PDF attached

 

Good
morning
.
 

 

WASHINGTON,
June 17, 2021—Private exporters reported to the U.S. Department of Agriculture export sales of 135,000 metric tons of soybean cake and meal for delivery to the Philippines during the 2020/2021 marketing year.

 

USD
is sharply higher.  Lower trade in CBOT agriculture markets.  It’s currently raining across central IA (band is narrow).  GFS weather model are wetter for the US while the European model is not as optimistic as they are much drier.  The trade looks as if they
are agreeing with the GFS models that put good rains across the northern half of IA, lower WI, MI and other parts of the upper Midwest.  Not all the drought areas of the WCB may see soaking rains over the next ten days, if realized.  Weather will continue
to drive CBOT price fluctuations for a while.  Other fundamentals have been widely ignored this week. 
Turkey seeks 395,000 tons of wheat on June 30 for July 19-August 21 shipment.  Japan bought food wheat as expected.  Soybean oil is on track to end seven consecutive days lower.  Remember CBOT soybean complex have expanded limits today. 
https://www.cmegroup.com/trading/price-limits.html 

 

 

 

Weather

1-7
DAY

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World
Weather, Inc.

7-DAY
RAINFALL PREDICTED BY DAWN THURSDAY, JUNE 24, 2021

 

WORLD
WEATHER HIGHLIGHS FOR JUNE 17, 2021

Today’s
greatest interest in the market place is likely to be split between the North America cooling trend and the hot, dry, bias evolving in western Kazakhstan and Russia’s New Lands northward into the lower Volga River Basin. For North America, some relief to dryness
will occur in eastern Iowa and southern Wisconsin to the Ohio River during the next few days as cooler air arrives. Follow up precipitation is expected into late this month. The cooler and wetter conditions will be very good for the next 2-3 weeks of corn
and soybean development – at least into early July. However, the upper Midwest and northern Plains along with southeastern Canada’s Prairies and some far western Corn Below areas will not get much lasting moisture from this weather change. There is also some
risk of at least some patches of Frost in eastern Saskatchewan and Manitoba possibly early next week. The heat wave in southern Russia and western Kazakhstan will take a few days to get going, but it will eventually prove stressful for crops. The rest of the
world is seeing status quo conditions today relative to those advertised Wednesday. 

Source:
World Weather, Inc.

 

Bloomberg
Ag Calendar

Thursday,
June 17:

  • USDA
    weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
  • Port
    of Rouen data on French grain exports
  • Itau
    webinar on agribusiness outlook, Sao Paulo, Brazil
  • CNGOIC
    oilseed conference, Chengdu, China, Day 2

Friday,
June 18:

  • ICE
    Futures Europe weekly commitments of traders report (6:30pm London)
  • CFTC
    commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
  • China
    customs to publish trade data, including imports of corn, wheat, sugar and pork
  • World
    coffee market report by USDA’s Foreign Agricultural Service, 3pm
  • FranceAgriMer
    weekly update on crop conditions
  • USDA
    Total Milk Production

Source:
Bloomberg and FI

 

 

 

 

USDA
Export Sales

USDA
export sales were on the low side for many of the major commodities, but good meal shipments may provide a positive undertone for that commodity coupled by unwinding of oil/meal spreads.  Soybean sales were only 65,300 tons, within expectations, and not a
surprise as commitments is running 99 percent of USDA’s projection.  Corn sales of 18,000 old crop and 276,100 tons new crop were poor.  All-wheat sales cooled last week to 287,100 tons from 325,900 tons, negative in our opinion.  Soybean meal sales improved
to 177,300 tons and shipments were 199,000.  Soybean oil commitments were only 2,300 tons and shipments were off from the previous week at 8,000 tons.  We look for sales to improve next week amid break in futures prices.