PDF Attached

 

Morning. 

 

USD
was down 53 points earlier and WTI off 35 points.

 

USDA
24-hour: Private exporters sold 195,000 of corn to China for 2020-21 delivery and 130,000 tons of corn to unknown for 2020-21.  Private exporters also sold 130,000 of soybeans to unknown for 2020-21 delivery. 

 

Monday
ended a busy day with lower than expected decline in the national US corn condition.  Then Pro Farmer reported very good pod counts and corn yield for Ohio and South Dakota. Traders await Egypt’s vegoil import tender-lowest offer was $789.50/ton for soybean
oil and 788.00/ton for sunflower.  Offshore values this morning was leading CBOT soybean oil 11 higher and meal $2.30 lower.  China vegetable oils were firmer overnight and palm futures rallied 32 MYR with cash appreciating $3.50/ton. Australia is appealing
China’s decision to slap prohibitive tariffs on Ausi barley imports.  DBV farmer’s association estimated Germany’s 2020 grain harvest at 42.4 million tons, down from 44.3 million tons a year earlier, and about 5% below average.  Winter wheat was projected
at 21.1 million tons, down from 22.8 million tons last year. DBV farmer’s association estimated Germany’s 2020 winter rapeseed crop at 3.3 million tons from 2.8 million tons in 2019.  Japan is in for milling wheat. 

 

The
Pro Farmer crop tour:

  • Ohio
    – 167.69 vs. 154.35 for 2019 and 166.18 average
  • Ohio
    – 1155.68 pods vs. 764.01 for 2019 and 1039.74 average
  • South
    Dakota – 179.24 vs. 154.08 for 2019 and 160.02 average
  • South
    Dakota – 1250.86 pods vs. 832.85 for 2019 and 919.04 average

 

 

 

 

Weather
and Crop Progress

 

 

 

Bloomberg
Ag Calendar

TUESDAY,
August 18:

  • New
    Zealand global dairy trade auction

WEDNESDAY,
August 19:

  • EIA
    U.S. weekly ethanol inventories, production, 10:30am
  • ISO
    online conference on Sugar and Health
  • USDA
    total milk production

THURSDAY,
August 20:

  • USDA
    weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
  • Brazil
    Conab sugar, cane and ethanol production
  • Port
    of Rouen data on French grain exports
  • China
    International Cereals and Oils Industry Summit
  • USDA
    red meat production, 3pm
  • HOLIDAY:
    Malaysia
  • EARNINGS:
    Cherkizovo

FRIDAY,
August 21:

  • 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
  • China
    International Cereals and Oils Industry Summit, day 2
  • Malaysia
    palm oil export data for August 1-20
  • U.S.
    cattle on feed, 3pm

Source:
Bloomberg and FI

 

 

 

 

USDA
inspections versus Reuters trade range                                                    

Wheat         
461,699         versus   400000-600000  range

Corn             
1,036,985     versus   800000-1100000                range

Soybeans   
785,075         versus   425000-800000  range

 

Macros

US
Building Permits Jul 1.495 Mln (est 1.326 Mln; prevR 1.258 Mln; prev 1.241 Mln)

-US
Building Permits (M/M) Jul 18.8% (est 5.4%; prevR 3.5%; prev 2.1%)

US
Housing Starts Jul 1.496 Mln (est 1.245 Mln; prevR 1.220 Mln; prev 1.186 Mln)

-US
Housing Starts (M/M) Jul 22.6% (est 5.0%; prevR 17.5%; prev 17.3%)

 

 

Corn.