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→ IKAR in Mass Media → #2483 IKAR in Mass MediaCoronavirus Fears Continue to Control Markets03 февраля 2020 года Good Morning from Allendale, Inc. with the early morning commentary for February 3, 2020. Grain markets slid lower as ongoing concerns the Coronavirus will cut into China’s demand in the near future. The increasing concern took away any chance of a bargain-buying bounce. Soybean futures closed lower for the 9th straight day in a row Friday, while corn futures edged higher on technical buying and wheat futures eased on higher supply numbers worldwide. This week, markets will continue to watch the severity of the Coronavirus and any signs of Chinese purchases with the Lunar New Year holiday over. Last week, March corn futures were up 1.75 cents, January soybeans up 2.25 cents, December wheat down 3 cents, December soymeal was up $0.60 and December soyoil was up 9 points. In China, the death toll from the coronavirus outbreak had reached 304 as of the end of Saturday, according to China's National Health Commission, with recorded cases of infections at more than 14,000. The Department of Health said there were now two confirmed infections in the Philippines, including a man from Wuhan, who died over the weekend. U.S. Senate voted against calling witnesses and collecting new evidence in President Trump's impeachment trial, clearing the way for Trump's almost certain acquittal this week. The Senate approved on a party-line vote a timeline for the rest of the trial that calls for a final vote on the impeachment charges on Wednesday at 3 p.m. CST. Private exporters reported to the USDA optional origin export sales of 134,000 metric tons of U.S. corn for delivery to South Korea during this marketing year. CFTC Commitments of Traders showed funds new net position short -29,476 corn contracts, short -50,955 soybean contracts, long +48,469 wheat contracts, long +71,078 live cattle contracts and long +10,099 lean hog contracts. U.S. biodiesel production fell to 127 million gallons in November from 144 million gallons a month earlier, the E.I.A. said. Soybean oil remained the largest biodiesel feedstock, with 527 million lbs. used in November (54% of the total). Last month, soyoil used in biodiesel production was 558 million lbs. India sought to boost growth in a federal budget that raised spending on farms and expressways, while offering cuts in personal taxes, but the measures fell short of market expectations and pulled back stocks sharply. Finance Minister Nirmala Sitharaman said $39.8 billion will be allocated toward agriculture and allied activities (5.6% higher than last year). Russian wheat production this year could reach 79.5 million tonnes, one of the largest volumes on record, farmers sowed a record winter wheat area, consultancy IKAR said. IKAR expects the winter wheat area at 16.3 million hectares this season (15.9 million last season). USDA Bi-annual Inventory Cattle report showed All Cattle & Calves at 99.6% of last year (99.5% average estimates) which is 94.413 million head, Beef cows at 98.8% of last year (99.4% average estimates) which is 31.317 million head, and the 2019 Calf Crop at 99.3% of last year (99.6% average estimates) which is 36.060 million head. Cattle/Calves and Beef Cow inventories were down for the first time in six years. Dressed beef values were lower with choice down 0.35 and select down 0.82. The CME Feeder Cattle Index is 142.38. Pork cut-out values were down 1.33. Source: agweb.com | #grain | Comments: 0 Views: 39
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