9/10/2019 6:39:47 AM
- Brazil has started free trade talks with Mexico, according to Brazil’s deputy economy minister for foreign trade.
- USDA announced details yesterday of their disaster aid program (WHIP+) covering various disasters that have occurred over the last two years. Signup begins September 11th.Details are available on their Press Release.
- USDA’s September S&D report will be released Thursday, at 11:00am CT.
- Outside markets as of 7:00am CT: Dollar down 138 at 98.441, Crude Oil up $.60 at $58.45, Dow down 22 at 26818 and Gold down $11.00 at $1500.10.
- The Good/Excellent rating for corn declined 3 points to 55% this past week. Illinois dropped 8 points to 38% G/E.11% of the crop is estimated to be mature, compared to the 5 year average of 24%. Percent harvested will be included in next week’s report.
- USDA announced yesterday a sale of 651.6tmt corn to Mexico; 590.8tmt for 2019/2020 and 60.8tmt for 2020/2021.
- Corn inspections for export were 590tmt, 65% above last week’s 357.7tmt.
- There were 724 corn deliveries announced Friday evening.
- Outlook: Corn made new contract lows yesterday, but a 3 pt reduction in the Good/Excellent rating gave us a gap higher in overnight trading.
- Soybeans were 55% Good/Excellent, unchanged from last week. 92% are setting pods compared to the 99% average for this date. The “Dropping Leaves” estimate will be included next week.
- Soybean inspections were 906tmt, down from last week’s 1290tmt.
- There were 401 soybean, 111 soymeal and 30 soyoil deliveries.
Outlook: November soybeans formed a “doji” pattern yesterday after spiking below recent support and have found follow-through buying to start the day.
- 71% of Spring wheat is harvested compared to the 5 year average of 87%.Winter wheat planting progress will be included in next week’s report.
- ABARE lowered their estimate of Australia’s wheat production by 2.7mmt to 19.2mmt, due to continued dryness in eastern areas.
- 11.4% protein HRW wheat bids jumped 27 cents yesterday on the KC bid sheet, bringing it in line with higher proteins, 43 cents above Ordinary proteins.
- South Korea’s Cheil bought 76tmt U.S. wheat for December 20 – January 20 shipment.
- Wheat inspections were 402.4tmt, down from last week’s 558.5tmt.
- There were 7 deliveries in KC wheat, 20 in Chicago and 13 in MPLS.
Outlook: Australia production estimate below 20mmt brought buying yesterday and follow-through overnight.