Soybeans Firmly in Negative Territory Overnight
Corn and Wheat Add to their Gains for 2017
Corn and wheat continued to add to their gains of 2017 while soybeans was firmly in negative territory for much of the night session. In outside markets crude oil was higher while equities and the US dollar were little unchanged.
Wheat continues to find strength from poor US winter wheat conditions and concerns about winter kill in Ukraine. An expected sharp fall in temperatures in Ukraine could damage the country’s winter grain crops because of a lack of snow cover on the fields, analyst UkrAgroConsult said on Thursday. Meteorologists forecast a cold snap starting on Jan. 6 and predict that air temperatures will fall on average to 13-17 degrees Celsius below zero, perhaps even to minus 20 degrees.
In South America, rains continue to plague the last of the Argentine planting season. Estimates put overall soy planting at 90% done while corn is said to be only 80% planted. Argentina showers return through Monday and the latest models increased the rain coverage. More rains are also expected next Thu./Fri. & two more in 11-15 day, which keeps wetness concerns in place across Argentina corn/soy. In Northern Brazil, 6-10 day rains aid moisture for corn/soy/coffee/sugar, limits dryness to no more than NE 10% corn/soy.
The dollar clawed back ground on Friday but was heading for a second straight weekly loss, having tumbled the previous day on a rare piece of poor U.S. data and apparent action by Chinese authorities to shore up the yuan.
Weekly export sales were disastrous with soybeans coming in with a cargo and a half of new business at only 87,500 MT.
Weekly Export Sales-
Corn 429.3 650-950
Soybeans 87.5 800-1,200
Wheat 183.6 200-500
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