Chicago agricultural futures mixed in morning trade

Chicago agricultural futures mixed in morning trade”

The government raised its outlook for Brazil soybean production by 1 million tonnes and its export outlook for the country by 1.5 million tonnes.

In its report Thursday, the USDA pegged the Argentine 2018 soybean production at 47.0 million metric tons, compared with the average trade estimate of 48.36 million mt. and the USDA's February estimate of 54.0 mmt.

Brazil corn production is revised down based on expectations of a more modest increase in second-crop corn area.

Higher projected corn exports for the US are expected to more than offset a reduction for Argentina.

According to the USDA, that lost million mt of market share found its way straight onto the ending stocks, with intra-EU demand apparently insufficient to absorb any of the surplus.

CBOT brokers report that funds Wednesday are flat in Wheat, while buying 3,100 contracts of cCorn and selling 3,400 contracts of Soybean. It also raised its estimate of corn used for ethanol to 5.575 billion bushels from 5.525 billion bushels. Soybean ending stocks were raised to 555 million bushels, with a drop in exports which was bearish.

USDA lowered its USA soybean export view to 2.065 billion bushels from 2.100 billion bushels.

CBOT May soybean futures finished 1-1/4 cents lower at $10.64 per bushel, further pressured by forecasts for light rains in parts of Argentina. With no other use changes, ending stocks are lowered 225 million bushels, to 2.127 billion.

Elsewhere, Russia's fast pace of sales saw the USDA add 1.5 million mt, taking its forecast to 37.5 million mt, while 200,000 mt was added to Ukraine to take its exports to 17.2 million mt.

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