulations.
*China January-February Wheat Imports 620,097 Tons, Down 10.7%
*China January-February Corn Imports 932,288 Tons, Up 64.8%
*China January-February Soybean Imports 13,514,349 Tons, Up 14.2%
*China January-February Soyoil Imports 111,256 Tons, Down 13.4%
*China January-February Palm Oil Imports 882,223 Tons, Down 24.7%
China's soybean imports from the United States in the first two months of the year rose sixfold from the same period last year, customs data showed on Wednesday, as cargoes booked during a trade truce between the countries arrived; China, the world's top importer of the oilseed, brought in 6.101 million tons of U.S. soybeans in January and February, up from 1.044 million tons in the same months in 2019, when shipments were still largely curbed because of the Sino-U.S. trade war.
Pork prices in China continued to edge down last week as hog production increased and demand softened, official data showed; from March 16 to 20, the average pork price index in 16 provincial-level regions tracked by the Ministry of Agriculture and Rural Affairs came in at 47.52 yuan (about 6.7 U.S. dollars) per kg, down 1.6 percent week on week.
The world's biggest pork processor, WH Group Ltd, reported on Tuesday a 32% jump in 2019 profits as record high pork prices in China boosted the value of the company's exports from the United States and lifted margins on its China sales; group chairman Wan Long said the coronavirus epidemic in China this year has had a very limited impact on operations or demand and that more than 95% of the group's operations in China were back to normal.
China said on Wednesday that it encourages local governments to temporarily stockpile poultry and aquaculture products in a bid to support the farming sectors after the unprecedented coronavirus cut production and supplies.
Prices of farm produce in China continued to decline last week, data from the Ministry of Commerce showed; from March 16 to 22, the overall price of farm produce edged down 1.4 percent on a weekly basis; in breakdown, the average wholesale price of 30 types of vegetables went down 6 percent from the previous week, while that of pork dropped by 0.9 percent.
The key Brazilian farm town of Canara has issued a decree aimed at curbing the spread of coronavirus that could disrupt grain export logistics and the operations of global agriculture commodities traders, according to a municipal order
Brazil's soy and meal export projections remain unchanged despite concerns over curbs limiting the circulation of goods and people amid the spread of the new coronavirus, oilseeds crusher group
---Abiove said; the association projects Brazilian soybean exports this year at 73.5 million tons, a slight decrease compared with the 74 million tons exported in 2019
---Abiove also reaffirmed soybean meal export projections at 16.2 million tonnes, the same forecast released in February
Soybean deliveries to crushing plants have been severely cut in Argentina, the world's top supplier of soymeal livestock feed, as the country reacts to the coronavirus pandemic, the local grains export industry chamber said; more than 70 municipalities throughout the country are enforcing anti-coronavirus measures by controlling the movement of farm produce through their jurisdictions
Night frost across Ukrainian northern and central regions could damage some snowless areas sown with winter grain
France's grain industry is scrambling to find enough trucks and staff to keep factories and ports running as panic buying of pasta and flour because of the coronavirus pandemic coincides with a surge in wheat exports.
South African maize farmers are expected to harvest 33% more maize in the 2019/20 season compared with the previous season, boosted by favourable weather conditions
Selected highlights from a report issued by a U.S. Department of Agriculture attache in Tokyo:
---Stable demand for feed and relative price competitiveness are forecast to maintain Japan's robust demand for corn in MY2020/21
---Sorghum imports are expected to remain flat as feed mills continue to substitute sorghum with competitively priced corn in compound feed
---To date, concerns over the spread of COVID-19 have not affected feed demand or production in Japan
---A bumper crop for domestic wheat and barley lowered estimates for MY2019/20 imports
Japanese trading company Marubeni Corp said on Wednesday it now expects a net loss of 190 billion yen ($1.7 billion) for the year ending this month after the coronavirus epidemic hammered the global business environment; the company had previously expected a 200 billion yen net profit.
Malaysia's Sabah state has ordered the closure of palm oil plantations in three districts after a coronavirus outbreak originating from a religious gathering in Kuala Lumpur, which is also linked to nearly a thousand cases of the virus.
Exports of Malaysian palm oil products for March 1 - 25 fell 13.6 percent to 838,793 tons from 970,764 tons shipped during February 1 - 25, cargo surveyor Intertek Testing Services said on Wednesday.
---Malaysia's palm oil exports during the March 1-25 period are estimated down 11.7% on month at 866,270 metric tons, cargo surveyor AmSpec Agri Malaysia said
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