Higher grains start likely
A higher start is likely this am, 2-4 wheat, 2-3 corn and 4-5 beans. Weekly export sales were good for beans at 691,000 tonnes, in line for meal at 176,000 tonnes, but slow elsewhere: 348,000 tonnes of wheat; 367,000 tonnes of corn and 9000 tonnes of oil. Crude oil is higher and the $ is lower, a friendly combination for all the grains.
Iraq reportedly bought 100,000 tonnes each of US, Russian and Australian wheat.
The Census Bureau last week estimated US bean oil stocks for Sep at 2.880 billion lbs, which was considered a bearish number. This am, the official Census Bureau Sep oil stocks figure came out at just 2.739 billion lbs. This is friendly for bean oil as the official number was much lower by 141 million lbs. than the estimate last week. Usually, there is only a very small difference, a few million lbs, between the Census Bureau estimate and the official figure released about one week later. The Census Bureau also said this am that biodiesel production consumed 203 million lbs of bean oil in Sep compared with 156 million in Aug and 246 million in Sep 2008.
Drier weather is expected in much of southern Brazil the next several days, which will be welcome after recent widespread heavy rain. Argentina will be hot and dry the next few days but wet weather is forecast this weekend into early next week, which will be welcome.
Several inches of more damaging, harvest delaying rain is forecast the next two days in the US delta. The southwest winter wheat belt had up to 1.25" in the central and western parts of the belt the last 24 hours. Up to 1" rain is forecast today-tomorrow, especially in the east. Welcome dry weather will be seen this weekend into early next week, allowing for late winter wheat planting. The Midwest was mostly dry the last 24 hours. Rain will fall over much of the belt today-tomorrow, up to 1" in the west, up to 2" in the east. Welcome dry weather will then move into the belt this weekend through most of next week, finally allowing for rapid harvest progress of corn and beans, as well as late soft red winter wheat planting.
Iraq reportedly bought 100,000 tonnes each of US, Russian and Australian wheat.
The Census Bureau last week estimated US bean oil stocks for Sep at 2.880 billion lbs, which was considered a bearish number. This am, the official Census Bureau Sep oil stocks figure came out at just 2.739 billion lbs. This is friendly for bean oil as the official number was much lower by 141 million lbs. than the estimate last week. Usually, there is only a very small difference, a few million lbs, between the Census Bureau estimate and the official figure released about one week later. The Census Bureau also said this am that biodiesel production consumed 203 million lbs of bean oil in Sep compared with 156 million in Aug and 246 million in Sep 2008.
Drier weather is expected in much of southern Brazil the next several days, which will be welcome after recent widespread heavy rain. Argentina will be hot and dry the next few days but wet weather is forecast this weekend into early next week, which will be welcome.
Several inches of more damaging, harvest delaying rain is forecast the next two days in the US delta. The southwest winter wheat belt had up to 1.25" in the central and western parts of the belt the last 24 hours. Up to 1" rain is forecast today-tomorrow, especially in the east. Welcome dry weather will be seen this weekend into early next week, allowing for late winter wheat planting. The Midwest was mostly dry the last 24 hours. Rain will fall over much of the belt today-tomorrow, up to 1" in the west, up to 2" in the east. Welcome dry weather will then move into the belt this weekend through most of next week, finally allowing for rapid harvest progress of corn and beans, as well as late soft red winter wheat planting.
posted by InsightPublishing at
10:30 AM
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