Possible Turn-Around Tuesday in store for grains
Grain prices have posted impressive gains the previous three days but they were lower overnight and are called lower this am due to profit taking possibly sparked by lower crude oil and equities this am. It's Tuesday and we could see the familiar "turn-a-round Tuesday" pattern where prices reverse course from yesterday. The early call is roughly 10 down in wheat with corn and beans off 4-5.
There were no bean or meal deliveries again this am but 2700 oil was delivered to Aug 3. FC Stone estimated the US corn crop at 12.814 billion bushels with a yield of 160 bushels per acre (bpa). Their bean guess is 3.247 billion bushels with a yield of 42.4 bpa. Last month, the USDA estimated the corn at 12.290 billion bushels with a bpa of 153.4. Their bean crop guess was 3.260 billion with a bpa of 42.6. Informa supposedly will put out their Aug guesses tomorrow am, 10:30am US Central time. The weekly crop ratings showed winter wheat harvesting 85% done vs 90% average. Spring wheat rated 71% good to excellent vs 74% last week. Harvesting has started, 3% complete vs 15% average. Corn was 68% good to excellent vs 70% last week while beans were unchanged from last week at 70% good to excellent. Crop development remains well behind normal with corn silking 76% vs 89% average and corn in the dough stage 14% vs 29% normally by this time. Beans blooming reached 76% vs 86% average and beans setting pods are 36% vs 54% average.
The USDA said South Korea bought 118,000 tonnes of US corn for the 2009-10 crop year, which starts Sep 1. China auctioned 834,000 tonnes of corn today out of 2 million tonnes offered. They will try to auction 500,000 tonnes of beans tomorrow. Previous bean auctions have failed due to a too-high offering price but following the big rally in US and world bean prices the last few days the Chinese government's offering price is now roughly competitive with the price of imported beans so tomorrow's auction might have some sucess.
Continued overall favorable weather is predicted for the main Chinese growing areas the next several days or longer. The Indian monsoon is expected to remain mostly confined to the northeast through the end of the week, increasing stress on crops outside of this area. There is a chance for improved rain in central India early next week, which would be very welcome.
The US Midwest will see widespread rain the next several days, up to 1" in the west and 1.5" in the east. Warmer temps are forecast the next several days, helping speed up crop development. Up to 1" more Midwestern rain is forecast early next week, which will also be welcome. The 6-10 day calls for warmer and drier conditions. ---Vic Lespinasse
There were no bean or meal deliveries again this am but 2700 oil was delivered to Aug 3. FC Stone estimated the US corn crop at 12.814 billion bushels with a yield of 160 bushels per acre (bpa). Their bean guess is 3.247 billion bushels with a yield of 42.4 bpa. Last month, the USDA estimated the corn at 12.290 billion bushels with a bpa of 153.4. Their bean crop guess was 3.260 billion with a bpa of 42.6. Informa supposedly will put out their Aug guesses tomorrow am, 10:30am US Central time. The weekly crop ratings showed winter wheat harvesting 85% done vs 90% average. Spring wheat rated 71% good to excellent vs 74% last week. Harvesting has started, 3% complete vs 15% average. Corn was 68% good to excellent vs 70% last week while beans were unchanged from last week at 70% good to excellent. Crop development remains well behind normal with corn silking 76% vs 89% average and corn in the dough stage 14% vs 29% normally by this time. Beans blooming reached 76% vs 86% average and beans setting pods are 36% vs 54% average.
The USDA said South Korea bought 118,000 tonnes of US corn for the 2009-10 crop year, which starts Sep 1. China auctioned 834,000 tonnes of corn today out of 2 million tonnes offered. They will try to auction 500,000 tonnes of beans tomorrow. Previous bean auctions have failed due to a too-high offering price but following the big rally in US and world bean prices the last few days the Chinese government's offering price is now roughly competitive with the price of imported beans so tomorrow's auction might have some sucess.
Continued overall favorable weather is predicted for the main Chinese growing areas the next several days or longer. The Indian monsoon is expected to remain mostly confined to the northeast through the end of the week, increasing stress on crops outside of this area. There is a chance for improved rain in central India early next week, which would be very welcome.
The US Midwest will see widespread rain the next several days, up to 1" in the west and 1.5" in the east. Warmer temps are forecast the next several days, helping speed up crop development. Up to 1" more Midwestern rain is forecast early next week, which will also be welcome. The 6-10 day calls for warmer and drier conditions. ---Vic Lespinasse
posted by InsightPublishing at
10:30 AM
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