Weekly Crop Progress Report: Corn, beans development well behind normal
A higher start is forecast across the floor, 4-5 wheat, 3-5 corn and 15-20 beans. Crude oil and the $ are both mixed this am, trading back and forth on either side of yesterday's close and not offering any guidance for the grains this am.
The Weekly Crop Progress Report showed corn and bean development remains well behind normal, as expected, due to their late planting this spring, especially east of the Mississippi River. Beans blooming reached 86% vs 93% average but beans setting pods were only 55% vs 72% average. Corn silking was 89% vs 96% average but corn in the dough stage of development was only 24% vs 46% average while corn in the dent stage was just 5% vs 14% average. Beans rated 66% good to excellent vs 67% last week while corn was unchanged from last week at 68% good to excellent. Spring wheat was 72% good to excellent vs 71% previously. Spring wheat harvesting was 8% complete vs 31% average and winter wheat harvesting was 91% done vs 96% average.
There were no bean or meal deliveries again this am, as expected. China will try to auction 500,000 tonnes of beans tomorrow but until they subsidize their crushers or bean prices rise further, it is unlikely they will have any success.
China's Deputy Chief of the Economic and Trade Dept under the National Development and Reform Commission, said China's domestic bean output growth can't match the rate of rising demand so bean imports will continue to rise. He also said the government will encourage processing plants to increase their bean reserves and that China's bean imports will total 40 million tonnes this year vs 37.44 million tonnes last year. If he is right, this is friendly for US bean export prospects to China. The USDA announced China bought 110,000 tonnes of US beans this am for the 2009-10 crop year, starting Sep 1.
Good monsoon rains are forecast in the bean belt of India by week's end. There is a chance of much needed rain in sugarcane and ground nut areas of India late this week also.
The US Midwest was mostly dry the last 24 hours in the west but the east saw up to 1.25" during this time. The west will stay mostly dry the next few days but weekend rain is forecast, up to 1". The east will see light rain early next week.
Starting Friday, Dec will replace Sep as the main month in wheat so trade Dec starting that day if you want to be in the most active, liquid month. ---Vic Lespinasse
The Weekly Crop Progress Report showed corn and bean development remains well behind normal, as expected, due to their late planting this spring, especially east of the Mississippi River. Beans blooming reached 86% vs 93% average but beans setting pods were only 55% vs 72% average. Corn silking was 89% vs 96% average but corn in the dough stage of development was only 24% vs 46% average while corn in the dent stage was just 5% vs 14% average. Beans rated 66% good to excellent vs 67% last week while corn was unchanged from last week at 68% good to excellent. Spring wheat was 72% good to excellent vs 71% previously. Spring wheat harvesting was 8% complete vs 31% average and winter wheat harvesting was 91% done vs 96% average.
There were no bean or meal deliveries again this am, as expected. China will try to auction 500,000 tonnes of beans tomorrow but until they subsidize their crushers or bean prices rise further, it is unlikely they will have any success.
China's Deputy Chief of the Economic and Trade Dept under the National Development and Reform Commission, said China's domestic bean output growth can't match the rate of rising demand so bean imports will continue to rise. He also said the government will encourage processing plants to increase their bean reserves and that China's bean imports will total 40 million tonnes this year vs 37.44 million tonnes last year. If he is right, this is friendly for US bean export prospects to China. The USDA announced China bought 110,000 tonnes of US beans this am for the 2009-10 crop year, starting Sep 1.
Good monsoon rains are forecast in the bean belt of India by week's end. There is a chance of much needed rain in sugarcane and ground nut areas of India late this week also.
The US Midwest was mostly dry the last 24 hours in the west but the east saw up to 1.25" during this time. The west will stay mostly dry the next few days but weekend rain is forecast, up to 1". The east will see light rain early next week.
Starting Friday, Dec will replace Sep as the main month in wheat so trade Dec starting that day if you want to be in the most active, liquid month. ---Vic Lespinasse
posted by InsightPublishing at
10:30 AM
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