PDF attached

 

Good
morning. US Senate votes on the infrastructure bill today. 

 

Expect
a choppy trade today in commodity and equity markets.  USD is higher, WTI higher, equities mixed, and gold lower. 

 

US
soybeans turned higher after soybean oil paired some losses and corn strengthened. November Canadian canola is lower.  US wheat is mixed (CHI & KC higher, MN lower) with ongoing correction with Minneapolis spreads against Chicago and KC.  Overnight there was
talk of Chinese buyers seeking US hard red winter wheat for Sep/Oct.  Last week we saw a rare snap purchase by China of soft red winter wheat.  Thailand passed on wheat. 

 

A
ridge is likely July 24-30 which will lead to net drying in at least part of the western Corn Belt and in much of the Hard Red Winter Wheat Region and Northern Plains.  Some of the models have the ridge shifting at the end of the month south while other have
it shifting west.  Either way, weather disturbances moving along the northern part of the ridge could provide at least some temporary relief though to northern hard red winter wheat areas and in the eastern part of the Northern Plains. 

 

 

 

Weather

Map

Description automatically generated

 

WORLD
WEATHER INC.

WORLD
WEATHER HIGHLIGHTS FOR WEDNESDAY, JULY 21, 2021

  • Torrential
    rain fell in Henan, China Tuesday with one location reporting 30.71 inches of rain in 24 hours with much of that occurring over a single hour.
  • Flooding
    has been a frequent problem in China over the past few weeks and damage to crops and property has occurred.
  • Typhoon
    In-Fa will produce torrential rain this weekend in Zhejiang, southern Jiangsu and southeastern Anhui, China causing more crop damage
  • Another
    week of warm to hot temperatures and drying will impact the U.S. Plains and western Corn Belt as well as portions of Canada’s Prairies.
    •  The
      environment will raise crop stress as the ground dries out over much of this region.
  • A
    northwest wind flow pattern aloft is expected in eastern North America in August offering some showers and milder temperatures to the northern and eastern Midwest, but the Plains and portions of the southwestern Corn Belt will likely continue drying out.
  • Europe
    will be trending wetter again this weekend through next week
  • Two
    monsoon depressions will impact India over the next ten days improving soil moisture for many areas but inducing some floods as well. 
  • Some
    welcome rain is predicted for Russia’s Southern Region and parts of Northwestern Kazakhstan over the next few days followed by a return of drier weather for a while
  • Western
    Russia continues dry biased, despite recent showers and more rain is needed
    • Some
      of the needed rain will come slowly over the next two weeks with next week wetter than this week and will provide the greatest potential for improvement
  • Australia
    weather will be favorable for winter crops during much of the next two weeks, although greater rain is still going to be desired in Queensland and northern New South Wales
    • Some
      rain will fall in southeastern Queensland Thursday
  • South
    Africa winter crops will remain favorably rated in the west while rain continues needed in the east
  • Ivory
    Coast and Ghana will continue drier biased for the next two weeks
  • Much
    of Indonesia and western Malaysia weather will be drier than usual over the next ten days, but soil moisture will carry on favorable crop conditions
  • No
    new crop damage occurred this morning in Brazil’s coffee, citrus, sugarcane, corn or wheat production areas
    • Damage
      assessments from Monday and Tuesday’s morning frost and freezes will be ongoing into next week

Source:
World Weather Inc. 

 

Bloomberg
Ag Calendar

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