Export sales at high end of trade ideas; Exception: meal
A higher start is indicated for the grains this am, 6-8 wheat, 5-7 corn and 15 beans. Once again, there were no deliveries in corn, beans or meal this am but we saw 2000 wheat and 2100 oil on delivery. Crude oil and equities are higher this am while the $ is lower, a bullish combination for all the grains. There will probably be a lot of evening up today ahead of the USDA July crop report tomorrow am.
Weekly Export Sales were at the high end of trade ideas with the exception of meal, where only 30,000 tonnes was sold between the old and new crop years. Wheat sales were 584,000 tonnes, corn 749,000 tonnes old crop and 415,000 tonnes new crop for a total of 1.164 million tonnes. Bean sales were 287,000 tonnes old crop and 942,000 tonnes new crop, a total of 1.229 million tonnes. Oil sales were minus 60,000 tonnes old crop but 98,000 tonnes new crop for a total of 38,000 tonnes. How important is China for large US bean exports? 283,000 tonnes of the old crop and 830,000 tonnes of the new crop sales were to China, or 1,113,000 tonnes out of 1.229 million! China's Commerce Ministry raised their estimate of Chinese bean imports during July to 4.28 million tonnes vs their previous guess of just 3.56 million.
India's Meteorological Dep't said monsoon rain during the week ended Jul 8 was just 8% below normal but rain from Jun 1 to Jul 8 was 36% less than average. Monsoon rain is forecast to continue in India's main bean growing region the next few days. Heavy rain fell in the North China Plain the last 48 hours, bringing very welcome moisture. Rain has improved in the dry corn growing areas of Russia and the Ukraine recently, easing concerns there for the time being. Continued mostly dry weather is stressing spring wheat in Russia, however.
Only light, scattered rain is forecast in the US Delta region the next several days and the 6-10 day calls for warmer and drier than normal weather, increasing the need for more rain there soon. Some winter wheat harvest delays are expected again with up to 1.5" falling in the eastern part of the belt yesterday and more forecast over the next several days into early next week. The Midwest will continue to benefit from favorable weather the next several days into next week. ---Vic Lespinasse
Weekly Export Sales were at the high end of trade ideas with the exception of meal, where only 30,000 tonnes was sold between the old and new crop years. Wheat sales were 584,000 tonnes, corn 749,000 tonnes old crop and 415,000 tonnes new crop for a total of 1.164 million tonnes. Bean sales were 287,000 tonnes old crop and 942,000 tonnes new crop, a total of 1.229 million tonnes. Oil sales were minus 60,000 tonnes old crop but 98,000 tonnes new crop for a total of 38,000 tonnes. How important is China for large US bean exports? 283,000 tonnes of the old crop and 830,000 tonnes of the new crop sales were to China, or 1,113,000 tonnes out of 1.229 million! China's Commerce Ministry raised their estimate of Chinese bean imports during July to 4.28 million tonnes vs their previous guess of just 3.56 million.
India's Meteorological Dep't said monsoon rain during the week ended Jul 8 was just 8% below normal but rain from Jun 1 to Jul 8 was 36% less than average. Monsoon rain is forecast to continue in India's main bean growing region the next few days. Heavy rain fell in the North China Plain the last 48 hours, bringing very welcome moisture. Rain has improved in the dry corn growing areas of Russia and the Ukraine recently, easing concerns there for the time being. Continued mostly dry weather is stressing spring wheat in Russia, however.
Only light, scattered rain is forecast in the US Delta region the next several days and the 6-10 day calls for warmer and drier than normal weather, increasing the need for more rain there soon. Some winter wheat harvest delays are expected again with up to 1.5" falling in the eastern part of the belt yesterday and more forecast over the next several days into early next week. The Midwest will continue to benefit from favorable weather the next several days into next week. ---Vic Lespinasse
posted by InsightPublishing at
10:30 AM
0 Comments:
Post a Comment
<< Home