Global Ag News for July 10.24

TOP HEADLINES

UAE Increased Strategic Food Reserves by 85% in 2023: WAM

The UAE cabinet reviewed a report from food security council which included raising reserve of strategic foodstuff by 85% and increasing grain storage capacity by 34% during 2023, state-run WAM agency reported, citing Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum. UAE also has additional storage capacity of hundreds of thousands of tons

FUTURES & WEATHER

Wheat prices overnight are down 4 in SRW, down 5 1/4 in HRW, down 1 1/4 in HRS; Corn is down 2; Soybeans down 2 3/4; Soymeal up $0.60; Soyoil down 0.13.

For the week so far wheat prices are down 22 1/2 in SRW, down 26 1/2 in HRW, down 17 in HRS; Corn is down 17 1/4; Soybeans down 52 1/2; Soymeal down $13.20; Soyoil down 2.52.

For the month to date wheat prices are down 5 1/2 in SRW, down 13 3/4 in HRW, up 3 1/4 in HRS; Corn is down 14 1/4; Soybeans down 26 3/4; Soymeal down $16.20; Soyoil up 2.39.

Year-To-Date nearby futures are down 11.7% in SRW, down 9.5% in HRW, down 14.2% in HRS; Corn is down 15.2%; Soybeans down 10.2%; Soymeal down 2.5%; Soyoil down 2.0%.

Chinese Ag futures (SEP 24) Soybeans down 35 yuan; Soymeal down 36; Soyoil down 178; Palm oil down 176; Corn down 20 — Malaysian Palm is down 35.

Malaysian palm oil prices overnight were down 35 ringgit (-0.88%) at 3924.

 

There were changes in registrations (-20 Soyoil). Registration total: 524 SRW Wheat contracts; 7 Oats; 365 Corn; 20 Soybeans; 2,303 Soyoil; 0 Soymeal; 0 HRW Wheat.

Preliminary changes in futures Open Interest as of July 9 were: SRW Wheat up 340 contracts, HRW Wheat up 415, Corn up 12,744, Soybeans up 6,410, Soymeal up 5,588, Soyoil down 12,224.

 

Northern Plains: Eastern areas will continue to see daily chances for showers through the middle of the week with showers waning later in the week with the return of high pressure. Through the weekend, a few systems from Canada may impact North Dakota. Temperatures will be near or below normal through the middle of the week with warmer temperatures returning later in the week and persisting through early next week.

Central/Southern Plains: Isolated showers and below normal temperatures will linger in the Southern Plains through the rest of this week as the trough across the Central U.S. slowly weakens. Conditions trend warmer by this weekend, but showers and storms may still linger, especially across southern Texas.

Midwest: Eastern areas of the region will see impacts from remnants of Tropical Depression Beryl which could provide severe storms and heavy rainfall. The rain may be wanted for some areas that have had drought conditions lately. Cooler air will persist through much of this week before temperatures increase by the weekend. Western areas will see some more appreciable breaks in rainfall later this week but systems from southern Canada could provide some scattered showers to the area this weekend into early next week.

Delta: A relief from the recent heat came this weekend with a trough in the Central U.S. providing cooler temperatures. Tropical Depression Beryl will move through central areas today, providing heavy rainfall which could exacerbate flooding for areas along the Mississippi. Some areas could end up being too wet by the middle of this week. Temperatures will be seasonable this week with warmth building across northern areas by early next week.

Canadian Prairies: Above to well above normal temperatures in western areas will expand east throughout the week with warm conditions likely persisting into early next week. A few rounds of rain may develop this weekend as a trough passes through the region. The drier and warmer combination is a good one for many areas that have adequate to surplus soil moisture and slower crop development.

 

The player sheet for 7/9 had funds: net buyers of 3,000 contracts of SRW wheat, buyers of 500 corn, buyers of 12,000 soybeans, sellers of 4,000 soymeal, and sellers of 10,000 soyoil.

 

TENDERS

• WHEAT PURCHASE: Algeria’s state grains agency OAIC is believed to have bought milling wheat in an international tender that sought limited shipment to two ports only
• WHEAT TENDER: A group of South Korean flour mills issued a tender to purchase around 85,000 metric tons of milling wheat to be sourced from the United States and Canada
• WHEAT TENDER: Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) is seeking to buy 107,330 metric tons of food-quality wheat from the United States, Canada and Australia in a regular tender that will close on July 11.
• NO PURCHASE IN WHEAT TENDER: Jordan’s state grain buyer is believed to have made no purchase in an international tender to buy 120,000 metric tons of milling wheat.
• WHEAT TENDER: Jordan’s state grain buyer has issued an international tender to buy 120,000 metric tons of milling wheat which can be sourced from optional origins. A new announcement had been expected after Jordan made no purchase in its previous tender for 120,000 metric tons of wheat on Tuesday.

PENDING TENDERS

• FEED WHEAT AND BARLEY TENDER: Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) said it will seek 65,000 metric tons of feed wheat and 25,000 tons of feed barley, to be loaded by Oct. 31 and arrive in Japan by Dec. 19, via a simultaneous buy and sell (SBS) auction that will be held on July 10.

 

 

TODAY

ETHANOL: US Weekly Production Survey Before EIA Report

Output and stockpile projections for the week ending July 5 are based on six analyst estimates compiled by Bloomberg.

• Production seen lower than last week at 1.049m b/d
• Stockpile avg est. 23.604m bbl vs 23.594m a week ago
• The EIA in Washington is scheduled to release the report at 10:30am Wednesday

 

EU Soft-Wheat Exports Fell 2% in the 2023-24 Season Just Ended

The EU’s soft-wheat exports in the season that ended on June 30 totaled 31m tons, compared with 31.6m tons the year earlier, the European Commission said on its website.

• Leading destinations included Morocco with 4.28m tons, Nigeria with 3.41m tons and Algeria with 2.9m tons
• Barley exports were 5.88m tons, down 12% y/y
• Corn imports totaled 19.4m tons, down 27% y/y
• NOTE: Export data for France are incomplete from the beginning of 2024; figures for Bulgaria and Ireland are incomplete since the start of the 2023-24 season

 

Russia 2023-24 Grain and Product Exports Rise 21%: Agency

Russia’s exports of grain and grain products in the 2023-24 season totaled 89.3m tons, 21% more than the previous season, according to agricultural regulator Rosselkhoznadzor.

• Figures are based on phytosanitary certificates issued
• Barley exports increased 67%, while corn climbed 31%
• India’s purchases of Russian grain in 2023-24 season rose 22-fold, Indonesia’s 8 times, while purchases by Tunisia and Bangladesh tripled
• Imports by Yemen, China and the UAE also all jumped by more than 50%

 

Malaysia June Palm Oil Stocks Were 1.83m Tons: MPOB

Malaysia’s palm oil stocks was 1.829m tons in June, according to Malaysian Palm Oil Board.

• Palm oil production was 1.615m tons
• Palm oil exports were 1.205m tons

 

Post-tropical Cyclone Beryl Over US Mainland With 30 Mph Winds

Post-tropical Cyclone Beryl was moving northeast at 20 mph, the National Hurricane Center said in an advisory at 10:00 p.m. CDT. “Risk Of Flash Flooding And A Few Tornadoes Continues Along Path Of Post-tropical Cyclone Beryl Tonight Through Wednesday”: NHC

 

 

 

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