FI Morning Grain Comments 10/29/21

PDF attached

 

Good
morning

 

USDA:
Private exporters reported sales of:

279,415
metric tons of corn for delivery to Mexico during the 2021/2022 marketing year

132,000
metric tons of soybeans for delivery to unknown destinations during the 2021/2022 marketing year

222,350
metric tons of soybeans received during the reporting period for delivery to unknown destinations during the 2021/2022 marketing year.

 

The
USD is up 40 points and crude oil $0.70 lower.  Soybean complex is higher along with nearby corn, but we speculate prices could turn lower as soybeans are up a good amount from this time last week.  Wheat is taking a breather.  News is extremely light this
morning.  We look for US crop harvesting progress to be up less than 10 points for both corn and soybeans when updated on Monday. 

 

 

Weather

 

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR OCTOBER 29, 2021

• No
  major changes in the world overnight.
• U.S.
  harvest progress in the Midwest and southeastern states was on hold because of rain.
  
• Some
  of the delays in fieldwork will continue this weekend as rain lingers in the eastern Midwest, but cool weather into next week will limit drying rates.
  
• Freezes
  in the northern half of the Midwest and northern and central Plains this weekend into next week will not have a negative impact on any crops.
  
• Dry
  conditions will prevail in the west-central and southwestern U.S. Plains
• The
  latest data from the western United States still shows water reservoir levels dismally low despite the past week of rain in northern California.
  
• In
  Brazil, weather conditions will remain nearly ideal for the advancement of planting and crop development.
  
• Argentina
  still has a dryness problem, but if rain falls as advertised in the next couple of weeks there may be enough moisture to limit moisture stress for parts of the nation.
  
• More
  rain will still be needed in Argentina.
• Some
  welcome rain occurred in eastern Australia Thursday and periodic rain will continue through the next two weeks improving the outlook for summer crop planting.
  
• Winter
  crops will need to be closely monitored in eastern Australia for signs of too much moisture.
  
• The
  Black Sea region will continue drier biased for a while longer as will eastern Europe.
  
• Western
  Europe will be trending wetter in this coming week
• China
  will experience a good mix of weather over the next two weeks
• India
  will be wet in the south but dry in the central and north.
• South
  Africa benefited from rain Thursday but needs more throughout summer crop areas. 

 

Bloomberg
Ag Calendar

Friday,
Oct. 29:

• 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
• Vietnam’s
  General Statistics Office releases October trade data
• FranceAgriMer
  weekly update on crop conditions
• U.S.
  agricultural prices paid, received, 3pm

Friday,
Oct. 29:

• 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
• Vietnam’s
  General Statistics Office releases October trade data
• FranceAgriMer
  weekly update on crop conditions
• U.S.
  agricultural prices paid, received, 3pm

Monday,
Nov. 1:

• Australia
  Commodity Index, 1:30am
• USDA
  export inspections – corn, soybeans, wheat, 11am
• U.S.
  corn for ethanol, DDGS production, 3pm
• USDA
  soybean crush, 3pm
• U.S.
  cotton condition; corn, soy and cotton harvesting; winter wheat planting, 4pm
• Malaysia’s
  October palm oil export data from AmSpec and SGS
• Honduras
  and Costa Rica monthly coffee exports
• Global
  cotton balance report from International Cotton Advisory Committee