FI Morning Grain Comments 10/06/20

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

All
figures in percent: