Auto Trader Ltd
Farminguk
27 July 2016 | Online since 2003
Less co2 Limited


30 August 2012 09:19:09|

Hurricane could damage already embattled US corn crop


Soycomplex
Sep 12 Soybeans closed at USD17.63 1/4, up 30 3/4 cents; Nov 12 Soybeans closed at USD17.53, up 30 3/4 cents; Sep 12 Soybean Meal closed at USD543.30, up USD9.10; Sep 12 Soybean Oil closed at 56.64, up 91 points. Fund buying was estimated at around 6,000 soybean contracts on the day as Nov 12 beans raced to fresh contract highs.
Meal finished close to all-time highs, with plenty of interest around even at current levels. Thai feed mills are rumoured to have bought up to 1 MMT of meal recently - possibly of South American origin. Indonesia and Vietnam are also in the market for meal, seeking 100 TMT and 200 TMT each for shipment towards the end of the year. The Chairman of US soybean export council said that the US could virtually run out of beans by the end of the 2012/13 crop year. The Chinese government will auction off another 400 TMT of soybeans tomorrow in an effort to contain rising prices. Weekly export sales tomorrow will be scrutinised for signs of a let up in demand. There may not be any, the trade is expecting soybean sales of 600-800 TMT.
Corn
Sep 12 Corn closed at USD8.10 1/4, up 20 3/4 cents; Dec 12 Corn closed at USD8.13 1/2, up 18 cents. Fund activity saw them end as estimated net buyers of around 12,000 corn contracts on the day. Concerns that the heavy rains and high winds associated with Hurricane Isaac could cause further damage to an already embattled US corn crop added support. Today’s weekly EIA report showed US ethanol production falling slightly in the past week.
The report also showed US ethanol stocks at 18.5 Million barrels, higher than last year's 17.9 million. Unlike soybeans there has been some evidence of demand destruction for corn, which is reflected in reduced demand from the ethanol sector and declining exports. Estimates for tomorrow's weekly export sales report for corn are 250-450 TMT. Tomorrow is Position day for September futures. Friday is month end and the last day of trading before the long Labor Day holiday weekend.
Wheat
Sep 12 CBOT Wheat closed at USD8.85 1/2, up 30 3/4 cents; Sep 12 KCBT Wheat closed at USD8.96 1/2, up 29 cents; Sep 12 MGEX Wheat closed at USD9.40 1/2, up 30 1/2 cents. Fund buying was estimated at around 5,000 Chicago wheat contracts on the day. The trade is pondering the outcome of a meeting on Friday between the Russian PM and his Ag Ministry, and the implications for wheat exports. An outright ban, such as the one infamously and spontaneously introduced in 2010 is not anticipated, but some form of export restrictions surely cannot be far away.
Prior to that there's a fair bit of interest around in wheat. Saudi Arabia are looking for 550 TMT of optional origin hard wheat for Dec/Feb shipment, having already bought 290 TMT for Oct/Nov recently. Syria seek100 TMT of optional origin milling wheat for Sep/Oct shipment. Tunisia today bought 150 TMT of optional origin wheat for Oct/Dec shipment. Estimates for tomorrow's weekly export sales report are 450-600 TMT.

Download

0 Comment

loginuserlogo
Name

Please enter your name


Email

Comment

Please enter your comment


Post Comment

Your comment submitted successfully.Please wait for admin approval.


Comments

No comments posted yet. Be the first to post a comment


Venezuela | 27 July 2016
Venezuela to reassign private, public workers to agriculture sector

Venezuela on Tuesday said private and public companies will be obliged to let their workers be reassigned to grow crops, in a dramatic move in the middle of the country's crippling economic crisis. ...


Ireland | 27 July 2016
Ministers ‘keen to secure’ best post-Brexit Irish agriculture deal

In the wake of the Brexit vote, farming interests in Northern Ireland are anxious to work with the Republic to secure the best deal for exports, according to Minister for Agriculture Michael Creed. ...


USA | 27 July 2016
Latest cattle reports hint at expansion slowdown

The July Cattle on Feed report confirms the feedlot situation continues to improve in 2016. That's the analysis of Derrell S. Peel, Oklahoma State University Extension livestock marketing specialis...


Australia | 27 July 2016
Green tape strangling farmers’ ability to live off the land

The Productivity Commission released a report last week into the regulation of agriculture. It slammed over-regulation of the industry, with the draft report making recommendations to improve efficien...


USA | 27 July 2016
Democrats say they want to support farmers, but what the heck does that mean?

When the Democrats were drafting their platform earlier this month, Connecticut’s Gov. Dan Malloy asked if anyone would dare to vote against a statement describing farming as a cherished way of life. ...



Trending Now

Viewed
Discussed


Top stories you may have missed
closeicon
Username
Password