- Morning Grain Market Research
At a recent conference, Mu Yan Kui, the vice chairman of Yihai Kerry, a Shanghai based commodity firm, outlined the manner in which China will attempt...
- Morning Grains Report 09/19/18
DJ Analysts’ Estimates for September USDA Cattle-On-Feed Report The following estimates, as compiled by the Wall Street Journal for the nation’s feedyards...
- Important Wheat Dates
cmdty Insider - Ag Market Commentary
Wheat futures are mostly 4 to 8 cents higher this morning, with KC HRW the firmest. They ended the Tuesday session with most contracts 3 to 5 cents in the green. Global buying interest has really picked up in recent days, notably in North Africa and extending over to Saudi Arabia and now Turkey. Turkey is tendering for 252,000 MT of wheat, with the tender to close next Tuesday. Japan is seeking 149,586 MT of US, Canadian, and Australian wheat in the weekly MOA tender that closes on Thursday, with 78,710 MT sought from the US. Egypt’s GASC purchased 180,000 MT of wheat for Nov 1-10 delivery with 2 cargoes from Russia and 1 from Ukraine, with 295,000 MT all Russian for Nov 11-20 delivery. Ukraine’s Ag minister does not expect the country’s wheat exports to exceed 16 MMT, vs. the USDA @ 16.5 MMT.
Soybean futures are trading 1 to 3 cents higher this AM. They failed to show a turnaround on Tuesday, posting losses of 9 to 10 cents in the front months. Preliminary open interest rose 12,478 contracts. Soybean meal was down $2.40/ton, while soy oil was 31 points lower. China responded to President Trump implementing 10% tariffs on $200 billion, by placing 5-10% tariffs on $60 billion of US goods. Both are expected to go into effect on September 24. Analysts with Informa expect to see 82.27 million acres of soybeans planted in 2019, which would be ~7.33 million acres below 2018. NC condition ratings were down 15 points last week on the Brugler500 Index as expected due to Hurricane Florence.
Corn futures are fractionally higher this morning after seeing losses of 4 to 4 3/4 cents in most contracts on Tuesday. There was heavy selling interest, with preliminary open interest jumping 26,602 contracts. Informa Economics estimates that US producers will plant 93.044 million acres of corn in 2019. That would be ~4 million acres more than this year. Condition ratings in NE and MN were higher in Monday’s report, with the three I states (IA, IL, & IN) slightly lower. North Carolina ratings were down as expected due to the hurricane. Very little harvest progress was shown despite a last minute push. Two South Korean importers purchased a total of 134,000 MT of corn on Tuesday.