FI Morning Grain Comments 10/08/21

PDF attached

 

Good
morning.

 

Higher
trade after China resumed trading after a one-week holiday.  We are hearing there is Chinese interest for soybeans.  Global vegetable oil markets have been on fire this week.  Rapeseed futures hit a contract high overnight.  China soybeans
rallied 3.4%.  Malaysian palm futures settled at 4,966 ringgit; 117 points higher for the day. The December palm contract was up 10 percent this week. CBOT grains are higher in part to strength in soybeans. Global wheat demand is steady. Wet weather in northern
China is delaying corn harvest progress. France’s corn harvest is way behind normal.  US RINs have been firming recently. Argentina’s markets are closed Friday and Monday for local holidays. 

 

 

 

 

 

Weather

 

7-day

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR OCTOBER 8, 2021

• Rain
  is expected to continue expanding across Brazil during the next couple of weeks.
  
• The
  moisture will be most significant from Paraguay and Parana to Minas Gerais initially and the region will be plenty wet if not a little too wet at times.
  
• Coffee,
  citrus and sugarcane will share in the moisture along with grains and coffee flowering will expand.
  
• U.S.
  weather is expected to be wet biased in the Dakotas, Minnesota, Wisconsin, Iowa and Nebraska during the coming week with a small storm system expected this weekend in northern parts of that region and a larger storm expected during the middle part of next
  week.
• Some
  heavy rain is expected in the upper Midwest. 
• West
  Texas cotton areas will experience relatively good weather for the next couple of weeks
  
• The
  U.S. southeastern states will finally start drying out after a very rainy period this week.
  
• Some
  of the north-central U.S. rain will also impact Manitoba and far eastern Saskatchewan Canada during the coming week
• Drought
  will be eased
• No
  relief from dryness is expected in the remainder of Saskatchewan, southern or eastern Alberta or the northwestern U.S. Plains
• In
  Australia, rain is expected in the east during the coming week
• Argentina
  will continue struggling for greater rainfall.
• Northern
  China will begin drying out
• India’s
  greatest rain will be in the south.
• Recent
  rain in southeastern Europe improved soil moisture and winter crop planting potentials from Italy into the western Balkan Countries.
  
• Rain
  will return to western Ukraine, far western Russia, Belarus and the Baltic States next week
  
• Tropical
  Storm Lionrock is expected to impact southern China and northern Vietnam. 
• A
  new tropical cyclone will form in the Philippines Sea this weekend and move toward Taiwan and the southeastern provinces of China
• Xinjiang,
  China will warm up and experience less rain in the next week to ten days, although some showers will still occur for a little while

 

Bloomberg
Ag Calendar

Friday,
Oct. 8:

• Labor
  Department’s September jobs report
• ICE
  Futures Europe weekly commitments of traders report (6:30pm London)
• CFTC
  commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
• China’s
  CNGOIC to publish supply-demand reports on corn, soybeans, and other commodities
• FranceAgriMer
  weekly update on crop conditions

Monday,
Oct. 11:

• Malaysian
  Palm Oil Board data for September stockpiles, production and exports, 12:30pm Kuala Lumpur time
• Malaysia
  Oct. 1-10 palm oil exports
• Ivory
  Coast cocoa arrivals
• HOLIDAY:
  Argentina, Canada

Tuesday,
Oct. 12:

• USDA’s
  monthly World Agricultural Supply and Demand Estimates (WASDE) report, noon
• USDA
  export inspections – corn, soybeans, wheat, 11am
• China
  farm ministry’s CASDE outlook report
• U.S.
  crop conditions – corn, cotton, soybeans; winter wheat planted, 4pm
• AHDB
  grain market outlook conference
• French
  agriculture ministry’s crop production estimate
• EU
  weekly grain, oilseed import and export data
• Vietnam
  customs to release September commodity trade data
• HOLIDAY:
  Brazil

Wednesday,
Oct. 13:

• China’s
  first batch of September trade data, including imports of soybeans, meat and edible oils<