-Malaysian palm oil stocks/production higher than expected -USDA Ag Sec says talks with China regarding US ethanol imports "positive" -USDA reports small soybean sale to unknown -EIA lowers biodiesel production forecast -Long-term US weather forecasts not worst-case, but concerns remain elevated
Grain markets traded in fairly tight ranges overnight, with wheat continuing to slip lower on ideas of improving/less concerning weather, while soybeans were little-changed and corn marginally higher. Yesterday’s USDA report didn’t provide much, if any, new developments for the markets with burdensome stocks and demand questions/concerns remaining in place for corn, wheat and soybeans. The focus will increasingly be on the U.S. weather situation with corn and spring wheat planting delays all but expected at this time, but as long as heavy, persistent rains are not seen resulting in significant widespread flooding, the general perception may be that the crops eventually will get in. Longer-term forecasts at this time are not of the worst case scenario variety, so with it still only being early/mid-April, concerns generally remain limited, but with heightened awareness.
*The Malaysian Palm Oil Board reported the country’s end of March palm oil stocks were... To continue, Visit http://ccstrade.com/blog