Steady/easier grains start expected
A mostly steady/easier start is likely this am, down 3-5 wheat, steady/easier corn and beans. The $ index is higher this am while crude oil and equities are a little lower, a negative combination for all the grains.
FC Stone estimated the US corn crop yesterday afternoon at 13.064 billion bushels with a yield of 163.3 bushels per acre. Their bean guess was 3.329 billion with a 43.4 yield. Last month the USDA put the crops at 12.954 billion with a 161.9 yield and 3.245 billion with a 42.3 yield, respectively. The next USDA estimates will be out Oct 9.
Weekly export sales this am were in line for wheat, poor for meal and great for the rest: 538,000 tonnes of wheat; 67,000 tonnes of meal between the old and new crop years; 1.223 million tonnes of corn; 1.385 million tonnes of beans and 198,000 tonnes of oil between the two crop years. Much of the oil is headed to unknown destinations at this time. Chinese buying accounted for 809,000 tonnes of the bean sales this am. China will be on a national holiday today through next Thursday with their markets reopening a week from tomorrow. This makes large bean sales less likely to China for the next week although they can't be ruled out.
The monthly Census Bureau oil stocks report this am showed 156 million lbs of bean oil was used to make biodiesel fuel (methyl ester) during August compared with 149 million in July. There were no meal deliveries this am but 1900 oil was delivered.
The southwest winter wheat belt will be mostly dry the next few days, allowing for rapid planting progress. Rain is possible again early next week. More unwelcome, bean harvest-delaying rain is forecast in the delta tonight and tomorrow with further harvest delays probable next week from additional rain. The northeast part of the Midwest might have suffered some freeze damage this am. Wet weather will slow early harvest efforts across the Midwest the next several days. Up to 1.5" of rain is predicted in the west along with cold temps the next two days while up to 1.5" of moisture could fall in the east during this time, also accompanied by cold temps. Mostly dry weather is forecast this weekend but more rain is possible again early next week.
FC Stone estimated the US corn crop yesterday afternoon at 13.064 billion bushels with a yield of 163.3 bushels per acre. Their bean guess was 3.329 billion with a 43.4 yield. Last month the USDA put the crops at 12.954 billion with a 161.9 yield and 3.245 billion with a 42.3 yield, respectively. The next USDA estimates will be out Oct 9.
Weekly export sales this am were in line for wheat, poor for meal and great for the rest: 538,000 tonnes of wheat; 67,000 tonnes of meal between the old and new crop years; 1.223 million tonnes of corn; 1.385 million tonnes of beans and 198,000 tonnes of oil between the two crop years. Much of the oil is headed to unknown destinations at this time. Chinese buying accounted for 809,000 tonnes of the bean sales this am. China will be on a national holiday today through next Thursday with their markets reopening a week from tomorrow. This makes large bean sales less likely to China for the next week although they can't be ruled out.
The monthly Census Bureau oil stocks report this am showed 156 million lbs of bean oil was used to make biodiesel fuel (methyl ester) during August compared with 149 million in July. There were no meal deliveries this am but 1900 oil was delivered.
The southwest winter wheat belt will be mostly dry the next few days, allowing for rapid planting progress. Rain is possible again early next week. More unwelcome, bean harvest-delaying rain is forecast in the delta tonight and tomorrow with further harvest delays probable next week from additional rain. The northeast part of the Midwest might have suffered some freeze damage this am. Wet weather will slow early harvest efforts across the Midwest the next several days. Up to 1.5" of rain is predicted in the west along with cold temps the next two days while up to 1.5" of moisture could fall in the east during this time, also accompanied by cold temps. Mostly dry weather is forecast this weekend but more rain is possible again early next week.
posted by InsightPublishing at
10:30 AM
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