9/24/2019 6:57:12 AM
- China trade officials were touting a ‘good outcome’ to preliminary trade talks at meetings last week.Higher level negotiations are still on for October.And China bean buying was active yesterday.
- Sept 30th USDA will put out the Sept 1 quarterly stocks report.
- U. S. Dollar index +.011 @ 98.623, Dow futures +91 @ 27,054, Crude Oil futures -.64 @ $58.00.
- Export inspections for last week totaled only 9.212 mil bushels.Last year for this week US corn exports were at 53.2 mil bushels.
- Weekly crop progress report shows US corn harvest 7% complete, compared to 11% average.Crop ratings were up 2 pts to 57% G/E. Corn dented was at 79% vs 94% average.
- Most forecasts have freeze threats pushed back to around Oct 7th.
Outlook: most areas will see early corn harvest halted for a few days until fields dry out again. Corn still needs a demand story. The weekly export loadings were the lowest since back in 2013! And a far pittance compared to last year. Corn ratings improved last week, and the board is lower overnight. Calls: 2 lower
- Rumors circulated yesterday morning that China was inquiring for US beans again, some said another 1.0 mil tons of interest. Wire reports said up to 600k tons had traded for Oct/Nov shipment off the PNW. China has provided 2-3 million tons of tariff-free waivers to companies for buying US origin beans.
- Weekly soybean export inspections were 33.898 mil bushels.
- G/E soybean ratings were unchanged at 54%.
Outlook: talk that China bean interest was returning and that more quotas for tariff-free beans were being doled out caused beans to return quickly to the upside. Spreads also tightened, as shipments are scheduled for Oct/Nov. Calls: steady
- Brazil may import up to 750k tons of tariff-free [non Mercusor] milling wheat by the end of the year, according to Ministry officials.
- Weekly export inspections last week were 17.496 mil bushels. Current marketing year to date all wheat loadings total 294.1 mil bushels, versus last year at 240.5 mil.
- USDA weekly progress report shows HRS harvest at 87% complete vs 97% average. N. Dakota 85% and Montana at 80% are the remaining areas of concern.
- Winter wheat sowing put at 22% complete versus 24% average.
Outlook: flat price strength in Minneapolis Dec was again featured leading the wheat markets yesterday. Chicago and KC both slid into negative territory. Spring wheat cash basis remains firm. Calls: 1-4 lower