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Overnight trade has SRW down roughly 4 cents, HRW down 4; HRS Wheat down 1, Corn is down 2 cents; Soybeans down 3, Soymeal down $2.00, and Soyoil up 20 points.

Chinese Ag futures (January) settled up 11 yuan in soybeans, up 7 in Corn, up 21 in Soymeal, up 36 in Soyoil, and down 2 in Palm Oil.

Malaysian palm oil prices were down 7 ringgit at 2,672 (basis November) at midsession on expectations of lower August exports, higher production.

The 6 to 10 day forecast for the Midwest has mostly light rainfall for the region with any better coverage east of the Mississippi River; temps run from below to above average over the period.

The 11 to 16 day forecast for the Midwest is mixed between the models with the European slightly below average rainfall and average temps, the GFS bringing below average temps and rainfall.

The player sheet had funds net buyers of 9,000 contracts of SRW Wheat; net bought 22,000 Corn; bought 15,000 Soybeans; net bought 7,000 lots of Soymeal, and; bought 4,000 Soyoil.

We estimate Managed Money net short 2,000 contracts of SRW Wheat; short 95,000 Corn; net long 60,000 Soybeans; net short 16,000 lots of Soymeal, and; long 59,000 Soyoil.

Preliminary Open Interest saw SRW Wheat futures up roughly 2,900 contracts; HRW Wheat down 715; Corn down 8,400; Soybeans up 6,500 contracts; Soymeal down 470 lots, and; Soyoil up 2,500.

There were changes in registrations (Soybeans down 36) —Registrations total 95 contracts for SRW Wheat; ZERO Oats; Corn ZERO; Soybeans 100; Soyoil 2,606 lots; Soymeal 511; Rice ZERO; HRW Wheat 47, and; HRS 1,387. 

U.S. corn rated 69% good-to-excellent, soybeans 72% -USDA – Reuters News

U.S. Winter Wheat harvested was 93% (trade estimate was 95%) versus 90% last week, 92% a year ago, 96% average.

U.S. Spring Wheat harvested was 30 versus 15% last week, 14% a year ago, 43% average.

Spring Wheat was rated 70% good to excellent (trade estimate was 68%) versus 69% last week, and 70% a year ago; 24% fair (24% a week ago, 23% a year ago), and; 6% poor to very poor (7% last week, 7% a year ago).

U.S. Corn dented was 23% versus 11% a week ago, 13% last year, and 24% average.

Corn was rated 69% good to excellent (trade estimate was 68%) versus 71% last week, and 56% a year ago; 21% fair (21% last week, 30% last year), 10% poor to very poor (8% last week, 14% last year).

U.S. Oats harvested was 74% versus 65% a week ago, 57% last year, and 73% average.

U.S. Soybeans setting pods was 84% versus 75% a week ago, 64% last year, and 79% average.

U.S. Soybeans were rated 72% good to excellent (trade estimate was 72%) versus 74% a week ago, and 53% a year ago; 21% fair (21% last week, 33% a year ago), and; 7% poor to very poor (5% last week, 14% a year ago).

Corn yields in Ohio were projected sharply higher than a year ago at 167.69 bushels per acre, the Pro Farmer Midwest Crop Tour said; that figure is up sharply from the 2019 crop tour average of 154.35 bpa and up from the three-year crop tour average of 166.18 bpa

The U.S. Department of Agriculture will collect updated harvested acreage data for corn and soybeans in Iowa, which was hit by an Aug. 10 “derecho” storm, the agency said; the USDA this month projected that Iowa farmers would harvest 13.550 million acres of corn and 9.320 million acres of soybeans; if any changes to those estimates are warranted, the USDA said it would publish the changes in its Sept. 11 crop production report.

U.S. President Donald Trump on Monday said he approved federal disaster aid for Iowa after a hurricane-force storm hit last week, causing widespread damage in towns and farms and leaving thousands without power.

Yesterday’s U.S. weekly export inspections had

—Wheat exports running up 2% ahead of a year ago (up 2% last week) with the USDA currently forecasting a 2% decrease on the year

—Corn 13% behind a year ago (14% last week) with the USDA down 14% for the season

—Soybeans are down 6% on the year (down 5% last week) with the USDA having a 6% decrease forecasted on the year

U.S. soybean crushings increased to a four-month high in July, according to National Oilseed Processors Association (NOPA) data released

A Brazilian federal judge on Monday ordered protesters to clear the BR-163 highway, a main route for exporting grains from Mato Grosso state to northern ports; members of the Kayapó indigenous tribe had blocked the route in center-west Brazil on Monday, protesting against a lack of government protection from the coronavirus pandemic that has killed several of their elders.

Russia has harvested 82.8 million tonnes of grain before drying and cleaning from 51.4% of the area with an average yield of 3.36 tonnes per hectare, data from the agriculture ministry showed

Euronext wheat futures rose for a third straight session on Monday to their highest since July as signs of Chinese demand fuelled a rally in Chicago while technical adjustments again boosted spot prices in Paris; December milling wheat settled up 2.25 euros, or 1.3%, at 182.50 euros ($216.54) a tonne, its highest since July 31; front-month September futures settled 4.00 euros up at 184.75 euros, just off an earlier three-week peak of 185.00 euros.

Australia has appealed China’s prohibitive tariff on barley shipments from the world’s third-biggest exporter of the grain as Australian farmers scramble to find alternative markets; amid sour diplomatic relations between the countries, China in May imposed anti-dumping and anti-subsidy duties totalling 80.5% on Australian barley – effectively stopping a billion-dollar trade in its tracks; China on Tuesday also said it had begun an anti-dumping probe into Australian wine imports.

Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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