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Global Ag News for Oct 8th

 TODAY – COMMITMENTS OF TRADERS

Wheat prices overnight are up 2 3/4 in SRW, up 3 1/4 in HRW, up 1 in HRS; Corn is up 3 1/4; Soybeans up 11 1/4; Soymeal up $0.09; Soyoil up 0.63.

For the week so far wheat prices are down 13 3/4 in SRW, down 16 1/4 in HRW, up 13 1/2 in HRS; Corn is down 5; Soybeans up 11 1/2; Soymeal down $0.61; Soyoil up 3.33.  For the month to date wheat prices are up 18 1/2 in SRW, up 12 3/4 in HRW, up 30 3/4 in HRS; Corn is up 1/2; Soybeans up 2 1/2; Soymeal down $8.50; Soyoil up 4.00.

Chinese Ag futures (JAN 22) Soybeans up 248 yuan ; Soymeal down 119; Soyoil up 442; Palm oil up 570; Corn down 8 — Malasyian Palm is up 123. Malaysian palm oil prices overnight were up 123 ringgit (+2.54%) at 4972 heading for its third straight weekly advance, the longest winning streak since July, spurred by tight supplies of global vegetable oils and stronger petroleum prices.

Brazil Grains & Oilseeds Forecast: Rio Grande do Sul and Parana Forecast: Scattered showers through Monday. Temperatures near to below normal through Monday. Mato Grosso, MGDS and southern Goias Forecast: Isolated to scattered showers through Monday. Temperatures near to above normal through Sunday, near to below normal Monday.

Argentina Grains & Oilseeds Forecast: Cordoba, Santa Fe, Northern Buenos Aires Forecast: Mostly dry Thursday. Isolated showers Friday-Monday. Temperatures below normal through Saturday, near normal Sunday-Monday. La Pampa, Southern Buenos Aires Forecast: Mostly dry through Saturday. Isolated showers Sunday-Monday. Temperatures below normal through Saturday, near normal Sunday-Monday.

Midwest corn, soybean and winter wheat forecasts: West: Isolated showers Thursday, north Friday-Saturday. Isolated to scattered showers Sunday-Monday. Temperatures above to well above normal through Monday. East: Scattered showers through Friday. Isolated showers Saturday. Mostly dry Saturday-Sunday. Scattered showers Monday. Temperatures above to well above normal through Monday. 6 to 10 day outlook: Isolated to scattered showers Tuesday-Friday. Mostly dry Saturday. Temperatures above to well above normal Tuesday-Friday, near to above normal Saturday.

The player sheet for Oct. 7 had funds: net sellers of 3,000 contracts of  SRW wheat, buyers of 1,000 corn, sellers of 3,000 soybeans, sellers of 1,500 soymeal, and  buyers of 3,500 soyoil.

There were no changes in registrations. Registration total: 1,180 SRW Wheat contracts; 2 Oats; 17 Corn; 1 Soybeans; 365 Soyoil; 1 Soymeal; 1,273 HRW Wheat.

Preliminary changes in futures Open Interest as of October 7 were: SRW Wheat up 4,290 contracts, HRW Wheat up 1,718, Corn up 1,865, Soybeans up 3,780, Soymeal up 3,972, Soyoil up 9,158.

TENDERS

  • CORN, SOYBEAN SALES: The U.S. Department of Agriculture confirmed private sales of 261,264 tonnes of U.S. soybeans and 314,256 tonnes of U.S. corn to Mexico for shipment in the 2021/22 marketing year.
  • DURUM WHEAT SALE: Tunisia’s state grains agency is believed to have purchased about 100,000 tonnes of durum wheat to be sourced from optional origins in an international tender which closed on Thursday
  • WHEAT SALE: The Taiwan Flour Millers’ Association purchased an estimated 48,000 tonnes of milling wheat to be sourced from the United States in a tender that closed on Thursday
  • FEED WHEAT TENDER: An importer group in the Philippines is tendering to purchase an estimated 224,000 tonnes of animal feed wheat
  • WHEAT TENDER: Jordan’s state grain buyer has issued an international tender to buy 120,000 tonnes of milling wheat sourced from optional origins

PENDING TENDERS

  • WHEAT TENDER: A United Nations agency has issued an international tender to purchase about 200,000 tonnes of milling wheat on behalf of the Ethiopian government
  • WHEAT TENDER: A government agency in Pakistan has issued an international tender to purchase and import 90,000 tonnes of wheat, keeping up a trend of strong import demand after more than 1.1 million tonnes bought in past weeks
  • FEED WHEAT, BARLEY TENDER: Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) said on Wednesday it will seek 80,000 tonnes of feed wheat and 100,000 tonnes of feed barley to be loaded by Jan. 31, 2022 and arrive in Japan by Feb. 24
  • CORN TENDER: TMO has issued an international tender to purchase a total of 325,000 tonnes of animal feed corn
  • WHEAT TENDER: The Ethiopian government has issued a new international tender to buy about 300,000 tonnes of milling wheat

 TODAY – COMMITMENTS OF TRADERS

U.S. Sold 1.04M Tons of Soybeans Last Week; 1.27M of Corn: USDA

USDA releases net export sales report on website for week ending Sept. 30.

  • Corn sales rose to 1,265k tons vs 370k in previous week
  • Soybean sales fell to 1,042k tons vs 1,102k in previous week
  • All wheat sales rose to 333k tons vs 290k in previous week

U.S. Export Sales of Soybeans, Corn and Wheat by Country

U.S. export sales of soybeans, corn and wheat by biggest net buyers for week ending Sept. 30, according to data on the USDA’s website.

  • China bought 671k tons of the 1.04m tons of soybeans sold in the week
  • Mexico was the top buyer of corn and also led in wheat

U.S. Export Sales of Pork and Beef by Country

U.S. export sales of pork and beef product by biggest net buyers for week ending Sept. 30, according to data on the USDA’s website.

  • Mexico bought 16k tons of the 22.2k tons of pork sold in the week
  • China led in beef purchases

Brazil 2021-22 Soybean Crop Seen Up 2.5% to Record: Conab

Production may climb to 140.75m tons from 137.3m a year earlier, the state-run agriculture agency Conab said in its first report on the new crop.

  • Planted area may rise 2.5% to 39.9m ha, while the average yield is seen little changed at 3,526 kg/ha
  • Soybean exports seen at 87.4m tons in 2022
  • Corn output may climb 33.7% to 116.3m tons after bad weather had hurt yields in the previous season
    • Summer-corn production may rise 14.5% to 28.3m tons
    • Winter-corn output might increase 42% to 86.3m tons
    • Total corn exports seen at 39m tons, up from 22m tons in the previous season

Argentine Corn Planted Estimate Oct. 7: Exchange

The Buenos Aires Grain Exchange releases weekly report on website.

  • Corn 2021-22 planting 21.1% complete vs 16.8% in the previous week
  • Planting est. maintained at 7.1m ha

 Indonesia’s Palm Oil Stockpiles Fall 24.6% M/m in August (1)

Stockpiles at the end of August fell to 3.43m tons, from 4.55m tons in July, according to the Indonesian Palm Oil Association, known as Gapki.

  • Total shipments surged to 4.27m tons, from 2.74m tons, Gapki said in an emailed statement on Friday
    • Exports to India jumped to 958,500 tons, from 231,200 tons, as the country cut imports duty for vegetable oils
    • Shipment to China rose to 819,200 tons, from 522,200 tons
    • Exports to Malaysia doubled to 192,100 tons
  • Total production rose to 4.62m tons, from 4.44m tons
  • Total domestic consumption increased to 1.47m tons, from 1.44m tons
    • Local use of palm oil for food rose to 718,000 tons, from 708,000 tons
    • Palm oil use for biodiesel increased to 569,000 tons, from 556,000 tons

India’s regulator asks local exchange not to launch new rapeseed contract

India’s market regulator on Friday directed the local National Commodity And Derivatives Exchange (NCDEX) not to launch a new rapeseed contract until further orders.

For running contracts, the Securities and Exchange Board of India (SEBI) said no new position would be allowed in rapeseed, popularly known as mustard, in India, according to a SEBI order.

French Corn Harvest Remains Slow; Wheat Planting Starts: AgriMer

About 7% of the French corn crop was harvested as of Oct. 4, FranceAgriMer data showed on Friday.

  • Compares with 2% the prior week and 47% at the same time last year
  • READ: EMEA CROP WEATHER: Rain Keeps French Corn Harvest Slow
  • Corn ratings held at 89% good or very good, steady with prior week
  • Soft-wheat planting was 4% complete
    • Compares with 1% the prior week and 5% last year
  • Winter-barley planting was 9% complete
    • Compares with 2% the prior week and 5% last year

Brazil Postpones Decision on Argentina’s Bioceres GMO Wheat

Brazil’s biosafety commission, known as CTNBio, postponed its decision on whether to approve a genetically modified grain variety from Argentina’s Bioceres SA, Paulo Barroso, head of commission, says in presentation.

  • Regulator is still assessing new documents sent by the co.
  • Argentina accounts for 60% of Brazil’s wheat supplies

South Africa Heads for Third Straight Big Grain Harvest: Agbiz

South African farmers are likely to reap another large grain harvest in the 2021-22 season due to an expected increase in plantings and favorable rains, Wandile Sihlobo, chief economist of the Agricultural Business Chamber of South Africa, said in an interview.

  • South African farmers will plant an estimated 4.2 million hectares of summer crops
  • The corn harvest could be similar to last year’s production of about 16 million tons
  • South Africa likely to have above normal rainfall this season, country has not had three consecutive years of good rains since 2008: Sihlobo
  • NOTE: Crop Estimate Committee of South Africa will publish farmers’ intentions to plant on Oct. 27

Pakistan Targets 28.9M Tons Wheat Output in Fy22

The Federal Committee on Agriculture expects wheat sowing on 9.2 million hectares land in 2021-22, says food security ministry in statement Thursday.

  • Expects to produce 87.7 million tons sugarcane and 8.84 million tons rice

U.S. Barge Shipments of Grain Rose 163% Last Week: USDA

Shipments along the Mississippi, Illinois, Ohio and Arkansas rivers increased in the week ending Oct. 2 from the previous week, according to the USDA’s weekly grain transportation report.

  • Barge shipments of corn rose 178% from the previous week
  • Soybean shipments up 246% w/w

U.S. Grain Movement by Rail Up 68.4% Week Ended Sept. 29: USDA

 

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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