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Report negative corn and wheat, soybeans neutral

first_imgShare Facebook Twitter Google + LinkedIn Pinterest By Doug Tenney, Leist MercantileFriday’s USDA Prospective Plantings report was negative with corn stocks 325 million bushels above trade estimates. This is still way too early to say this, but you have to wonder if the 2018 corn yield will move higher later this summer.Corn stocks were 8.6 billion bushels, soybean stocks were 2.72 billion bushels, while wheat stocks were 1.59 billion bushels. Corn acres were 92.8 million acres, soybean acres were 84.6 million acres, and all wheat acres were 45.8 million acres.Today is all about quarterly grain stocks in the US as of March 1 along with planting intentions for US grains in 2019. Traders will be paying more attention to grain stocks as they gauge demand and disappearance. US acres are in the mix today. They will be noted with a checkmark. Yes, they were released. Traders will easily answer, “Who cares?”Just ahead of the report, grains were all lower with corn down 3 cents, soybeans down 2 cents, with wheat down 5 cents. Following the report, corn was down 11 cents, soybeans down 4 cents, and wheat down 10 cents.Early trade estimates have March 1 corn stocks less than last year while acres are expected to be up. The average trade estimate for corns stocks is 8.335 billion bushels. Last year in March corn stocks were 8.892 billion bushels. The average corn acres estimate is 91.3 million acres. Last year US corn acres were 89.1 million acres. To the surprise of no one, soybean stocks are expected to be higher and 2019 soybean acres are expected to be lower. The average soybean stocks estimate is 2.683 billion bushels. Last year in March soybean stocks were 2.109 billion bushels. The average trade estimate for soybean acres is 86.169 million acres. Last March US wheat stocks were 1.495 billion bushels and wheat acres were 47.8 million acres. Wheat stocks were expected to higher than last year with wheat acres lower than last year.Weather continues to be a huge factor on the minds of producers as they are most anxious to be doing something to mark progress for the corn and soybean planting season. Unfortunately, little fieldwork has taken place across Ohio and the Midwest this month. Soils were wet coming into the month as freezing temperatures the first week of March did allow much of the unharvested corn and soybeans from 2018 to get harvested. The 30 day forecasts suggest more of the same, wet and cold.Another month is behind us with the US/China trade deal not yet done. US representatives are in China this week. Talks appear to be progressing with little details coming out. Then next week Chinese officials return to the US. All of the talks and where they take place remind one of home and away basketball or baseball games. For US representatives, this week it is an away game. Next week it is a home game as they get to sleep in their own beds. Away, home, rinse, and repeat.Bottom line the funds hold a record short corn position. At this time they want to see a date announced that the two Presidents will sign a deal and also see the signing take place. Until then, it will take something drastic to move out of that huge short corn position.Any corn planting delays will not be a factor until mid-May. Last year, US corn planting was nearly record late. The 2018 corn yield was 176.4 bushels. The US record yield took place in 2017 and was 176.6 bushels. The reality is, even with corn planted so late last year, the final yield was within a whisker of matching the record yield.Expect more choppy markets in the weeks ahead. A US/China trade final trade deal looks to be weeks away, not days away. Earlier this week China bought 1.5 million tons of US soybeans. It was a non-market mover.last_img read more

Yogi orders probe after bribe sting

first_imgThe Yogi Adityanath government on Thursday ordered a probe by a Special Investigation Team after private secretaries of three State ministers were caught on camera allegedly seeking bribes inside the secretariat building.The SIT, headed by ADG Lucknow Zone Rajiv Krishnan, will submit its report in 10 days.Taking cognizance of the ‘sting operation’ by Hindi news channel ABP News, Chief Minister Yogi Adityanath ordered the immediate suspension of the accused officials and that an FIR be lodged against them.In the ‘sting operation,’ the secretaries — Santosh Awasthi, Om Prakash Kashyap and S.P. Tripathi — were allegedly caught on camera seeking money in exchange for work done in their departments. The officers belonged to the departments of State Minister for Education Sandeep Singh, Backward Classes Welfare Minister Om Prakash Rajbhar and Mining Minister Archana Pandey respectively.Uneasy allyMr. Rajbhar, president of the Suheldev Bharatiya Samaj Party, an ally of the BJP in U.P., has had a rocky relationship with the regime. Speaking to the media, he questioned the intention of the sting operation. Ms. Pandey said she would assist the probe fully and help in ensuring that the guilty were punished.last_img read more

Thousands Jam National Stadium for Exciting Grand Gala

first_img Ms. Grange said Independence and Emancipation celebrations are important in fostering pride in country for both young and old people. Story Highlights Thousands of Jamaicans, clad in the national colours of black, green,  and gold, turned out at the National Stadium on August 6, to celebrate the country’s 55th anniversary of political Independence, at the Grand Gala.Despite the presence of overcast skies and periods of slight drizzle, the event got underway at 6:00 p.m. and ended just after 10:00 p.m. with the much-anticipated display of fireworks.Among the attendees were Their Excellencies, Governor-General, the Most Hon. Sir Patrick Allen, and Lady Allen; Prime Minister the Most Hon. Andrew Holness and Mrs. Holness; Minister of Culture, Gender, Entertainment and Sport, Hon. Olivia Grange; Minister of Local Government and Community Development, Hon. Desmond McKenzie; Leader of the Opposition; Dr. Peter Phillips; and other members of the Houses of Parliament and Diplomatic Corps.Former Prime Minister, the Most Hon. Edward Seaga, and Reggae icon, Jimmy Cliff, were also honoured during the ceremony.Speaking in an interview with JIS News, Minister Grange said she was pleased with the different elements of the show.“We had an excellent turnout, in fact, we would have had every corner filled except that the police had their own rules in that people with pointed umbrellas would not be allowed in and so that was an issue,” she said.“But the place is packed, people are enjoying themselves, the spirit is great and we are celebrating our culture, achievements and icons,” she added.Ms. Grange said Independence and Emancipation celebrations are important in fostering pride in country for both young and old people.“It is important that as a country we celebrate our achievements (and that) we use the opportunity to reflect on where we are coming from, to look at where we are and to look to the future. Our young people are able to understand the culture and learn about their history and their heritage on occasions like these and it is important that we have events like the gala,” she said.Eleven-year-old, Ciara, who was celebrating her birthday, said the event was good.“It’s good that I was born on the day Jamaica gained Independence, because I feel very special now that everybody is celebrating Jamaica 55 and they are celebrating my birthday at the same time,” she told JIS News.She admitted that she was frightened during segments of the fireworks, but said that the overall performances were great.Another patron, John Campbell, who hails from Kingston, said he was home watching the event on the television, because of the weather, but decided to attend with his family.“Seeing the excitement, I just couldn’t afford to miss it, so I just got dressed and came here…I am enjoying the culture and everything that has been presented to us so far,” he told JIS News.More than 2000 performers were on show from communities across Kingston and St. Andrew. There were also performances by Etana, Ernie Smith, Jermaine Edwards, Mr. Vegas, Bugle, Admiral Bailey and Kukudoo.Emancipation and Independence activities were held under the theme: ‘Celebrating Jamaicans at Home and Abroad’.The celebrations were undertaken at a cost of $180 million and included the staging of the Independence Village in Kingston and St. James featuring concerts, exhibitions, and other activities. More than 2000 performers were on show from communities across Kingston and St. Andrew. There were also performances by Etana, Ernie Smith, Jermaine Edwards, Mr. Vegas, Bugle, Admiral Bailey and Kukudoo. Thousands of Jamaicans, clad in the national colours of black, green and gold turned out at the national stadium on August 6, to celebrate the country’s 55th anniversary of political Independence, at the Grand Gala.last_img read more