PDF attached

 

Morning.

 

USDA
announced sales of 154,400 tons of soybeans to unknown for 2020-21 delivery.  Soybeans are up sharply on technical buying despite rapid US harvesting progress and an unchanged good/excellent condition.  Corn conditions improved one point and one quarter of
the crop had been cut.  Malaysian palm oil appreciated over 3.5 percent overnight, up 97 MRY to 2818, in part to a report that palm oil prices will be higher amid lower production from La Nina effects.  Offshore values this morning were leading CBOT soybean
oil 15 lower and meal $2.10 higher. 
IMEA
projected Brazil’s Mato Grosso soybean production at 35.87 million tons, up 700,000 from previous.  Japan is in for 118,428 tons of food wheat.  More than 50 percent of the US wheat crop had been planted (52 vs. 47 average). 

 

USDA
trade estimates attached

 

 

 

 

 

 

 

 

 

Weather
and Crop Progress

 

SA Week 1 Accum Precipitation (mm) Forecast

 

All
figures in percent:



Category

Analyst
average

Analyst
range

USDA
last week

USDA
this week

Corn
harvested

26

23-28

15

25

Corn
condition*

61

61-61