Weather, funds, $ influencing grains
A generally lower start is likely this am, 2-4 wheat, steady/easier corn and 5 lower beans. The $ is a little lower currently but not enough to provide much support to the grains. Gold is higher again this am but crude oil is a little lower, also not enough to influence the grains much.
FC Stone estimated the corn crop at 13.004 billion bushels with a yield of 164 bushels per acre (bpa). Their bean guess was 3.379 billion with a 44.1 bpa. Last month, the USDA was 13.018 billion corn with a 164.2 bpa and 3.250 billion beans with a 42.4 bpa. The next USDA estimate will be Nov 10.
Conab, a division of the Brazilian Agriculture Dep't, raised their bean production guess slightly, to 63.05 million tonnes vs 62.8 million last month. Last year, Brazil harvested 57.1 million tonnes of beans. Conab left their corn guess unchanged from last month at 50.9 million tonnes. They lowered their wheat guess to 5.04 million tonnes from 5.25 million previously.
Weekly export sales this am good for corn at 564,000 tonnes and in line for beans at 522,000 tonnes. The rest were slow with 284,000 tonnes of wheat, 117,000 tonnes of meal and 7000 tonnes of oil.
The three main influences on the market currently are the weather, which remains bearish, the $, which is only slightly supportive for grain prices this am, and the funds, who helped push prices lower yesterday in corn and beans when they were net sellers on the day instead of buyers, as they had been the previous two days when corn and bean prices had rallied. Funds were small buyers of wheat yesterday, however, enabling this pit to post small closing gains.
Light Argentine rains are forecast tomorrow and Saturday, which will be welcome. Brazil will see rain sweep from south to north today through Sunday, slowing planting efforts but keeping overall conditions in good shape.
The US southwest winter wheat belt will be dry the next 5-7 days, allowing for late planting to finish up. The delta will stay dry through Sunday, allowing severely delayed bean harvesting to proceed. Rain early next week will slow this process down again then. The midwest will benefit from dry harvest weather the next 5-7 days and the 6-10 day predicts below normal rain, which should allow for even more favorable harvest weather.
FC Stone estimated the corn crop at 13.004 billion bushels with a yield of 164 bushels per acre (bpa). Their bean guess was 3.379 billion with a 44.1 bpa. Last month, the USDA was 13.018 billion corn with a 164.2 bpa and 3.250 billion beans with a 42.4 bpa. The next USDA estimate will be Nov 10.
Conab, a division of the Brazilian Agriculture Dep't, raised their bean production guess slightly, to 63.05 million tonnes vs 62.8 million last month. Last year, Brazil harvested 57.1 million tonnes of beans. Conab left their corn guess unchanged from last month at 50.9 million tonnes. They lowered their wheat guess to 5.04 million tonnes from 5.25 million previously.
Weekly export sales this am good for corn at 564,000 tonnes and in line for beans at 522,000 tonnes. The rest were slow with 284,000 tonnes of wheat, 117,000 tonnes of meal and 7000 tonnes of oil.
The three main influences on the market currently are the weather, which remains bearish, the $, which is only slightly supportive for grain prices this am, and the funds, who helped push prices lower yesterday in corn and beans when they were net sellers on the day instead of buyers, as they had been the previous two days when corn and bean prices had rallied. Funds were small buyers of wheat yesterday, however, enabling this pit to post small closing gains.
Light Argentine rains are forecast tomorrow and Saturday, which will be welcome. Brazil will see rain sweep from south to north today through Sunday, slowing planting efforts but keeping overall conditions in good shape.
The US southwest winter wheat belt will be dry the next 5-7 days, allowing for late planting to finish up. The delta will stay dry through Sunday, allowing severely delayed bean harvesting to proceed. Rain early next week will slow this process down again then. The midwest will benefit from dry harvest weather the next 5-7 days and the 6-10 day predicts below normal rain, which should allow for even more favorable harvest weather.
posted by InsightPublishing at
10:30 AM
0 Comments:
Post a Comment
<< Home