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AgriVisor Morning MarketWatch

 
Wednesday, May 15, 2019
Trade continues to focus on two main points; trade relations and weather outlooks. After thinking all hope was gone on trade war negotiations, yesterday it was indicated that talks could possibly resume. The purchase of soybeans by an unknown was also positive. Weather is again taking center stage though, as weather models indicate more rain for the most delayed regions of the Corn Belt. We have seen some planting taking place, but the key regions of the US will remain idle for a few more days. 

Highlights
• 6-10 day and 8-14 day forecasts slightly warmer but remain wet
• Financial market shows strength
• Analysts starting to reduce corn acreage estimates
• US/China may hold talks at G20 summit in June
• Market NEEDS technical short covering to continue for support

Corn
• Planters rolling in WCB, small window to open for ECB
• Inform lowers corn acreage by 2.1 million
• Maintenance season may reduce ethanol production
• More talk of prevent plant insurance usage

Soybeans
• Trade talks to resume? “unknown” buyer takes soybeans
• Corn planting delays to impact soybean planting
• Informa raises corn acreage 1.8 million
• Concerns remain over 280 million bu of unshipped sales to China
• NOPA crush expected to be record for April at 161.6 million bu

Wheat
• Demand expected to rise
• German wheat crop +20% from year ago
• Spring wheat acres to decrease this year
• Wet weather could generate quality issues with winter wheat

Livestock
• Technical buying stalled in cattle yesterday
• Rally in corn weighed on feeders
• Oversold indicators benefit hogs
• US may see pork exports rise
• Packer margins improve; benefit country movement
 

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