COMMENTARY 4/19/17

Dry until late week here, with some decent accums for some Central and S areas Fri/Sat with up to 2 -4″. Next week is expected to be rather stormy and cool, resulting in more rather mixed planting conditions.

St Louis river level RISING~ at 20.8′ and forecast 21.5 by 4/20.  (Action Stage is 28.0′) (Minor flood stage is 30.0′)

CORN

UNCHANGED

Quiet with a few more forecasts seeming less wet.  Variable planting conditions continue.

 

BEANS

UP 4

Quiet here too.  Rains in NE Argentina dampen harvest, but hasn’t shaken loose any physical beans from the stingy producer.  That’s good for us in the US! -more demand!  China lowered its VAT tax 2 to 11% on Nat Gas and Ag products. This could add $8.00 to Chinese soybean crush margins. This also added a positive margin on palm oil into China as well.

 

WHEAT

DOWN 3

Disappointing.  Rain across the US spring wheat belt continues to delay planting and funds still have a massive short position.   We have a burdensome global supply of wheat and KS producers ARE spraying for rust despite low prices.