FI Morning Grain Comments 07/20/21

PDF attached

 

Good
morning.

 

Corn
was over ten cents higher, soybeans up over 15 cents, and wheat over ten cents higher.

WTI
crude oil is slightly rebounding, and equities are higher this morning. USD was slightly higher.  US agriculture markets are sharply higher on a less than expected US corn and spring wheat conditions along with a dry weather forecast for the next seven days. 
Over the next week, best chance of rains is for the upper Midwest into the northeast, southeast and parts of the southwest.  The second week of the forecast shows a potential high pressure ridge hanging over the central US for a few days.  With 56% of the
US corn crop in the silking stage, this is a critical time for the corn crop.  Three quarters of the US winter wheat crop had been collected, about normal for this time of year.  US spring wheat conditions are worst since 1988.  Brazil continues to battle
cold temperatures threating soft commodities and Argentina is dry.  Export developments were very quiet from yesterday.  Malaysia is on holiday. 

 

 

 

Weather

 

WORLD
WEATHER INC.

WORLD
WEATHER HIGHLIGHTS FOR JULY 20, 2021

Another
cold morning in Sul de Minas, Brazil coffee areas today. Temperatures were cold enough for widespread frost and a few hard freezes possibly impacting tree health and 2022 blossom buds.  Hard freezes also occurred in wheat areas of Brazil where some production
cut has likely occurred in the past couple of mornings due to freezes. In North America, the U.S. Plains, far western Corn Belt and a large portion of Canada’s Prairies will suffer from drought or net drying over the next two weeks, although some welcome rain
is expected tonight and Wednesday in Manitoba and east-central Saskatchewan. Europe is taking a short break from rainy weather, but it may be returning this weekend into next week resuming concern over unharvested small grain and winter rapeseed conditions.
Not much change was noted in Russia, Ukraine, China, India or Australia today, although a little more rain may impact Russia’s Southern Region and northwestern Kazakhstan over time. 

Source:
World Weather Inc. 

 

Bloomberg
Ag Calendar

Tuesday,
July 20:

• China
  customs to publish by-country breakdown for imports of farm goods including soy
• New
  Zealand global dairy trade auction
• EU
  weekly grain, oilseed import and export data
• HOLIDAY:
  Malaysia, Indonesia, Singapore

Wednesday,
July 21:

• EIA
  weekly U.S. ethanol inventories, production
• Malaysia
  July 1-20 palm oil export data
• HOLIDAY:
  India

Thursday,
July 22:

• USDA
  weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
• USDA
  to release world supply-demand outlook for orange and its juice
• Port
  of Rouen data on French grain exports
• USDA
  total milk, red meat production
• U.S.
  cold storage data – pork, beef, poultry
• HOLIDAY:
  Japan

Friday,
July 23:

• 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
• FranceAgriMer
  weekly update on crop conditions
• U.S.
  cattle on feed, poultry slaughter, cattle inventory
• HOLIDAY:
  Japan

Source:
Bloomberg and FI

 

 

 

 

 

USDA inspections versus Reuters trade range
Wheat	490,626	versus