Grains Lower With More Liquidation
Grains are lower. SK is down 4 cents and near 13.88. SMK is near 399.1. BOK is near 52.43. CK is unch and near 5.46. WK is down 4 cents and near 6.12. KWK is down 4 cents and near 5.65. More liquidation before tomorrow’s USDA report. US stocks are mixed. US Dollar is higher. Crude is lower. Gold is lower.
Chinese Ag futures (May) settled up 44 yuan in soybeans, down 23 in Corn, down 21 in Soymeal, down 60 in Soyoil, and down 32 in Palm Oil. Malaysian palm oil prices were down 105 ringgit at 3,647 (basis June) at midsession awaiting Malaysian, USDA government updated data.
Opportunity remains for some greater precipitation in the Northern Plains after this upcoming weekend. Last evening’s GFS model run was wetter in the Northern Plains in the second week of the outlook.
In Brazil, some greater rain will gradually start to occur in northern areas late this week into next week which will help promote some increase of topsoil moisture. Conditions in Argentina are still expected to be favorable over the next two weeks.
The player sheet had funds net buyers of 1,000 contracts of SRW Wheat; sold 16,000 Corn; net sold 6,000 Soybeans; net sold 3,000 lots of Soymeal, and; net bought 5,000 lots of Soyoil. We estimate Managed Money net short 2,000 contracts of SRW Wheat; long 364,000 Corn; net long 132,000 Soybeans; net long 58,000 lots of Soymeal, and; long 75,000 Soyoil.
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