Beans Weekly Exports Reach A New Marketing Year Low
A lower start is indicated across the floor this morning, 5 in wheat and corn, 6-8 in beans, mainly due to lower crude and equity markets along with a higher $ index. Weekly export sales were slow for wheat at 285,000 tonnes and beans at only 156,000 tonnes. This marks a marketing year low weekly sales number for beans (the bean marketing year began Sep 1). Corn sales were good at 792,000 tonnes, as were meal sales at 117,000 tonnes and oil sales at 13,600 tonnes. Keep watching crude oil, the $ and the equity markets for guidance in the grains again today.
Deliveries were 2200 wheat, 1700 corn, no beans or meal and 2300 oil. Bunge stopped 345 corn after putting out over 400 yesterday while Dreyfus put out 1076 after stopping corn the previous 3 days.
Reports indicate Iran bought around 500,000 tonnes of EU wheat. Brazil supposedly bought 1 cargo of about 55,000 tonnes of Russian wheat instead of US origin. Russian wheat remains much cheaper than US wheat.
The director of China's State Grain Administration said China could buy even more corn for their reserve program. They have already said they will buy 40 million tonnes of domestically produced corn, almost 1/4 of the entire Chinese corn crop this year! He also said China will not need to import wheat this year as their stocks remain huge and recent improved weather in the winter wheat belt will limit damage from earlier drought conditions.
Brazil will enjoy light rain in the south today with more over the weekend into early next week. Northern bean fields will enjoy favorably dry harvest weather the next few days but scattered rain is forecast early next week. Argentina saw beneficial rain end yesterday and dry weather is now forecast today through Tuesday. Argentine weather is still important but not as big a market influence as it was a few weeks ago
Hot and dry weather continued yesterday in the US southwest winter wheat belt and more of the same is forecast today until early next week. The 6-10 day calls for above normal temps and below normal precipitation, a stressful weather pattern for wheat and a bullish one for wheat prices.--Vic Lespinasse
Deliveries were 2200 wheat, 1700 corn, no beans or meal and 2300 oil. Bunge stopped 345 corn after putting out over 400 yesterday while Dreyfus put out 1076 after stopping corn the previous 3 days.
Reports indicate Iran bought around 500,000 tonnes of EU wheat. Brazil supposedly bought 1 cargo of about 55,000 tonnes of Russian wheat instead of US origin. Russian wheat remains much cheaper than US wheat.
The director of China's State Grain Administration said China could buy even more corn for their reserve program. They have already said they will buy 40 million tonnes of domestically produced corn, almost 1/4 of the entire Chinese corn crop this year! He also said China will not need to import wheat this year as their stocks remain huge and recent improved weather in the winter wheat belt will limit damage from earlier drought conditions.
Brazil will enjoy light rain in the south today with more over the weekend into early next week. Northern bean fields will enjoy favorably dry harvest weather the next few days but scattered rain is forecast early next week. Argentina saw beneficial rain end yesterday and dry weather is now forecast today through Tuesday. Argentine weather is still important but not as big a market influence as it was a few weeks ago
Hot and dry weather continued yesterday in the US southwest winter wheat belt and more of the same is forecast today until early next week. The 6-10 day calls for above normal temps and below normal precipitation, a stressful weather pattern for wheat and a bullish one for wheat prices.--Vic Lespinasse
posted by InsightPublishing at
8:31 AM
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