The impact of downward risks on the global steel industry is best reflected in crude steel production data just released by WSA. Barge-grain movement on the nation’s river system fell 45 percent to 258,350 metric tons from a week earlier, the USDA said today in a report Shipments fell 50 percent from a year earlier because of flooding and shipping restrictions on parts of the Ohio and Mississippi rivers, the agency said. Due to absence of fresh soy meal export demand from South East Asian countries, traders and crushers were away from active buying of beans from the spot market. Discouraging crush margin in local market is resulting to poor crushing activity.
Lack of fresh soy meal export enquiries from South East Asian countries is likely to exert pressure on the market. The Chicago soybean futures dropped sharply on Tuesday, hit by the heavy sell-off in energy market and newly-gained strength in greenback. A trader mentioned that a combination of bearish outside market forces, including the mammoth silver’s sell-off, weakness in energy and strong rally in U.S. dollar, all helped to add to the negative tone in the grain market. Sluggish demand for the produce especially from crushers is likely to weigh on the market.
A trader mentioned that the speculations that some of the eastern and southern Corn Belt corn acres might need to shift to soybeans added downward pressure on the soybean market. Corn continued to slide on trade expectations that drier weather this week in the U.S. Midwest will allow farmers to accelerate planting after rain and muddy conditions caused two weeks of delays. Poor demand for the produce in local markets amid thin supplies had a bearish impact on the futures market. Shrinking global demand for soybean and its derivatives and improving supply situation added bearishness to the market.
Due to absence of fresh soy meal export demand from South East Asian countries, traders and crushers were away from active buying of beans from the spot market. A trader mentioned that a combination of Bearish outside market forces, including the Silver’s sell-off on hiked margin requirements, weakness in energy and rally in the USD, all helped to add to the negative tone in the Grains pit. The companies in this sector live and die at the hands of the Federal Drug Administration (FDA). When you’re ready to find your first stock, your first stop should be the FDA calendar.
The USDA National Agricultural Statistics Service Texas Field Office provides weekly updates on crop progress and conditions, as well as monthly and annual agricultural statistics for major field crops, small grains, livestock, fruits, vegetables, pecans, poultry and more. PDUFA stands for Prescription Drug User Free Act, and this is when the FDA either gives the company approval to market its product, or rejects it and sends the company back to the drawing board for more expensive trials.