FI Morning Grain Comments 09/09/20

Sep 9, 2020







PDF attached

 

Morning. 

 

Oil
share is giving back some ground this morning while soybeans were higher as of 7:45 am from the slowdown in deteriorating US crop conditions.  SBO deliveries were 453 where CHS stopped 325, Bunge stopped 127, and customer JP issued 453.  Bunge cancelled 34
meal receipts.  Malaysian palm oil fell 57 MYR and cash was down $15.00/ton.  China’s soybean futures complex was lower.  Offshore values were leading CBOT sharply lower by 88 points and meal $0.80 lower.  USD was up 7 points earlier and WTI crude oil up nearly
$0.70.  China booked 13.53 million tons of U.S. soybeans through Aug. 27, for delivery in 2020-21, which started Sept. 1. Another 1.1 million tons have been booked since then.  Overnight we heard they bought 9-11 cargoes (private and state)
on Tuesday.  CBOT corn and wheat are lower.  Thailand bought 25,000 tons of feed barley.  Japan received no offers for feed wheat.  Apparently, President Trump directed the EPA to deny dozens of refiner requests for retroactive waivers from concerns the issue
was costing him politically, according to three sources via a Reuters article. RIN prices are expected to trade higher today. 

 

 

 

Weather
and Crop Progress

 

 

 

 

 

 

 

 

Bloomberg
Ag Calendar

TUESDAY,
Sept. 8:

  • USDA
    weekly corn, soybean, wheat export inspections, 11am
  • U.S.
    crop condition, harvesting progress for soybeans, corn, cotton, 4pm
  • Malaysian
    Palm Oil Council webinar on Middle East, North Africa palm trade
  • Abares
    Australian crop report

WEDNESDAY,
Sept. 9:

  • Brazil
    Unica cane crush, sugar production (tentative)

THURSDAY,
Sept. 10:

  • EIA
    U.S. weekly ethanol inventories, production, 10:30am
  • Malaysian
    Palm Oil Board’s end-Aug. palm oil stockpiles, production, export data
  • Malaysia
    palm oil export data for Sept. 1-10
  • Conab’s
    data on production, area and yield of soybeans and corn in Brazil

FRIDAY,
Sept. 11:

  • (Overnight)
    China agriculture ministry’s (CASDE) monthly report on supply and demand
  • USDA
    weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
  • USDA’s
    monthly World Agricultural Supply and Demand (Wasde) report, noon
  • 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
  • New
    Zealand food prices

Source:
Bloomberg and FI