Lower start in store for grains
A mostly lower start is in store for the grains this am, roughly 3-4 corn and 5-7 beans with steady/easier wheat. Crude oil is a little lower while the $ is a shade better, not enough to impact the grains very much but not a supportive combination either.
The Census Bureau August crush was 119.8 million bushels, about 1 million higher than expected. Oil stocks were 3.042 billion lbs, roughly 30 million lbs less than expected. Meal stocks were 316,000 short tons, about 40,000 short tons below trade ideas.
Weekly export sales were a little on the slow side for corn at 673,000 tonnes, but good to excellent for the rest: 507,000 tonnes of wheat; 1.152 million tonnes of beans; a total of 170,000 tonnes of meal (23,000 old crop and 147,000 new crop) and a total of 106,000 tonnes for oil (18,000 old crop and 88,000 new crop). China accounted for 655,000 tonnes of the bean sales.
The G20 meeting takes place today in Pittsburgh but it is doubtful anything said at this meeting will influence the grains today.
Pakistan's Food Ministry said their wheat harvest this year will total 24 million tonnes vs just 21 million last year. This large of a harvest could allow Pakistan to export about 2 million tonnes of wheat over the next year. The International Grains Council upped their world wheat production guess 4 million tonnes to 666 million due to higher yields and harvests in various countries. They also cut their world corn crop guess 2 million tonnes to 785 million. The USDA announced this am the sale of 20,000 tonnes of US bean oil to an unknown destination.
A possible freeze could occur in eastern Australia's wheat belt late this weekend or early next week, which could damage the young wheat crop there.
The US delta will see more unwelcome, bean harvest-delaying rain today and tomorrow but drier weather is forecast this weekend into early next week. The Midwest will see up to 1.5" unwelcome rain in the west the next couple of days which could slow early corn and bean harvest efforts there. Up to 1" of rain is forecast in the east during this time. The 6-10 day calls for above normal rain in the west, below in the east, which could cause further early harvest delays.
The Census Bureau August crush was 119.8 million bushels, about 1 million higher than expected. Oil stocks were 3.042 billion lbs, roughly 30 million lbs less than expected. Meal stocks were 316,000 short tons, about 40,000 short tons below trade ideas.
Weekly export sales were a little on the slow side for corn at 673,000 tonnes, but good to excellent for the rest: 507,000 tonnes of wheat; 1.152 million tonnes of beans; a total of 170,000 tonnes of meal (23,000 old crop and 147,000 new crop) and a total of 106,000 tonnes for oil (18,000 old crop and 88,000 new crop). China accounted for 655,000 tonnes of the bean sales.
The G20 meeting takes place today in Pittsburgh but it is doubtful anything said at this meeting will influence the grains today.
Pakistan's Food Ministry said their wheat harvest this year will total 24 million tonnes vs just 21 million last year. This large of a harvest could allow Pakistan to export about 2 million tonnes of wheat over the next year. The International Grains Council upped their world wheat production guess 4 million tonnes to 666 million due to higher yields and harvests in various countries. They also cut their world corn crop guess 2 million tonnes to 785 million. The USDA announced this am the sale of 20,000 tonnes of US bean oil to an unknown destination.
A possible freeze could occur in eastern Australia's wheat belt late this weekend or early next week, which could damage the young wheat crop there.
The US delta will see more unwelcome, bean harvest-delaying rain today and tomorrow but drier weather is forecast this weekend into early next week. The Midwest will see up to 1.5" unwelcome rain in the west the next couple of days which could slow early corn and bean harvest efforts there. Up to 1" of rain is forecast in the east during this time. The 6-10 day calls for above normal rain in the west, below in the east, which could cause further early harvest delays.
posted by InsightPublishing at
10:30 AM
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