PDF Attached

 

The
soybean complex is starting the week mostly lower, corn mixed on bull spreading, and wheat mostly lower (upward revisions to Black Sea grain crop).  USD was 14 higher and WTI 53 cents higher and equities higher.  MPOB reported larger than expected end of July
palm oil stocks, although they are at a 3-year low.  AmSpec reported Malaysian palm exports for the Aug 1-10 period down 6.2 percent from last month to 429,937 tons.  Egypt’s GASC bought 64,500 tons of local soybean oil for October 1-25 delivery.  The third
month palm futures contract fell 49 points and cash was down $13.00/ton.  China vegetable oil prices shed just over 2 percent, meal was lower and soybeans up 32 yuan or 0.7%.  We look for a one-point increase in US corn, soybeans, and spring wheat conditions. 
Russian 12.5% protein wheat export prices fell $2.00 from the previous week to $205/ton, according to IKAR.  IKAR increased their outlook for the Russian 2020-21 grain crop by 1.5 million tons to 81MMT, in part to an upward revision to the wheat crop by 1.5MMT
to 81 million tons.  APK-Inform increased their Ukraine grain production by 1.5 million tons to 73.0 million tons.  Corn output was increased for Ukraine by 0.7MMT to 37.3MMT.  APK sees Ukraine grain exports at 51.8MMT from 50.6MMT. 

 

 

 

Weather
and Crop Progress

 

 

WEATHER
OF GREATEST INTERST

 

7
Day Precipitation Outlook

 

Bloomberg
Ag Calendar

MONDAY,
August 10:

  • USDA
    weekly corn, soybean, wheat export inspections, 11am
  • U.S.
    crop conditions for soybeans, corn, cotton; wheat harvesting progress, 4pm
  • ISO
    webinar on Covid-19/macro outlook for sugar
  • Malaysian
    Palm Oil Board data on July end-stockpiles, production, exports
  • Malaysia
    palm oil export data for August 1-10
  • EU
    weekly grain, oilseed import and export data
  • Ivory
    Coast cocoa arrivals
  • Brazil
    Unica cane crush, sugar production (tentative)
  • HOLIDAY:
    Japan, Singapore

TUESDAY,
August 11:

  • Brazil
    Conab releases area, production and yield data for corn, soybeans
  • EARNINGS:
    Wilmar

WEDNESDAY,
August 12:

  • USDA’s
    monthly World Agricultural Supply and Demand (Wasde) report, noon
  • China
    CASDE monthly crop supply and demand report
  • Vietnam
    data on coffee, rice and rubber exports in July
  • EIA
    U.S. weekly ethanol inventories, production, 10:30am
  • U.S.
    soybean, corn acreage, noon
  • EARNINGS:
    BRF, Marfrig
  • HOLIDAY:
    Thailand

THURSDAY,
August 13:

  • USDA
    weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
  • Port
    of Rouen data on French grain exports
  • New
    Zealand Food Prices
  • EARNINGS:
    JBS, Olam

FRIDAY,
August 14:

  • 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
  • EARNINGS:
    Golden Agri-Resources

SATURDAY,
August 15:

  • Malaysia
    palm oil export data for Aug 1-15 from AmSpec

Source:
Bloomberg and FI