- Mess In Turkey
Comparisons to the Asian Crisis are...
- How Swheat it is!!!
To gain access to these charts and all of the trade ideas in full the day they are released, sign up for a FREE 30 day trial today! Visit www.TheCullenOutlook.com...
- Grains gain on demand optimism
Export constraints abroad support U.S. business potential.
Agricharts Market Commentary
Wheat futures are 5 to 6 cents higher in the CBT and KC HRW contracts this morning, but hovering near UNCH for MPLS spring wheat. They ended Monday with most KC contracts 17 to 19 cents lower, as CBT and MPLS were down 13 to 16 cents. The weekly Export Inspections report tallied all wheat shipments in the week of August 9 at 462,854 MT. That was 41.73% larger than the previous week but down 9.54% from the same week last year. USDA hiked projected wheat exports 50 mbu on Friday, to 1.025 bbu. That increased rate of exports has yet to begin. The winter wheat crop was 96% harvested on 8/12 (96% avg), with the spring wheat crop 35% harvested vs. the normal pace of 27%. Spring wheat condition ratings were up 1% to 65% gd/ex, moving the Brugler500 Index up 1 to 382. A total of 363,208 wheat acres have been enrolled in FSA prevent plant as of August 1, 40.84% fewer than last year. Egypt’s GASC is seeking wheat for late Sep/early Oct delivery, with the tender to close on Tuesday.
Corn futures are trading 1 to 2 cents higher this morning. They ended the Monday session with most contracts 1 to 2 cents in the red. Export Inspections for the week of August 9 were 1.262 MMT. That was 65.75% larger than the same week last year. The YTD exports are lagging last year by just 0.97%. The USDA Crop Progress report indicated that 73% of the US corn crop was in the dough stage as of Sunday, with 26% dented vs. the 13% average. Condition ratings were down 1% in the gd/ex categories to 70%, as the Brugler500 Index dropped 2 to 377. It is still above year ago. The USDA’s new crop export projection was increased 125 mbu to 2.35 bbu, with the average farm price estimate dropping 20 cents to $3.10-4.10 on Friday. FSA monthly data showed that producers enrolled 918,213 acres in prevent plant for corn as of August 1, which was slightly less than last year (~950 thousand).
Soybean futures are currently 2 to 3 cents higher after closing 6 to 7 1/2 cents higher on Monday. Nearby soy meal was up $4.30/ton, with soy oil 25 points higher. The USDA indicated that 580,824 MT of soybeans were inspected for export during the week ending 8/9. That was a 35% drop from the week prior and down 1.7% from this week last year. YTD exports are now 3.19% lower than the same time in 2017. NASS reported that 84% of the US soybean crop was setting pods as of Sunday vs. the average of 72%. The crop was rated at 66% good/ex, with the Brugler500 Index dropping 1 point from last week to 369. Wednesday’s NOPA report is expected to show 161.745 mbu of soybeans were crushed during July, which would be well above last July. Friday afternoon’s FSA data showed that 271,082 acres of soybeans were enrolled in prevent plant, 38% fewer than August 2017.