PDF attached

 

Morning.

 

Sharply
lower trade in the agriculture markets.  The USD is up sharply.  Profit taking should be noted in a risk off session with outside markets sharply lower led by energies and US equities.  Brazil domestic corn prices hit an all-time high and Anec downward revises
Brazil’s October corn export projection.  Palm was down 14 MRY while China soybeans rallied more than 1 percent and China palm & SBO were down 0.5 percent. 

 

 

 

Weather
and Crop Progress

 

Significant
precipitation will continue tonight through Wednesday in West Texas and the southern half of the Hard Red Winter Wheat Region bringing needed relief from dryness. Some flooding may occur though from central Oklahoma into south-central Kansas where some of
the greatest rainfall is expected. The precipitation will involve freezing rain and sleet tonight which will lead to additional travel delays and livestock stress and then will be mainly rain Wednesday, with some wet snow in the Texas Panhandle. Warmer and
drier weather in the first week of November will then lead to better conditions for fieldwork to advance.

  
         Tropical Storm Zeta has entered the Gulf of Mexico and will likely become a hurricane again tonight. Landfall is likely in southeastern Louisiana Wednesday evening as a Category 1 storm based on the Saffir-Simpson scale. The remnants of the system
will move northeast through Virginia by Thursday; however, moisture related to it will combine with the system coming out of Texas. This will cause heavy rain across the Delta Wednesday and into Alabama, eastern Tennessee, and Virginia both Wednesday and Thursday.
Fieldwork delays will occur and some flooding; however, a lengthy period of dry-biased conditions after this will then lead to improvement in fieldwork progress.

 

Source: 
World Weather Inc. 

 

Bloomberg
Ag Calendar

Wednesday,
Oct. 28:

  • EIA
    U.S. weekly ethanol inventories, production, 10:30am
  • Virtual
    Palm Oil Conference, day 2
  • HOLIDAY:
    Indonesia

Thursday,
Oct. 29:

  • USDA
    weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
  • Port
    of Rouen data on French grain exports
  • Vietnam’s
    General Statistics Office releases commodity trade data for October
  • International
    Grains Council monthly report
  • EARNINGS:
    ADM
  • HOLIDAY:
    Indonesia, Malaysia

Friday,
Oct. 30:

  • 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
  • U.S.
    agricultural prices paid, received, 3pm
  • HOLIDAY:
    Indonesia

Source:
Bloomberg and FI

 

 

 

 

 

Macros

 

Corn.

  • Corn
    futures are trading off a 14-month high on widespread commodity selling and lower US equity markets.  The USD was up 46 points as of 6:30 am CT. 
  • Corn
    open interest was up 9,105 contracts. 
  • Brazilian
    agricultural think tank reported late on Tuesday that domestic corn prices hit a fresh record, rising above the previous 2007 record, by hitting 81.48 reais ($14.49) per sack, up 28 percent so far in October alone.  
  • Brazil
    October corn exports could end up at 4.95 million tons (down from 5.5 million tone projected last week), according to Anec, while October soybean exports could reach 2.38 million tons (up from 2.32 previous week). 
  • Germany
    ASF: 94 cases since September 10 
  • The
    US EPA is considering changes to gas pump labeling for E15 ethanol blend as the biofuel industry believes the current labels are discouraging use of the fuel. 
  • A
    Bloomberg poll looks for weekly US ethanol production to be up 12,000 at 925,000 barrels (900-942 range) from the previous week and stocks up to 56,000 barrels to 19.777 million.

 

Corn
Export Developments

 

 

Soybean
complex
.