Lower grains start likely following overnight losses
A lower start is likely in all pits, roughly 5 wheat, 2-4 corn and 7-10 beans following similar overnight losses. Crude oil is under strong pressure while the $ index is a little higher and equities are lower, a bearish combination for the grains. Oil deliveries totaled 1400 lots with the date Oct 1.
The USDA announced they might adjust the numbers from their Sep 30 production report due to the larger than normal amount of unharvested acreage in the northern plains when this report was compiled. The revised report would be released along with the other production estimates in the Nov 10 crop production report. The revised report would incorporate changes for acreage, yield, production and stocks in spring wheat, durum wheat and oats.
Stats Canada put out its updated crop production estimates today. Traders were looking for all wheat production to total 24.5 million tonnes, durum wheat 4.7 million, oats 3.1 million, barley 9.4 million and canola 10.6 million. The actual numbers released this am were 24.6 million tonnes all wheat, 5.1 million durum, 2.9 million oats, 9.2 million barley and 10.3 million canola. The canola and oats numbers were supportive while the durum number was negative. All wheat and barley were about in line.
Informa will put out their US grain production estimates at 10:30 central time this am. The USDA Oct crop report will be out one week from today.
Monsoon rains are returning to northern India, which is unusual for October.This could benefit winter wheat but is unwelcome for other crops, such as cotton. More dry weather in northern New South Wales state in Australia continues to stress the wheat crop there and little rain is in the forecast.
The US delta will see more unwanted rain through early next week, further delaying bean harvesting. The southwest winter wheat belt will be mostly dry today and tomorrow with light, scattered rain early next week. Up to 1.5" of unwanted rain fell in the western midwest and up to 1" fell in the east the last 24 hours. More is possible today but generally dry weather is forecast this weekend. More potentially early corn and bean harvest delaying rain is forecast again early next week. Temps are forecast to remain on the cold side and a season ending freeze is possible late next week.
The USDA announced they might adjust the numbers from their Sep 30 production report due to the larger than normal amount of unharvested acreage in the northern plains when this report was compiled. The revised report would be released along with the other production estimates in the Nov 10 crop production report. The revised report would incorporate changes for acreage, yield, production and stocks in spring wheat, durum wheat and oats.
Stats Canada put out its updated crop production estimates today. Traders were looking for all wheat production to total 24.5 million tonnes, durum wheat 4.7 million, oats 3.1 million, barley 9.4 million and canola 10.6 million. The actual numbers released this am were 24.6 million tonnes all wheat, 5.1 million durum, 2.9 million oats, 9.2 million barley and 10.3 million canola. The canola and oats numbers were supportive while the durum number was negative. All wheat and barley were about in line.
Informa will put out their US grain production estimates at 10:30 central time this am. The USDA Oct crop report will be out one week from today.
Monsoon rains are returning to northern India, which is unusual for October.This could benefit winter wheat but is unwelcome for other crops, such as cotton. More dry weather in northern New South Wales state in Australia continues to stress the wheat crop there and little rain is in the forecast.
The US delta will see more unwanted rain through early next week, further delaying bean harvesting. The southwest winter wheat belt will be mostly dry today and tomorrow with light, scattered rain early next week. Up to 1.5" of unwanted rain fell in the western midwest and up to 1" fell in the east the last 24 hours. More is possible today but generally dry weather is forecast this weekend. More potentially early corn and bean harvest delaying rain is forecast again early next week. Temps are forecast to remain on the cold side and a season ending freeze is possible late next week.
posted by InsightPublishing at
10:30 AM
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