Global Ag News For Feb 24

TODAY—WEEKLY ETHANANOL STOCKS–

Overnight trade has SRW Wheat up roughly 2 cents, HRW unchanged; HRS Wheat up 1, Corn is up 1 cent; Soybeans up 7; Soymeal up $2.50, and Soyoil up 20 points.

Chinese Ag futures (May) settled up 62 yuan in soybeans, up 9 in Corn, up 59 in Soymeal, up 106 in Soyoil, and up 122 in Palm Oil.

Malaysian palm oil prices were up 24 ringgit at 3,652 (basis May).

Net drying will continue across much of Argentina through next Tuesday. Last evening’s GFS model run removed a notable amount of rain that was shown in the midday GFS model for the nation Mar. 5 – 10, particularly in central and southeastern Argentina. Conditions in most of Brazil will continue to be favorable.

The player sheet had funds net buyers of 2,000 SRW Wheat; net bought 6,000 contracts of Corn; bought 13,000 Soybeans; bought 3,000 lots of Soymeal, and; bought 5,000 Soyoil.

We estimate Managed Money net long 31,000 contracts of SRW Wheat; long 381,000 Corn; net long 186,000 Soybeans; net long 70,000 lots of Soymeal, and; long 124,000 Soyoil.

Preliminary Open Interest saw SRW Wheat futures down roughly 4,100 contracts; HRW Wheat down 1,000; Corn down 1,300; Soybeans up 720 contracts; Soymeal down 3,700 lots, and; Soyoil down 7,900.

There were changes in registrations (Soyoil down 13)—Registrations total 49 contracts for SRW Wheat; ZERO Oats; Corn ZERO; Soybeans 169; Soyoil 1,273 lots; Soymeal 175; Rice 732; HRW Wheat 91, and; HRS 1,023.

Tender Activity—Philippines seek 145,000t optional-origin wheat—

Wire story reported the upcoming U.S. corn and soybean planting season has shaped up to be among the most highly anticipated ones in history due to unusually tight stockpiles and elevated prices. Last week, the U.S. Department of Agriculture tentatively slated 2021 corn and soybean plantings at 92 million and 90 million acres, respectively, primarily based on economic analysis. That was slightly fewer corn acres and more soy acres than the market expected, though both would be up on the year.

Scientists with the National Oceanic and Atmospheric Administration (NOAA) and the USDA Midwest Climate Hub have drought in focus for much of the central region of the United States through the spring season. The NOAA Climate Prediction Center seasonal drought outlook, which runs through the end of May, calls for drought to remain in western Iowa, and to either remain or develop over all but the southeastern portion of the Plains.

U.S. Senate confirms Tom Vilsack as Biden’s agriculture secretary – Reuters News

Brazil may produce a record corn crop of 108.2 million tonnes this season as farmers expand plantings amid good prices for the cereal, according to the average forecast of a Reuters poll. The corn area will grow by around 1 million hectares to 19.44 million hectares (48 million acres), the poll showed. Even though a projected one-fourth of Brazil’s second corn crop may be planted outside the ideal climate window, total output will be 5.54% above last season’s record 102.5 million tonnes estimated by the government. The second corn crop will represent about 80% of total Brazil corn production this year.

Ukraine’s grain stocks totaled 18.2 million tons as of Feb. 1, 3.5 million tonnes less than by the same date in 2020, the APK-Inform consultancy said on Tuesday, citing data from the State Statistics Service.

Euronext wheat edged higher in late trade on Tuesday, supported by ongoing short-covering in front-month futures, while traders assessed risks to crops from cold spells in U.S. and European wheat belts. Prices held near recent highs as steady export demand and tight feed grain supply were expected to continue eroding wheat stocks. May milling wheat closed 0.1% higher at 229.50 euros ($278.82) a tonne. The contract earlier equalled Monday’s one-month high of 229.75 euros but again failed to breach resistance at 230 euros. March futures were up 0.4% at 240.50 euros. They had surged on Friday to 242.75 euros, the highest front-month price since May 2013, as market participants covered open positions in the run-up to the contract’s expiry.

Euronext rapeseed saw sharper price moves on Tuesday, with front-month May futures closing up 2.4% at 472.00 euros, after touching 474.00 euros in earlier trade, the highest front-month price since April 2013.

• 2021 MALAYSIA CRUDE PALM OIL PRODUCTION FORECAST AT 19.6 MLN T
• 2021 INDONESIAN CRUDE PALM OIL PRODUCTION FORECAST AT 45 MLN T
• INDONESIAN 2021 CRUDE PALM OIL EXPORTS LIKELY TO DROP 10% FROM LAST YEAR DUE TO BIODIESEL MANDATES, REVISED EXPORT LEVY STRUCTURE
• INDIA’S TOTAL EDIBLE OIL IMPORTS IN FIRST HALF OF 2021 ANTICIPATED AT 7 MLN T
• CHINA’S PALM OIL IMPORT AND DEMAND WILL SEE POSITIVE GROWTH IN Q1, SLOW DOWN IN Q2
• EUROPEAN UNION’S TOTAL PALM OIL IMPORTS PROJECTED TO REACH AROUND 4 MLN T IN FIRST HALF OF 2021