Global Ag News for Dec 26.24

TOP HEADLINES

Canada Crushed 1.019M Tons of Canola in November: StatsCan

Canola processing rose 12.2% in November from a year ago, according to Statistics Canada data released Tuesday on agency’s website.

  • Oil production totaled 427k tons, and meal output at 595k tons
  • Aug.-Nov. crushings up 7.4% from year ago to 3.904m tons
  • NOTE: Canada is the world’s top canola grower

 

FUTURES & WEATHER

US Markets are closed overnight and open at 8:30AM Chicago time.

 

For the week so far wheat prices are up 1 3/4 in SRW, down 1 in HRW, down 3/4 in HRS; Corn is up 2 1/4; Soybeans up 2; Soymeal down $0.60; Soyoil up 0.42.

For the month to date wheat prices are down 13 1/4 in SRW, up 3 in HRW, down 2 1/4 in HRS; Corn is up 15 1/2; Soybeans down 14 3/4; Soymeal up $4.00; Soyoil down 1.77.

Year-To-Date nearby futures are down 14.8% in SRW, down 15.3% in HRW, down 18.5% in HRS; Corn is down 4.8%; Soybeans down 24.6%; Soymeal down 24.1%; Soyoil down 16.7%.

Chinese Ag futures (MAY 25) Soybeans up 14 yuan; Soymeal up 18; Soyoil down 22; Palm oil down 66; Corn up 1 — Malaysian Palm is down 15.

Malaysian palm oil prices overnight were down 15 ringgit (-0.33%) at 4543.

There were changes in registrations (-22 Soybeans). Registration total: 20 SRW Wheat contracts; 72 Oats; 17 Corn; 183 Soybeans; 879 Soyoil; 1,665 Soymeal; 105 HRW Wheat.

Preliminary changes in futures Open Interest as of December 24 were: SRW Wheat up 3,261 contracts, HRW Wheat up 264, Corn down 6,772, Soybeans down 10,851, Soymeal down 3,002, Soyoil down 2,391.

 

Brazil: Fronts will continue to move through central Brazil, providing widespread, wet-season rain showers and favorable conditions for flowering to filling soybeans and developing corn. Showers will be much more limited across southern Brazil through the end of the month, but towards the beginning of January, more systems may eventually lead to scattered showers.

Argentina: A front moved through central Argentina on Monday, providing spotty showers. This front will continue to lift north on Tuesday; however, after the front passes, mostly dry conditions are favored until the middle of next week. Southeastern areas may be largely missed and this could lead to other dry areas developing.

Northern Plains: Well above average temperatures are expected to continue through the end of the month. Small systems will provide light rain and snow showers to the region this week, but towards the start of the new year, a more prolonged blast of arctic air could develop that could linger through the first few weeks of January. Heavier precipitation is needed across the region to help reduce drought conditions and improve soil moisture.

Central/Southern Plains: Wheat areas in the west have been drier lately. The pattern may be a little more favorable for precipitation this week as several systems move through with potential for precipitation, mostly in the form of rain with very warm temperatures in the region. However, the bulk of this week’s precipitation could impact the eastern Plains more so than western areas.

Midwest: With mild temperatures now in place, it will be very warm for the Christmas holiday. The pattern stays active through the rest of this week with several systems moving through. Any snow associated with these systems will likely be concentrated more towards the Canadian border and rainfall farther south could reduce the snowpack.

 

The player sheet for Dec. 24 had funds: net sellers of 1,500 contracts of SRW wheat, buyers of 1,500 corn, sellers of 1,500 soybeans, buyers of 2,000 soymeal, and sellers of 2,000 soyoil.

TENDERS

  • MILLING WHEAT PURCHASE: Algeria’s state grains agency OAIC bought milling wheat in an international tender.
  • FEED BARLEY PURCHASE: Jordan’s state grain buyer purchased about 60,000 metric tons of animal feed barley in an international tender.

 PENDING TENDERS

  • RICE TENDER: Bangladesh’s state grains buyer issued an international tender to purchase 50,000 metric tons of rice

 

 

world globe arctic circle

 

 

TODAY

China’s grain purchase expected to reach 420 million tonnes in 2024: official

China’s state-owned grain reserve enterprises are expected to purchase around 420 million tonnes of grain from farmers and producers this year, which will mark the second consecutive year that the grain purchase volume is above 400 million tonnes.

According to a national work conference on food and strategic reserves that concluded Thursday, the country has strengthened the organization and coordination of grain purchasing and taken multiple measures to smooth the channels for farmers to sell grains.

Grain purchase, along with the policy of setting a minimum grain purchase price, is an important part of China’s macro control measures as it is key to safeguarding national food security, maintaining the stability of food prices, protecting the interests of farmers and ensuring supplies in emergency situations.

Currently, the purchase of autumn grains is being accelerated, with corn purchase work entering a peak period in the country’s northern and northeastern regions, according to Liu Huanxin, head of the National Food and Strategic Reserves Administration.

With the growing volume of reserves, the scale of China’s grain storage facilities is also increasing year by year, effectively meeting grain storage needs, Liu said.

By the end of 2023, the official said the capacity of standard warehouses in good conditions in the country exceeded 700 million tonnes, an increase of 36 percent compared to 2014.

China’s grain output hit a record high of 706.5 million tonnes in 2024, an increase of 1.6 percent from last year’s output. The year 2024 also marks the first time the country registered a grain harvest of over 700 million tonnes, according to the National Bureau of Statistics data.

 

Drought in Israel wipes out over 40 sq km newly sown wheat

Over 40 square kilometers of wheat sown in November in Israel have been destroyed due to the recent severe drought in the country, Israel’s state-run Insurance Fund for Natural Risks in Agriculture (Kanat) said in a statement on Wednesday.

The damage was caused mainly in the country’s northern valleys and several southern regions, according to the statement, which added that the total damage is estimated at millions of shekels, and is expected to increase significantly during the harvest period, starting in April next year.

Kanat explained that in most areas of the country, wheat crops rely on rainfall for growth, as they are typically unirrigated. However, in the wheat-growing areas to the north and south, only a few millimeters of rain have fallen since the crops were sown in November.

In some agricultural fields, the planted wheat began to germinate after the late November rains, but the growth zones soon dried out, causing the crops to wilt.

Last year, Kanat compensated wheat growers with a record annual amount of about 30 million shekels (8.2 million U.S. dollars), mainly due to natural disasters such as severe drought and flooding.

 

 

 

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