FI Morning Grain Comments 08/25/20

Aug 25, 2020







PDF attached

 

Morning. 

 

Larger
than expected decline in corn and soybean conditions sent respective futures higher overnight.  Corn hit a 6-week high.  Wheat was higher as well.  Oil share is giving back gains from Monday’s upward swing. 

 

We
heard China’s Sinograin bought up to 12 cargoes of US beans out of the US Gulf and PNW for shipments between December and January.  China imported 8.18 million tons of Brazilian soybeans in July out of the 10.09-million-ton total.  Malaysian palm oil fell
to a 4-week low. 

 

Tender
update:  Algeria seeks 30,000 tons of soybean meal on Wednesday for shipment by September 25, optional origin.  Egypt is in for wheat.  Jordan seeks 120,000 tons of wheat on Wednesday for October through December shipment.  Taiwan seeks 100,645 tons of US
wheat on Aug 27 for Oct/Nov shipment.  Results are awaited on Turkey in for wheat.  Pakistan initially bought 210,000 tons of wheat for their import tender for up to 1.5 million tons of wheat.  They paid around $233.85/ton C&F.  Japan seeks 100,952 tons of
food wheat. 

 

 

 

Weather
and Crop Progress

 

 

 

cone graphic

 

 

Source:
World Weather Inc. 

 

Bloomberg
Ag Calendar

TUESDAY,
August 25:

  • China
    customs publishes country-wise soybean and pork import data
  • Malaysia
    palm oil export data for August 1-25

WEDNESDAY,
August 26:

  • EIA
    U.S. weekly ethanol inventories, production, 10:30am

THURSDAY,
August 27:

  • USDA
    weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
  • International
    Grains Council monthly report
  • Port
    of Rouen data on French grain exports
  • EARNINGS:
    Sime Darby Plantation

FRIDAY,
August 28:

  • 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
  • U.S.
    agricultural prices paid, received, 3pm

Source:
Bloomberg and FI

 

 

 

 

 

USDA
inspections versus Reuters trade range                                                    

Wheat         
569,593         versus   400000-600000  range

Corn             
892,031         versus   800000-1150000                range

Soybeans   
1,150,832     versus   600000-1250000                range

 

Macros

 

 

Corn.