Global Ag News Headlines
TODAY—WEEKLY EXPORT SALES
Overnight trade has SRW up roughly 1 cent, HRW up 3; HRS Wheat up , Corn is up 4 cents; Soybeans up 7, Soymeal up $3.50, and Soyoil down 10 points.
Chinese Ag futures (January) settled down 14 yuan in soybeans, up 1 in Corn, up 15 in Soymeal, up 198 in Soyoil, and up 118 in Palm Oil.
Malaysian palm oil prices were up 42 ringgit at 2,730 (basis October) following rival vegoils.
One of the more notable increases of rainfall in last evening’s GFS model run was the increase across much of the northern Corn Belt and all of Iowa Aug. 22 – 24. The increase was a result of last evening’s run removing a second round of stable, cool air that was shown to move into the area within this timeframe in the midday run. Another surge of below average temperatures is still possible though after the cool air mass early next week moderates. Temps are seen running average to a bit below average over the next 10 days.
The 11 to 16 day forecast for the Midwest sees some ridging bringing above average temps and limited rains for the region in the early part of the period but, then flattening out to allow rains and cooler temps in much of the areas.
The player sheet had funds net sellers of 4,000 contracts of SRW Wheat; net bought 10,000 Corn; bought 7,000 Soybeans; net bought 1,000 lots of Soymeal, and; net bought 8,000 Soyoil.
We estimate Managed Money net short 13,000 contracts of SRW Wheat; short 157,000 Corn; net long 47,000 Soybeans; net short 22,000 lots of Soymeal, and; long 52,000 Soyoil.
Preliminary Open Interest saw SRW Wheat futures up roughly 4,700 contracts; HRW Wheat down 3,500; Corn up 9,300; Soybeans up 5,700 contracts; Soymeal up 785 lots, and; Soyoil up 100.
Deliveries were 214 Soymeal; ZERO Soyoil, and 220 Soybeans.
There were changes in registrations (Soybeans up 220; Soyoil down 2,558; Rice down 11)—Registrations total 95 contracts for SRW Wheat; ZERO Oats; Corn ZERO; Soybeans 220; Soyoil 2,558 lots; Soymeal 511; Rice ZERO; HRW Wheat 47, and; HRS 1,387.
Tender Activity—Egypt seeks optional-origin wheat—Jordan passed on 120,000t optional-origin wheat—S. Korea seeks 69,000t optional-origin corn—Taiwan passed on 65,000t optional-origin corn-
U.S. ethanol production for the week ended August 7th averaged 918,000 barrels per day (down 1.4% versus a week ago, down 12.15% versus a year ago); stocks totaled 19.75 mil barrels (down 2.93% versus a week ago, down 17.31% versus last year); corn use for the week was 91.9 mil bu (93.3 mil last week) and versus the 91.1 mil bu needed to meet USDA projections.
Wire story reports traders knew that the U.S. Department of Agriculture would be forecasting enormous harvests for domestic corn and soybeans even before the outlook was published Wednesday, but that has not removed uncertainty about the size of the corn crop given Monday’s damaging storm; industry analysts expect that the storm was much more detrimental to corn than soybeans, which are now flirting with record harvest prospects. USDA’s soybean yield of 53.3 bushels per acre represented the largest-ever increase in expectations between July and August; a bigger crop often means more demand, and USDA now sees 2020-21 U.S. soybean exports rising 29% above the current year that ends Aug. 31; many of those cargoes will be destined for China, which has recently been buying U.S. soybeans at a blistering pace.
Farmers participating in U.S. crop subsidy programs reported “prevented plantings” by July 31 of 5.375 million acres of corn, 1.223 million acres of soybeans and 1.195 million acres of wheat, the U.S. Department of Agriculture (USDA) said
China hopes the United States will stop taking restrictive and discriminatory action against Chinese firms and create conditions for the implementation of a Phase 1 trade deal, Assistant Minister of Commerce Ren Hongbin said
China’s agriculture ministry slightly raised its outlook for corn and soybean consumption on Wednesday, as recovery of the pig herd grew faster than expected; corn demand for animal feed in the 2020/21 crop year was seen up 2.3% on last month’s forecast to 183 million tonnes but industrial demand is lower as high corn prices reduced profits at processors; overall demand would reach 288 million tonnes, said the monthly Chinese Agriculture Supply and Demand Estimates (CASDE), up 0.9% overall.
USDA attache sees China pork production rebounding in 2021 – Reuters News
China’s biggest short-video platforms said on Thursday they will punish users seen to be wasting food in their broadcasts, cracking down on so-called “big stomach kings” as the government urges against food wastage in the middle of a pandemic; President Xi Jinping called food wastage “shameful” this week as China also seeks to curb a growing trend among internet celebrities who have gained hordes of fans in recent years by eating large amounts of food in a short time on video.
Dryness in northern and western wheat growing areas of Argentina prompted the Rosario grains exchange to shave a bit off its planting area estimate for the 2020/21 season on Wednesday, but not enough to cut its 18 to 19 million ton harvest estimate; growers in the south American grains powerhouse have nearly finished planting this year’s wheat crop, with harvesting expected in December and January; the lack of water is the most serious in the last 10 years.
Russian agriculture consultancy Sovecon has raised its forecast for Russia’s 2020 wheat crop by 1.6 million tonnes to 80.9 million tonnes and for barley by 500,000 tonnes to 19.5 million tonnes due to high yields in several regions
The Czech Republic’s 2020 grain harvest was seen at 7.04 million tonnes in July, higher by 3.8% compared to an estimate made in June, data from the Czech Statistics Bureau (CSU) showed; last year, the grain harvest totalled 7.02 million tones.
Exports of Malaysian palm oil products for Aug. 1-10 fell 19.4 percent to 372,067 tonnes from 461,806 tonnes shipped during Jul. 1-10, cargo surveyor Societe Generale de Surveillance said.
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