7/17/2019 6:28:53 AM
- Extended weather models continue to forecast a change to cooler temperatures for the cornbelt after this weekend, but precipitation remains below average.
- Outside markets as of 7:00am CT: Dollar down 58 at 97.317, Crude Oil up $.60 at $58.22, Dow up 17 at 27345 and Gold down $5.20 at $1406.00.
- Brazil and India will meet later this year to discuss a partnership in ethanol trade; India has a goal of increasing their ethanol blending rate to 20% over time.
- The Rosario Board of Trade raised their estimate of Argentina’s corn crop 1mmt to 51mmt. USDA is currently estimating 50mmt and BAGE is at 48mmt.
Outlook: Corn continues to respect support at the uptrend line formed from the start of July.
- Oil World estimated the EU’s rapeseed imports could increase 1.3mmt, to a total of 5.6mmt, because of the increasingly likely small crop there.
- Rusagro in Russia reported that their first shipment of soybeans to China has occurred.
- Nearby soybeans on China’s Dalian market traded to within 4 cents of contract lows in last night’s trade, and settled 10 ¼ cents lower.
Outlook: Prices have recovered from overnight losses to post small gains in light volume.
- Egypt’s GASC is tendering for wheat for August 21st to 31st shipment, optional origin. The lowest offer was $198.50/tonne for Ukrainian wheat.
- South Korea said it has not found any GMO wheat or flour in its imports from the U.S., but will continue testing.
- Russia’s grain union estimates their wheat exports could reach as high as 40mmt this year. USDA lowered their estimate to 34.5mmt in last week’s report.
- Russia’s Ag Ministry said they have a proposed strategy for investments of approximately $70 billion in their grain infrastructure, that could increase their grain production to as high as 150.3mmt by 2035. This year’s crop is estimated at 118mmt.
Outlook: Wheat prices are struggling under harvest pressure, but corn lends some support.