FI Morning Grain Comments 09/14/20

 

File attached

 

Morning. 

 

USDA
reported additional corn and soybean sales this morning. Agriculture markets were higher at the electronic pause on follow through buying.  Fundamental news was light.  USD was down 31 points earlier and WTI crude oil down about $0.30. 
We
heard China bought at least 4 cargoes of US Gulf soybeans since Friday and at least 3 cargoes out of the PNW. 
Palm
oil was very strong on Monday, up 3 percent, on renewed fund buying.  Saudi Arabia bought wheat, Jordan seeks wheat and Taiwan is in for corn.  US crop conditions are expected to be unchanged to little changed when reported this afternoon.  US temperatures
will be drier and warmer this week, facilitating harvesting progress.  We will get a US national corn harvest progress figure this afternoon. 

 

 

 

 

 

 

 

 

Weather
and Crop Progress

 

MARKET
MOVING WEATHER ISSUES

•            
Eastern Australia winter and spring crop areas will get rain this week

•            
Western Australia will continue dry out

•            
Western Argentina dryness will prevail

•            
U.S. southeastern crops will be vulnerable to Tropical Storm Sally Tuesday into Friday

•            
Drought will prevail from Ukraine to Kazakhstan and Russia’s Southern Region

•            
Drought will continue in southeastern Europe

•            
Brazil may experience a boost in pre-monsoonal showers and thunderstorms in center west and center south crop areas after Sep. 20; the GFS may be a little too aggressive, but scattered showers are expected Sep 20-27

•            
Western Europe will get some needed rain this weekend into next week

•            
China’s greatest rains will diminish, but alternating periods of rain and sun will continue

Source:
World Weather Inc. 

 

 

Bloomberg
Ag Calendar

MONDAY,
Sept. 14:

• USDA
  weekly corn, soybean, wheat export inspections, 11am
• U.S.
  crop conditions report, 4pm
• Vietnam
  Customs data on exports of coffee, rice and rubber
• Monthly
  MARS bulletin on crop conditions in Europe
• Heilongjiang
  Soy Association holds a summit in Harbin
• EU
  weekly grain, oilseed import and export data
• Ivory
  Coast cocoa arrivals
• International
  Palm Oil Sustainability Conference, Sept 14-22
• HOLIDAYS:
  Costa Rica, Nicaragua, Venezuela

TUESDAY,
Sept. 15:

• Australia’s
  Abares releases quarterly agricultural commodities report
• Malaysia
  palm oil export data for Sept. 1-15
• France’s
  agriculture ministry to publish crop estimates
• World
  Agri-Tech Innovation Summit, Sept. 15-16
• New
  Zealand global dairy trade auction