FI Morning Grain Comments 09/08/20

PDF attached

 

Morning. 

 

USDA
reported private exporters sold:

Export
sales of 400,000 metric tons of soybeans for delivery to China during the 2020/2021 marketing year; and

Export
sales of 264,000 metric tons of soybeans received during the reporting period for delivery to China during the 2020/2021 marketing year;

Export
sales of 101,600 MT of corn for delivery to unknown destinations during the 2020/2021 marketing year.

 

Good
rains fell across much of the Midwest the last couple of days. This was good for lessoning crop losses and boosting soil moisture for the SRW wheat crop areas ahead of plantings.  Crude oil is down sharply as the Suadi’s have said they will cut oil prices
and the USD is stronger today. Managed money continued to add to length in the soy complex last week with beans now estimated to be long 177k, oil long 79k and meal long 25k. Wheat is long 15k and the corn net long about 19K. Turkey seeks 500,000 tons of wheat. 

 

 

Weather
and Crop Progress

 

 

 

MORNING
WEATHER MODEL COMMENTS

KEY
ISSUES OF THE DAY

• U.S.
  northern Plains and Canada’s Prairies experience freezes this morning
• Some
  damage to immature crops resulted

 

• Freezes
  will occur Wednesday morning from Manitoba and far northern Minnesota through North Dakota to Montana and from Wyoming to western Nebraska and eastern Colorado
• Damage
  to dry edible beans and sugarbeets are expected along with some immature summer crops in the west-central Plains

 

• Livestock
  stress will be high in eastern Colorado and some immediate neighboring areas today and Wednesday due to cold rain and wet snow

 

• Remnants
  of Typhoon Haishen have produced more heavy rain in northeastern China where the ground is already too wet and flooded from Typhoon Maysak that moved through the region last week

 

• Western
  Argentina remains too dry with little change likely, although rain will fall in southern and northeastern Argentina over the coming week

 

• Dryness
  in Europe will continue from France to Ukraine this week which will be good for summer crop maturation and harvesting and for planting of some winter crops

 

• Drought
  remains a concern for France, the middle and lower Danube River Basin, central and eastern Ukraine, Russia’s Southern Region and western Kazakhstan – little relief expected this week

 

• Flooding
  remains a concern for northeastern China’s corn and soybean country; the region must dry out for summer crop harvest – some damage to crops has likely occurred

 

• Australia
  still needs significant rain to support reproduction in Queensland, northern New South Wales and northern parts of Western Australia

 

• Mexico
  and Central America have trended much wetter recently and the trend will continue; relief from dryness in Honduras and Nicaragua is becoming more complete

 

• West-central
  Africa remains too dry especially in Ghana and eastern coffee and cocoa production areas of Ivory Coast

 

• Rain
  in South Africa during the weekend was good for wheat, barley and canola, but much more was needed

 

 

MORE
DETAILS FOR THE WORLD

 

• North
  America Cold Surge Overnight Stresses Livestock And Damages Crops
• Unseasonable
  cold settled through the Canadian Prairies and into the northern U.S. Plains overnight inducing some crop damage and more is expected tonight
• Extreme
  lows slipped to the 20s Fahrenheit in Montana and parts of Canada’s Prairies with a few upper teens noted as well.
  
• Freezes
  will occur Wednesday and parts of Montana to northern Minnesota and from Wyoming into western South Dakota, western Nebraska and northeastern Colorado
  
• Damage
  is expected to dry edible beans, sugarbeets, potatoes and some heavily irrigated late season crops
  
• Dryland
  crops will not be as seriously impacted because of heat and dryness in recent weeks has already advanced crops to maturity at the potential expense of yield