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Agricharts Market Commentary
Wheat futures are mostly 1 to 4 cents lower on Friday. All wheat export commitments are lagging this time last year by 28.6%, in just the second week of the MY. Philippines bought in 220,000 MT of feed wheat on Thursday, with origins likely Australia or the Black Sea region. The Buenos Aires Grain Exchange estimates that the Argentine wheat crop is 49% planted. Ukraine’s ag minister estimates the country’s 2018 wheat crop will total somewhere in the range of 23-26 MMT, down from last year’s harvest of 26.2 MMTJul 18 CBOT Wheat is at $4.92 3/4, down 2 1/2 cents,Jul 18 KCBT Wheat is at $4.90, down 3 1/4 cents,Jul 18 MGEX Wheat is at $5.51, down 1 3/4 cents
Soybean futures are trading 8 to 10 cents in the green so far on Friday. Front Month soy meal is up $5.30/ton, with soybean oil up 14 points. Commitments for soybeans exports are still 4.2% behind a year ago. They are 100% of the full year USDA export projection, compared to the average at 101% and 102% last year. The EPA reportedly plans to increase biofuels blending mandate by 3% in 2019 to 19.88 billion gallons. Biodiesel is targeted at 2.43 billion gallons, up 330 million gallons. BAGE estimates that the 97.1% of the Argentina soybean crop is harvested.Jul 18 Soybeans are at $8.90 1/2, up 10 cents,Aug 18 Soybeans are at $8.95 1/4, up 9 3/4 cents,Sep 18 Soybeans are at $9.01 1/4, up 10 cents,Nov 18 Soybeans are at $9.10 1/4, up 8 3/4 cents,Jul 18 Soybean Meal is at $337.10, up $5.30Jul 18 Soybean Oil is at $29.33, up $0.14
Corn futures are fractionally to a penny higher in most contracts at midday. The USDA reported a private export sale of 131,300 MT of corn to Mexico this morning. The sale was broke down to 30,000 MT for delivery in 2017/18, with the remaining 101,300 MT set for 2018/19 shipment. There was also a sale of 117,000 MT for 2018/19 to Panama reported through the USDA’s daily reporting system. Corn export commitments are still 3.27% larger than last year despite this week's lower sales total from Thursday’s report. They are now 97% of the USDA export projection, with the typical pace at 99% and last year at 100%. China sold 739,954 MT of corn from state reserves on Friday, totaling 18.64% of the offered amount.Jul 18 Corn is at $3.58, up 1 cent,Sep 18 Corn is at $3.67 1/4, up 3/4 cent,Dec 18 Corn is at $3.78 3/4, up 1/2 centMar 19 Corn is at $3.88 1/2, up 3/4 cent