PDF Attached

 

US
corn 60 percent and soybeans 75 percent harvested.  US corn conditions unchanged.  US winter wheat 77 planted. 

 

Weather
and Crop Progress

 

 

 

 

 

 

TODAY’S
MOST IMPORTANT WEATHER

  • Tropical
    Depression Twenty-Seven has formed in the Atlantic Ocean 720 miles southeast of Bermuda, but the storm will intensify reaching hurricane status later this week as the system approaches Bermuda
  • Russia’s
    Southern Region will get “some” rain today in a narrow band from near Krasnodar to northwestern Kazakhstan improving topsoil moisture briefly, but other areas will not be impacted and the need for rain will remain high
  • Eastern
    Ukraine and Kazakhstan will get little to no rain for a while, although showers late this weekend will try to produce up to 0.25 inch of moisture in a few areas
  • Not
    much rain of significance is likely in the west-central or southwestern U.S. Plains, despite model forecasts for some moisture in the region late this week and into the late weekend
  • Argentina
    began receiving significant rain overnight and more is expected today and early Tuesday with follow up rain sufficient to support long term crop development
  • Brazil
    rainfall will slowly be ramping up over the next two weeks in center west and center south crop areas improving soybean planting and establishment conditions
  • Eastern
    Australia will get some good rainfall to improve dryland cotton, sorghum and other crop planting in the next two weeks
  • Western
    Australia not likely to see much rain of significance during the next couple of weeks, although a few showers will occur briefly in the south
  • Cold
    temperatures in the northern U.S. Plains and southwestern Canada’s Prairies this week will support waves of accumulating snow, but winter crops in Montana may be pushed into dormancy and not all planting and establishment was complete
  • Excessive
    rain fell along the central Vietnam coast during the weekend resulting in more flooding in an area inundated with flood water periodically since October 5
  • Heavy
    rain will fall in central Vietnam again today and Tuesday with a new tropical cyclone to threaten the north half of the nation this weekend and early next week
  • U.S.
    lower Midwest will experience a welcome boost in soil moisture for future winter wheat establishment
  • West
    Texas rainfall will be limited this week leading to only a few brief delays to harvesting of cotton and other crops

 

MOST
SIGNIFICANT WEATHER OF THE DAY

  • A
    portion of Russia’s Southern Region will receive rain today and early Tuesday
    • The
      precipitation is expected in a narrow band from Krasnodar to the northwestern border area of Kazakhstan
      • Rainfall
        will vary from 0.20 to 0.80 inch with a few totals of 1.00 to 1.50 inches
    • Mostly
      dry weather will occur in all other areas from eastern Ukraine to western Kazakhstan for at least the coming ten days and probably for two weeks
      • Partial
        relief to dryness will occur in the narrow band of crop areas that will be impacted by precipitation
      • Many
        other areas will continue quite dry and in need of substantial rain
  • Argentina
    began to receive significant rain from Cordoba to Buenos Aires overnight and it will continue into Tuesday
    • 5.24
      inches occurred along the La Pampa/Cordoba border overnight while 0.80 to 2.00 inches occurred in many northwest to southeast locations in Buenos Aires
    • Additional
      rainfall of 0.50 to 2.00 inches will result with local totals to 3.00 inches by Tuesday afternoon with the precipitation occurring as  far north as central Cordoba, central Santa Fe and Entre Rios while continuing to the south, as well
    • A
      few lingering showers will occur in the same area Wednesday and Thursday with daily rainfall of 0.05 to 0.35 inch an local totals to 0.65 inch
    • A
      follow up storm is expected late Friday into Sunday with rainfall of 0.50 to 1.50 inches and locally more than 2.00 inches from Cordoba to Entre Rios, Buenos Aires and La Pampa Saturday and in the northeast half of Argentina Sunday
    • Additional
      showers and thunderstorms in 60% of the nation Oct. 26-27 producing 0.20 to 0.70 inch of rain and locally more; confidence is low
    • Net
      drying Oct. 28- Nov. 2, although some forecast models think rain will occur Oct. 30-31
  • No
    significant theme changes were noted for Brazil crop areas over the next two weeks
    • Showers
      that occur this workweek will be erratic and quite often light in center west Brazil while a little more meaningful from Minas Gerais into southern Goias, parts of Mato Grosso do Sul and Sao Paulo
      • Rainfall
        will range from 0.50 to 1.50 inches with local totals over 2.00 inches this workweek while areas from northern Rio Grande do Sul to southern Paraguay, southern Mato Grosso do Sul, Parana and southwestern Sao Paulo are left mostly dry
    • Greater
      rain will fall Oct. 24 to Nov. 2 from Mato Grosso to southern Bahia, Minas Gerais, northern Mato Grosso do Sul and northern Sao Paulo, as well as Espirito Santo and northern Rio de Janeiro where rainfall will vary from 1.00 to 2.00 inches and local amounts
      to 3.00 inches
      • Rainfall
        in southern Brazil and Paraguay Oct. 24-Nov 2 will vary from 0.20 to 0.80 inch and locally more
  • Brazil
    precipitation was limited during the weekend
    • Brazil
      rainfall occurred as scattered showers and thunderstorms from Mato Grosso and Mato Grosso do Sul to Minas Gerais, Espirito Santo and Rio de Janeiro with a few showers in Bahia as well
      • Moisture
        totals were mostly under 0.85 inch, although 1.42 inches occurred in north-central Minas Gerais.
        • No
          rain fell in southern Brazil
      • Temperatures
        were mild in the southeast where highs were in the upper 60s and 70s followed by 80s and 90s with a few readings to 108 in Mato Grosso
  • South
    America temperatures this week will be near to slightly warmer than usual in both Brazil and Argentina, although Minas Gerais temperatures will be near to slightly below average
  • Overall,
    South America will see improving weather over the next two weeks with Argentina’s summer crop areas getting improved planting moisture first and center west Brazil getting it next week. Fieldwork will advance much better following these rain events. In the
    meantime, fieldwork and crop development will advance well in center south Brazil this week and winter crops will benefit greatly from moisture in Argentina.
  • Rain
    fell from South Australia through most of New South Wales and Victoria Friday through Sunday morning
    • Moisture
      totals varied from 0.05 to 0.30 inch with up to 0.75 inch in far southern New South Wales and 0.80 inch in eastern Victoria crop areas
      • One
        mountainous location in eastern Victoria reported 4.40 inches
    • Dry
      weather occurred in most other areas
    • Temperatures
      were mild in the far south near the coast near to above average elsewhere with some highs in the 80s and lower 90s Fahrenheit from northern Western Australia to northern New South Wales and Queensland
  • No
    change in Australia’s forecast was noted over the weekend
    • Western
      Australia will receive some rain near the lower west coast and in southern coastal areas while interior crop areas get little to no rain
    • Other
      showers will occur from South Australia to Victoria
    • Rain
      will fall periodically from Queensland into northeastern New South Wales over the next ten days with this weekend and next week wettest
    • Enough
      rain is expected to bolster soil moisture for improved spring and summer crop planting, emergence and establishment
  • China
    will experience a very good mix of weather over the next two weeks with net drying occurring more often than rain which will support summer crop maturation and harvesting as well as winter wheat and rapeseed planting
    • Sufficient
      moisture will be present to support planting, emergence and establishment of winter crops
  • China
    weather during the weekend included rain in the Yangtze River Basin Friday into Sunday with 0.50 to 1.50 inches and local totals of 1.50 to 3.50 inches
    • Most
      other areas were not impacted by much rain
    • Highest
      weekend temperatures were in the 50s and 60s northeast and in the upper Yellow River Basin while in the 60s and lower 70s in the North China Plain and interior southeast
      • Extreme
        highs reached into the 80s Fahrenheit in the southern coastal provinces
    • Frost
      and freezes occurred in Inner Mongolia, parts of the northern Yellow River Basin and the Northeast Provinces which was normal for this time of year
  • India
    rainfall this week will occur in Gujarat, southern Rajasthan, northwestern Madhya Pradesh and northern Maharashtra early this week and from Jharkhand, northern Chhattisgarh, West Bengal and areas east to the far Eastern States during the second half of this
    week and into the weekend
    • Rain
      will fall more routinely in the interior south
    • Rainfall
      for the coming week will vary from 2.00 to 6.00 inches from southern Maharashtra and Karnataka to Andhra Pradesh, Telangana, Odisha and areas east into the far Eastern States while 0.50 to 1.50 inches and local totals over 2.00 inches in other areas noted
      above
    • Far
      northern and central through northeastern India will be left dry in this coming week
    • Next
      week’s rain will be greatest in the southeast and far southern parts of India while net drying occurs elsewhere
    • Temperatures
      will be seasonable except in northwestern India where they will be warmer than usual
  • India
    weekend rainfall was limited to western Gujarat and south of a line from southern Maharashtra to southwestern Chhattisgarh where 0.10 to 0.62 inch occurred often and local totals of 1.00 to 2.87 inches
    • Drying
      conditions prevailed elsewhere and temperatures continued very warm with most highs in the upper 80s and 90s
  • South
    Africa crop areas were dry and warm during the weekend with highs in the 80s and 90s and lows in the upper 40s and 50s with a few lower 60s in the far north and southeast
  • South
    Africa will be dry through Monday, but an erratic rainfall pattern is expected the remainder of this week and into next week
    • Some
      of the precipitation in eastern crop areas will slowly increase as time moves along, but it will take a while for rainfall to become great enough to seriously bolster soil moisture for improved spring and summer planting
    • Winter
      crop conditions will remain fair to good, but greater rain is needed in late maturing fields
  • U.S.
    weekend moisture totals were greatest in the high Plains of Montana where more than 1.00inch was noted 
    • Rain
      and snow also fell moderately in central Montana where moisture totals varied from 0.75 to 1.50 inches, according to Doppler radar
    • Moisture
      totals elsewhere in the northern Plains and northwestern Corn Belt varied from 0.05 to 0.23 inch with a few areas from central Montana to central Iowa getting 0.05 to 0.54 inch
    • Snow
      accumulations ranged from 1 to 4 inches in northeastern Montana, interior northern Minnesota, Upper Michigan and across northwestern to central Nebraska
      • Anselmo,
        Nebraska reported 6 inches
      • Other
        crop areas in the northern Plains failed to report significant snowfall
      • Snow
        accumulations in the Black Hills reached up to 12 inches and the same occurred near and northwest of Billings, Mont. as well as other areas along the front range of mountains in central Montana
  • U.S.
    weather outlook has not change much since Friday with waves of rain likely in the Midwest this week limiting harvest progress, but benefiting winter wheat emergence and establishment
    • Fieldwork
      over the coming week to 8 or 9 days will be slow in the Midwest and a part of the northern Plains due to frequent precipitation
      • Moisture
        totals of 0.20 to 0.75 inch occur in the northern Plains with a few totals to 1.00 inch while amounts in the Midwest vary from 0.75 to 2.00 inches  and local totals of 2.00 to 4.00 inches in the previously dry areas of the lower Midwest
    • Less
      frequent and less significant rain will impact the Midwest later next week
    • Temperatures
      will be well below average in the northern Plains and upper Midwest as well as Canada’s Prairies through the coming ten days with some moderation in temperature shortly thereafter
  • U.S.
    hard red winter wheat areas are still advertised to receive restricted amounts of precipitation during the next ten days to two weeks especially in the west-central and southwestern Plains where unirrigated crops are not establishing well
    • Northern
      and eastern most crop areas will get greater precipitation for some improved topsoil moisture
  • U.S.
    southeastern states will experience limited rainfall and net drying conditions during much of the coming week favoring better field working conditions
  • U.S.
    Delta weather will include a mix of rain and sunshine with seasonable temperatures causing some restricted precipitation
  • U.S.
    West Texas cotton maturation and harvest weather remains very good with no threat of significant rain in the next six days
    • Some
      showers may evolve late this week and into the weekend or early next week
      • Resulting
        precipitation should not be very great and the impact on crops should be low
  • U.S.
    northern Plains will experience periods of rain and snow over the next seven days resulting in a net boost in soil moisture which should benefit winter wheat establishment in Montana and a few other areas; some summer crop harvest delay is likely as well
    • However,
      some of this precipitation will prevent late planting of wheat from occurring for a while especially in Montana
    • Soybean
      harvesting is nearly complete, but sugar beets and a few other crops, like corn, will be harvested for a while when weather conditions permit
  • A
    tropical disturbance is expected in the Caribbean Sea this week will be closely monitored for development into a tropical cyclone, but today’s models are all over the board in their forecast for this system.
    • The
      system is expected to impact the Yucatan Peninsula and have a low impact both there and in the southeastern United States where some of its remnant moisture is possible this weekend
  • A
    tropical disturbance brought heavy rain to the central Vietnam coast during the weekend producing heavy rain
    • Rainfall
      of 14.92 inches occurred through dawn today (Monday) at Hue and 8.97 inches at Da Nang
    • Rainfall
      over 8.00 inches also occurred further up the central Vietnam coast
      • Heavy
        rain will advance northward up the coast of Vietnam today and Tuesday with additional rainfall of 4.00 to 12.00 inches
      • Serious
        flooding is expected in many areas once again after experiencing similar conditions one week ago and frequently since October 5
  • Tropical
    disturbance east of Philippines will evolve into a new tropical cyclone that will move across Luzon Island Tuesday and then west northwest to northern Vietnam this coming weekend
    • heavy
      rain will fall in northern Philippines early to mid-week this week and in northern Vietnam and Hainan, China late this week and into the weekend
  • Southern
    Oscillation Index fell during the weekend down to +9.09 and the index will continue to fall early this week, but stay significantly positive
  • Europe
    weather will be drier biased this week in the eastern half of the continent, including Ukraine
    • Western
      Europe will trend wetter in the second half of this week after a relatively dry start to the week
    • Western
      Europe will continue wettest next week while precipitation in eastern Europe only slightly increases
    • Temperatures
      will be near to slightly warmer than usual
    • Fieldwork
      will improve in central and eastern Europe this week as drier weather dominates the region
  • Kazakhstan
    remains too dry and little to no relief is expected for two weeks
  • Western
    and northern Russia and parts of Belarus and the Baltic States will get most of this week’s precipitation outside of the band of rain noted above in Russia’s Southern Region today and Monday
    • Winter
      crops are well established in western and northern Russia, Belarus, western Ukraine and Baltic States, but eastern Ukraine, Kazakhstan and Russia’s Southern Region crops are not well established and may turn dormant will poor root and tiller systems raising
      the risk of winterkill in times of harsh winter weather conditions
  • Southeastern
    Canada and the U.S. Great Lakes region will continue to experience frequent rainfall this week causing additional delay to farming activity
    • Recent
      precipitation frequency has been too high for much fieldwork and this trend will linger for a while longer.
  • Southeast
    Asia rainfall over the next two weeks will be erratic, but all areas will be impacted multiple times supporting most crop needs; some flood potentials will gradually rise in localized areas
  • Mexico
    precipitation will be scattered over far southern crop areas during the coming week Net drying is expected for many other summer crop areas supporting crop maturation and harvest progress
  • Central
    America will be sufficiently wet over the next ten days to two weeks to keep late season crop maturation and harvest progress slow, but the moisture is improving long term water supply.

·        
West-central Africa will experience periodic rain through the next ten days favoring coffee, cocoa, sugarcane, rice and other crops

    • Daily
      rainfall is expected to be decreasing as time moves along which is normal for this time of year
    • Cotton
      areas will benefit from drier weather

·        
East-central Africa rain will be erratic and light over the next couple of weeks, but most of Uganda and southwestern Kenya will be impacted while Tanzania and Ethiopia rainfall is erratic and light

    • Some
      heavy rain may fall in Uganda

·        
New Zealand rainfall is expected to increase in North Island and western parts of South Island this week and then increase more broadly across the nation next week

    • Temperatures
      will be seasonable with a slight cooler bias in the south

 

 

 

 

 

 

Bloomberg
Ag Calendar

Monday,
Oct. 19:

  • USDA
    weekly corn, soybean, wheat export inspections, 11am
  • U.S.
    crop conditions, harvesting progress for soybeans, corn, cotton, 4pm
  • EU
    weekly grain, oilseed import and export data (delayed)
  • Ivory
    Coast cocoa arrivals

Tuesday,
Oct. 20:

  • Malaysia
    Oct. 1-20 palm oil export data
  • Virtual
    international palm oil sustainability conference, Q&A Session
  • USDA
    total milk production, 3pm
  • New
    Zealand global dairy trade auction

Wednesday,
Oct. 21:

  • EIA
    U.S. weekly ethanol inventories, production, 10:30am

Thursday,
Oct. 22:

  • USDA
    weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
  • Port
    of Rouen data on French grain exports
  • USDA
    red meat production, 3pm
  • U.S.
    cold storage data – pork, beef, poultry

Friday,
Oct. 23:

  • China
    customs publishes trade data on imports of corn, wheat, sugar and cotton
  • ICE
    Futures Europe weekly commitments of traders report, 1:30pm (6:30pm London)
  • CFTC
    commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
  • FranceAgriMer
    weekly update on crop conditions
  • Unica
    data on Brazil’s cane crush, sugar production (tentative)
  • U.S.
    cattle on feed, poultry slaughter, 3pm
  • HOLIDAY:
    Thailand

Source:
Bloomberg and FI

 

 

USDA
inspections versus Reuters trade range                                            

Wheat            
239,688           versus  400000-600000           range

Corn               
911,012           versus  650000-900000           range

Soybeans        
2,173,521        versus  1200000-2200000       range

 

 

 

GRAINS
INSPECTED AND/OR WEIGHED FOR EXPORT

                 
REPORTED IN WEEK ENDING OCT 15, 2020

                           
— METRIC TONS —

                                                  
CURRENT     PREVIOUS 

             ———–
WEEK ENDING ———-  MARKET YEAR  MARKET YEAR

 
GRAIN      10/15/2020  10/08/2020  10/17/2019    TO DATE     TO DATE  

 

BARLEY             
0       1,896           0        9,020        8,625 

CORN         
911,012     838,849     581,237    5,455,972    3,087,556 

FLAXSEED           
0           0           0          389          172 

MIXED              
0           0           0            0            0 

OATS               
0           0           0          996          798 

RYE                
0           0           0            0            0 

SORGHUM       
74,655         192      21,986      537,631      250,162 

SOYBEANS   
2,173,521   2,396,908   1,330,909   11,518,836    6,493,771 

SUNFLOWER          
0           0           0            0            0 

WHEAT        
239,688     514,649     580,680   10,677,374   10,079,048 

Total      
3,398,876   3,752,494   2,514,812   28,200,218   19,920,132 

CROP
MARKETING YEARS BEGIN JUNE 1 FOR WHEAT, RYE, OATS, BARLEY AND

FLAXSEED; 
SEPTEMBER 1 FOR CORN, SORGHUM, SOYBEANS AND SUNFLOWER SEEDS.

INCLUDES
WATERWAY SHIPMENTS TO CANADA.

 

Macros

 

Corn.

 

Corn
Export Developments

  • USDA
    announced private exporters sold:

–Export
sales of 345,000 metric tons of corn for delivery to unknown destinations during the 2020/2021 marketing year; and

–Export
sales of 123,000 metric tons of corn for delivery to Mexico during the 2020/2021 marketing year.

  • Iran
    opened a new tender for 200,000 tons of barley, set to close October 21. 

 

 

 

Updated
10/15/20

December
corn is seen in a $3.90-$4.20 range (up 15 cents for the top end of the range)

China
could easily change the global balance sheet if they boost corn imports above 15 million tons in 2021. 

 

Soybeans

  • Soybeans
    traded higher led by strength in soybean meal.  Monthly rolling soybean meal was highest since June 2018.  Soybean oil was lower on weaker energy markets and lower trade in Malaysian palm oil.  Funds are very active in meal/oil spreading, one reason the meal
    market is sharply higher.  November soybeans were up 4.25 cents, December meal up $5.70 and December soybean oil down 46 points. 
  • US
    soybean harvest progress fell short of trade expectations by 4 points by advancing 14 points to 75 percent complete, well above 40 percent year ago and 58 percent average. 
  • There
    was a rumor late last week that a China state-owned firm was looking to stockpile US soybeans.  This was not verified.  China could easily come in and buy as much soybeans and corn and other feedgrains they want for reserves, bypassing the import tariffs. 
  • TNS
    reported as of Friday IL soybean oil 75 over, East 10 over, West 50 over and Gulf 475 over.  Brazil 825 over and Argentina 400 over. 
  • Argentina
    soybean crush workers went on a 24-hour strike starting late Monday. 
  • Last
    week AgRural reported Brazil producers planted 7.9 percent of their soybean crop through October 15, up 4.5 percent from the previous week, and slowest pace in a decade.  The next reported will be out on Thursday. The agency mentioned plantings will be up
    sharply this week, but soil moisture remains below normal and forecasts call for irregular showers.  Separately Safras reported 6.1% complete as of October 16, down from 19.5 percent year ago and 17.3 average. 
  • Brazil’s
    weather outlook improves over the next two weeks.  This week rains will fall bias Goias, Minas Gerais and Sao Paulo.  This weekend into next week Brazil’s southern and southeast (Bahia and Rondonia. 
  • The
    Brazilian government lowered the import tariffs on soybeans, soybean products, and corn imports for countries outside the Mercosur block trade until 2021.   Back in September they cut rice import tariffs to zero through the end of the year.  Brazil is seeing
    extremely high corn and soybean domestic prices.  The tariff on corn and soy imports from outside Mercosur, which includes Paraguay, Uruguay and Argentina, was 8%. For soybean oil tariff was 10 percent and soybean meal 6 percent. 
  • IRA/CPC
    updated their mid-month ENSO probability outlook and there was a 76 percent of La Nina sticking around until March, meaning there is a chance for a rainy US spring season, potentially delaying soybean plantings. 
  • USDA
    US soybean export inspections as of October 15, 2020 were 2,173,521 tons, within a range of trade expectations, below 2,396,908 tons previous week and compares to 1,330,909 tons year ago. Major countries included China Main for 1,743,108 tons, Egypt for 149,792
    tons, and Spain for 51,361 tons.

 

Oilseeds
Export Developments

  • Syria
    seeks 50,000 tons of soybean meal and 50,000 tons of corn on October 26 for delivery within four months of contract. 

 

Updated
10/19/20

November
soybeans are seen in a $10.25-$11.10 range

December
soybean meal is seen in a $345-$385 range

December
soybean oil is seen in a 31.80-33.80 range (lowered)

 

Wheat

  • US
    winter wheat planting progress is much more far advanced from where we would think it would be a couple weeks ago.  It did fall short of trade expectations by 4 points, advancing 9 points to 77 percent complete and compares to 74 year ago and 72 percent average. 
  • During
    the session Algeria announced they seek 50,000 tons of milling wheat on October 21, valid until October 22 for November and/or December shipment, depending on origin.  Just last week they bought an estimated 600,000 tons. 
  • We
    don’t expect many tenders this week originating from Russia. 
  • Russia
    may create a special state grain reserve to cover 2-4 months of demand for wheat millers as processors are concerned about the recent increase in domestic prices from heavy export interest and weak ruble.  Back in July the AgMin announced they were planning
    to create a new state grain stockpile of 2.5-3.5 million tons of grains for the 2021-22 crop year.  Since August Russian Black Sea 12.5 percent protein wheat surged from around $200/ton to $251/ton, according to IKAR.  It was up $6.00/ton over the previous
    week.  SovEcon reported a $9.00 increase to $248/ton.  Look for exportable controls on Russian wheat for the January through June 2021 period.  During this time US wheat exports could increase. 
  • USDA
    US all-wheat export inspections as of October 15, 2020 were 239,688 tons, below a range of trade expectations, below 514,649 tons previous week and compares to 580,680 tons year ago. Major countries included Indonesia for 54,606 tons, Japan for 32,967 tons,
    and Venezuela for 25,050 tons.
  • 2-year
    high:  Paris (Matif) December wheat was 2.75 higher at 212.00 euros.
  • Syria
    warned they need up 200,000 tons of wheat per month to meet consumption.  Production is running about 60 percent of what they were producing before the conflict. 
  • Look
    for Egypt to soon tender for wheat. 
  • Ukraine
    grain exports fell to 13.84 million tons or 15.8 percent so far this season, from 16.43 million tons during the same period a year earlier.  Corn totaled only 1.09 million tons as of October 19, down from 2.94 million tons year earlier.  Wheat was 9.59 million
    tons from 10.20 million tons year earlier.  Ukraine exported 56.7 million tons of grain last season, about 16 percent of the global trade. 

 

 

Russian
Black Sea 12.5 percent protein wheat

Source:
IKAR via Reuters and FI

 

Export
Developments.

  • Algeria
    seeks 50,000 tons of milling wheat on October 21, valid until October 22 for November and/or December shipment, depending on origin. 
  • South
    Korea’s NOFI bought 60,000 tons of US feed wheat at $265.69/ton c&f out arrival around March 5th.  Late last week MFG paid $268.40/ton for Feb 15-Mar 15 shipment. 
  • Awaited:
    offers received  –  Ethiopia seeks about 200,000 tons of milling wheat on October 15.
  • Jordan
    issued a new tender for 120,000 tons of wheat set to close October 21. 
  • Japan
    seeks 80,000 tons of feed wheat and 100,000 tons of feed barley on October 21 for arrival by February 25. 
  • Turkey
    seeks 175,000 tons of wheat on October 22 for shipment between November 9 and November 24. 

 

Rice/Other

·        
Mauritius seeks 5,500 tons of white rice on October 20 for Dec 15-Mar 15, 2021 delivery.

 

Updated
10/9/20

December Chicago wheat is seen in a $5.70-$6.30 range

December KC wheat is seen in a $5.20-$5.70 range

December MN wheat is seen in a $5.35-$5.60 range

 

 

Terry Reilly

Senior Commodity Analyst – Grain and Oilseeds

Futures International
One Lincoln Center
18 W 140 Butterfield Rd.

Oakbrook Terrace, Il. 60181

W: 312.604.1366

treilly@futures-int.com

ICE IM: 
treilly1

Skype: fi.treilly

 

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