Outside markets negative for grains
A mixed start is indicated this am. The $ is higher again while crude oil, gold and equities are all lower, a negative influence for the grains.
Egypt is in the market for optional origin wheat this am but they probably won't buy any US as our prices remain uncompetitive in the world market.
Weekly export sales will be out tomorrow am instead of today due to Monday's holiday.
The USDA Outlook Conference started this am in Washington and will continue through tomorrow. The USDA has released the following numbers so far: 2010 corn planted acreage 89 million acres vs their previous estimate of 88 million released about a week ago in their "baseline" estimate; bean planted acreage 77 million vs 76.5 previously in their "baseline" estimate; wheat planted acreage 53.8 million vs 55 million previously in their "baseline" guess. Corn production for 2010-11 is guessed at 13.2 billion bushels vs 12.96 billion before; bean production was put at 3.26 billion bushels vs 3.23 billion before. The USDA raised their estimate of the amount of corn that will be used to make ethanol in the 2010-11 crop year from 4.400 billion bushels to 4.500 billion.
Mar options expire tomorrow at the close.
The Argentine Agriculture Ministry put out their initial estimate of the 2009-10 corn crop at 19-21 million tonnes. This compares with the current USDA guess of 17.2 million tonnes. In 2008-09, Argentina only produced 13.1 million tonnes.
Very favorable conditions continue to benefit crops across most of South America. Argentina was mostly dry the last 24 hours. Rain is forecast today-Saturday with more forecast Mon or Tue. This later rain is expected to be heavy in the northeast growing areas but light in the southwest areas. Brazil saw up to 1.25" in Parana state the last 24 hours with Rio Grande state dry and mostly dry weather in Mato Grasso state. Dry weather is forecast today through Saturday in Rio Grande and Parana but heavy rain is likely Sun-Tue in Rio Grande while Parana remains dry during this time. Mostly dry weather is forecast in Mato Grasso state today through Tuesday, which will allow for increased bean harvest progress.
Egypt is in the market for optional origin wheat this am but they probably won't buy any US as our prices remain uncompetitive in the world market.
Weekly export sales will be out tomorrow am instead of today due to Monday's holiday.
The USDA Outlook Conference started this am in Washington and will continue through tomorrow. The USDA has released the following numbers so far: 2010 corn planted acreage 89 million acres vs their previous estimate of 88 million released about a week ago in their "baseline" estimate; bean planted acreage 77 million vs 76.5 previously in their "baseline" estimate; wheat planted acreage 53.8 million vs 55 million previously in their "baseline" guess. Corn production for 2010-11 is guessed at 13.2 billion bushels vs 12.96 billion before; bean production was put at 3.26 billion bushels vs 3.23 billion before. The USDA raised their estimate of the amount of corn that will be used to make ethanol in the 2010-11 crop year from 4.400 billion bushels to 4.500 billion.
Mar options expire tomorrow at the close.
The Argentine Agriculture Ministry put out their initial estimate of the 2009-10 corn crop at 19-21 million tonnes. This compares with the current USDA guess of 17.2 million tonnes. In 2008-09, Argentina only produced 13.1 million tonnes.
Very favorable conditions continue to benefit crops across most of South America. Argentina was mostly dry the last 24 hours. Rain is forecast today-Saturday with more forecast Mon or Tue. This later rain is expected to be heavy in the northeast growing areas but light in the southwest areas. Brazil saw up to 1.25" in Parana state the last 24 hours with Rio Grande state dry and mostly dry weather in Mato Grasso state. Dry weather is forecast today through Saturday in Rio Grande and Parana but heavy rain is likely Sun-Tue in Rio Grande while Parana remains dry during this time. Mostly dry weather is forecast in Mato Grasso state today through Tuesday, which will allow for increased bean harvest progress.
posted by InsightPublishing at
8:37 AM
0 Comments:
Post a Comment
<< Home