Global Ag News for Oct 23


Overnight trade has SRW Wheat up roughly 6 cents, HRW up 7; HRS Wheat up 5, Corn is up 2 cents; Soybeans up 1;  Soymeal up $3.00, and Soyoil up 5 points.

For the week, SRW Wheat prices are down roughly 1 cent; HRW up 2; HRS up 17; Corn is up 13 cents; Soybeans up 17;

Soymeal up $13.00, and; Soyoil up 45 points. Crushing margins are up 17 cents at $1.26; Oil share is down 1% at 30%.

Chinese Ag futures (January) settled up 15 yuan in soybeans, down 2 in Corn, down 22 in Soymeal, up 118 in Soyoil, and up 110 in Palm Oil.

Malaysian palm oil prices were flat at 2,943 (basis January) mostly on position-evening

U.S. Weather Forecast: Last evening’s GFS model run continued to suggest some meaningful precipitation in West Texas and the southwestern Hard Red Winter Wheat Region Sunday through Tuesday.

South America Weather Forecast: South America is still expected to have improvement of weather over the next two weeks.

The player sheet had funds net sellers of 5,000 SRW Wheat; bought 8,000 Corn; bought 2,000 Soybeans; bought 2,000 Soymeal, and; net bought 4,000 Soyoil.

We estimate Managed Money net long 61,000 contracts of SRW Wheat; long 253,000 Corn; net long 256,000 Soybeans; net long 99,000 lots of Soymeal, and; long 84,000 Soyoil.

Preliminary Open Interest saw SRW Wheat futures up roughly 2,400 contracts; HRW Wheat up 2,200; Corn up 14,700; Soybeans up 1,200 contracts; Soymeal up 8,100 lots, and; Soyoil up 3,100.

There were no changes in registrations—Registrations total 109 contracts for SRW Wheat; ZERO Oats; Corn 361; Soybeans 1; Soyoil 1,907 lots; Soymeal 250; Rice ZER0; HRW Wheat 135, and; HRS 1,195.

Tender Activity—Jordan seeks 120,000t optional-origin wheat—Tunisia bought 50,000t optional-origin wheat—Turkey bought 150,000t optional-origin wheat—Algeria bought 700,000t optional-origin wheat—Taiwan bought 88,000t U.S. wheat—S. Korea feed group bought 65,000t optional-origin feed wheat, seeks 120,000t S. American soymeal—

For the week ended October 15th, U.S. All Wheat sales are running 10% ahead of a year ago, shipments up 3% with the USDA forecasting a 1% increase on the year

For the week ended October 15th, U.S. Corn sales are running 161% ahead of a year ago, shipments 72% ahead with the USDA forecasting a 31% increase

For the week ended October 15th, U.S. Soybean sales are running 148% ahead of a year ago, shipments up 85% with the USDA forecasting a 31% increase on the year

Wire story reports the U.S. Department of Agriculture has projected a banner performance over the next year for domestic corn and soybean exports, and so far, sales have been living up to the hype.

Those bookings have translated to a record shipment pace for soybeans, but corn has yet to turn out the drastically larger export volumes.

U.S. September cattle marketings seen up 5.8% from last year – Reuters News

China imports almost 7 mln T of corn in first 9 months – customs – Reuters News

China’s government is expected to issue more import quotas and buy millions of tons of additional corn in the new crop marketing year, three industry sources said, amid a surge in animal feed demand and tightening supplies; under already approved quotas, Beijing has booked around 12 million tonnes of corn from the United States and around 5 million tonnes from elsewhere including Ukraine for the 2020/21 marketing year, according to a Singapore-based international trading source and two other people with knowledge of the deals.

French farmers had sown 45% of the expected soft wheat area for next year’s harvest as of Oct. 19, up from 12% a week earlier, farm office FranceAgriMer said.

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