10/1/2019 7:24:32 AM
- Snow in Western North America halted wheat harvest while drier weather in Russia is being nervously watched as winter wheat is being seeded.
- The Ukraine shipped 13.59 mmt from July through September, a 49% increase. Wheat shipments were up 61% at 8.63 mmt according to Ukraine’s Ag minister.
- China is on holiday today celebrating 70 years of communist rule.
- Outside markets as of 6:33 am CDT: The Dollar was up 52 at 99.429. Crude oil is up $0.65 at $54.72, the Dow Jones is up 96.58 at 26,916.83 and gold off $0.40 at $1465.30. The Hang Seng and Shang Hai Composite were closed today, the Nikkei was up 129.04 points at 21,885.
- Corn was weaker overnight, trading in a 2 ¼ cent range. Resistance is at $3.93 ½ while support is at $3.82 ¾.
- The crop progress report puts the corn crop at 43% mature vs 73% last year at this time. The crop is 88% dented vs 98% for the five-year average. The corn crop is 11% harvested vs the five-year average of 19%.
- The quarterly stocks report pushed corn higher yesterday coming in at 2.114 billion bu.
- Funds were buyers of an estimated 30,000 contracts yesterday leaving them net short 138,900 contracts as of September 30th.
Outlook: Corn 2 to 4 cents lower on profit taking.
- Soybeans traded narrowly higher overnight after reaching a new 2 month high at $9.09. Support for November soybeans lies at $8.82 with resistance at $9.17 ¼.
- Palm oil was up 32 ringgits settling at 2167 ringgits.
- There was no trade in soybeans in China as they are on holiday.
- The crop progress has 7% of the soybean crop harvested vs the five-year average of 20%, while 55% of the crop is dropping leaves vs the five-year average of 76%.
- Strength in soybeans yesterday was also linked to China buying an additional 1 mmt of soybeans from the US for shipment November through January.
Outlook: Soybeans steady to 2 cents higher on China buying.
- Wheat was mostly lower overnight on profit taking.
- Rains in South America will slow wheat harvest; however, they will benefit soybean planting.
- Paris milling wheat was .25 euro higher at 175.00 euros.
- The winter wheat crop is 39% planted vs the five-year average of 38%. The spring wheat crop is 90% harvested vs the five-year average of 99%.
- Taiwan bought 110.3 tmt of US wheat yesterday.
- Jordan canceled a tender for 120 tmt and will retender next week.
- Turkey was offered 32 tmt of durum at a price of $303.00 per tonne c&f.
Outlook: Chicago 3 to 5 cent lower, KC wheat 4 to 6 cents lower, and Mpls 2 to 4 cents higher on weather.