Global Ag News for Sep 21

TODAY – USDA CROP PROGRESS: Corn Conditions 59% G/E, Soybeans 58%

Wheat prices overnight are down 2 1/2 in SRW, down 1 1/4 in HRW, down 1 3/4 in HRS; Corn is down 3 3/4; Soybeans up 3/4; Soymeal down $0.07; Soyoil up 0.41.

For the week so far wheat prices are down 8 1/4 in SRW, down 12 in HRW, down 6 1/2 in HRS; Corn is down 9; Soybeans down 18 3/4; Soymeal down $0.24; Soyoil down 1.00.

For the month to date wheat prices are down 24 in SRW, down 13 1/4 in HRW, down 11 1/4 in HRS; Corn is down 16 1/4; Soybeans down 29 1/4; Soymeal down $6.50; Soyoil down 3.47.

China markets are closed for holiday.

Malaysian palm oil prices overnight were up 21 ringgit (+0.50%) at 4194.

Brazil Grains & Oilseeds Forecast: Rio Grande do Sul and Parana Forecast: Scattered showers through Tuesday. Mostly dry Wednesday. Isolated showers Thursday, north Friday. Temperatures above normal Monday, near to above normal Tuesday, near to below normal Wednesday-Thursday, near normal Friday. Mato Grosso, MGDS and southern Goias Forecast: Mostly dry through Wednesday. Isolated showers in Mato Grosso Thursday-Friday. Temperatures near to above normal through Friday.

Midwest corn, soybean and winter wheat forecasts: West: Scattered showers Monday, south Tuesday. Mostly dry Wednesday-Thursday. Isolated showers north Friday. Temperatures above to well above normal Monday, near to above normal Tuesday, near to below normal Wednesday-Thursday, near normal Friday. East: Isolated showers through Wednesday. Isolated showers east Thursday. Scattered showers Friday night. Temperatures above normal through Tuesday, near to below normal Wednesday-Thursday, near normal Friday. 6 to 10 day outlook: Isolated showers Saturday. Mostly dry Sunday-Wednesday. Temperatures near normal Saturday-Sunday, near to above normal Monday-Tuesday, above normal Wednesday.

The player sheet for Sept. 20 had funds: net sellers of 6,000 contracts of  SRW wheat, sellers of 3,500 corn, sellers of 9,500 soybeans, sellers of 3,000 soymeal, and  sellers of 4,000 soyoil.

There were no changes in registrations. Registration total: 1,180 SRW Wheat contracts; 2 Oats; 17 Corn; 1 Soybeans; 365 Soyoil; 1 Soymeal; 1,275 HRW Wheat.

Preliminary changes in futures Open Interest as of September 20 were: SRW Wheat down 1,118 contracts, HRW Wheat up 314, Corn up 197, Soybeans up 3,108, Soymeal up 2,497, Soyoil up 1,510.

TENDERS

• WHEAT TENDER: Algeria’s state grains agency OAIC issued an international tender to purchase a nominal 50,000 tonnes of durum wheat
• WHEAT TENDER UPDATE: The lowest price offered in the tender from Pakistan to purchase 500,000 tonnes of wheat which closed on Monday was believed to be $383.50 a tonne c&f

PENDING TENDERS

• WHEAT TENDER UPDATE: Bangladesh’s state grains buyer received the lowest price offer assessed at $421.19 a tonne CIF liner out in an international tender to purchase and import 50,000 tonnes of wheat, which closed on Sept. 16
• WHEAT TENDER: Morocco’s state grains agency ONICL issued a tender to import about 363,000 tonnes of U.S.-origin soft wheat under a preferential tariff import quota
• WHEAT FLOUR TENDER: The state purchasing agency in Mauritius issued an international tender to buy 47,000 tonnes of wheat flour to be sourced from optional origins
• WHEAT TENDER: Jordan’s state grain buyer issued an international tender to buy 120,000 tonnes of milling wheat sourced from optional origins
• WHEAT TENDER: The Taiwan Flour Millers’ Association issued an international tender to purchase 49,580 tonnes of grade 1 milling wheat to be sourced from the United States

 TODAY

USDA CROP PROGRESS: Corn Conditions 59% G/E, Soybeans 58%

• Corn harvest 10% vs 4% last week, and 8% a year ago
• Corn 59% G/E vs 58% last week, and 61% a year ago
• Corn dented 93% vs 87% last week, and 94% a year ago
• Corn mature 57% vs 37% last week, and 56% a year ago
• Soybeans 58% G/E vs 57% last week, and 63% a year ago
• Soybean drop leaves 58% vs 38% last week, and 56% a year ago
• Soybeans harvested 6% vs 5% a year ago
• Winter wheat planted 21% vs 12% last week, and 19% a year ago
• Winter wheat emerged 3% vs 3% a year ago
• Cotton 64% G/E vs 64% last week, and 45% a year ago
• Cotton harvested 9% vs 5% last week, and 10% a year ago
• Sorghum 56% G/E vs 57% last week, and 51% a year ago

U.S. Inspected 403k Tons of Corn for Export, 275k of Soybean

In week ending Sept. 16, according to the USDA’s weekly inspections report.

• Corn: 403k tons vs 159k the previous wk, 768k a yr ago
• Soybeans: 275k tons vs 193k the previous wk, 1,391k a yr ago
• Wheat: 563k tons vs 567k the previous wk, 503k a yr ago

U.S. Corn, Soybean, Wheat Inspections by Country: Sept. 16

Following is a summary of USDA inspections for week ending Sept. 16 of corn, soybeans and wheat for export, from the Grain Inspection, Packers and Stockyards Administration, known as GIPSA.

• Mexico was the top destination for corn, soybeans and wheat
• China was the destination for 140k tons of corn

Ukraine Crop Yields Seen Up Y/y; Mixed in Turkey: MARS

After a difficult start during sowing in autumn, favorable conditions during the rest of the season helped most winter crops in Ukraine achieve good yields above the five-year average, the EU’s Monitoring Agricultural Resources unit wrote in a report on Monday.

• Too much rain in southern and central parts of Ukraine delayed harvesting and likely hurt quality
• Warmer-than-normal weather in July didn’t harm corn crops, but yield potential for sunflowers in the northeast was reduced
• Yield outlook (in tons per hectare):
  • Wheat seen up 22% y/y to 4.64
  • Barley +17% to 3.77
  • Corn +36% to 7.65
  • Sunflower +12% to 2.26
  • Soybeans +13% to 2.32
  • Rapeseed +21% to 2.79
• In Turkey, wheat and barley yields should fall from a year earlier, while corn yields will increase
  • Winter yields are slightly below the five-year average

Kazakhstan upgrades 2021 grain harvest in 2021 to 16 from 15.3 mln tons – Interfax Kazakhstan General Newswire

This year’s grain harvest is expected to total about 16 million tonnes, Minister of Agriculture Yerbol Karashukeyev said.

“According to information provided by the regional governors, the gross grain harvest will come to about 16 million tonnes [this year],” he told a Tuesday meeting of the government.

Karashukeyev said earlier that the 2021 grain harvest in the republic would amount to 15.3 million tonnes due to dry weather and droughts. Kazakhstan’s grain harvest totaled 20.063 million tonnes in clean weight in 2020 compared with 17.4 million tonnes in 2019.

Kazakhstan lowers grain export forecast for 2021-2022 to 6-6.5 mln tonnes – Interfax Kazakhstan General Newswire

Kazakhstan will export 6-6.5 million tonnes of grain and flour in grain equivalent in the 2021-2022 marketing year, Prime Minister Askar Mamin said.

“We can export 6-6.5 million tonnes,” Mamin said at a Tuesday meeting of the government.

The Kazakh Ministry of Agriculture said earlier that the country’s grain export potential for 2021-2022 was estimated at 6.5-7 million tonnes.

Brazil 2021/22 Soy Planting at 0.1% as of Sept. 16: Agrural

Pace of soybean planting is still slow due to lack of humidity in soil in most areas, AgRural says in emailed report.

• It’s too soon to talk about delays, since planting usualy picks up only in October
• Summer corn seeding is at 22% as of Sept. 16, compared to 16% in previous week and 23% in previous year

EU Summer-Crop Yields Edge Lower on Hot, Dry Weather: MARS

Hot, dry weather in southern Europe is paring the yield outlook for summer crops, the EU’s Monitoring Agricultural Resources unit wrote Monday in a report.

• Countries including Italy, Hungary, Romania and Bulgaria suffered from heat and dryness
• Meanwhile, plenty of rain in eastern Germany and Poland aided summer crops there

EU crop monitor cuts 2021 maize, spring barley yield forecasts

The average grain maize yield in this year’s European Union harvest is expected to reach 7.78 tonnes per hectare (t/ha), down from a projected yield of 7.90 t/ha in August, the EU’s crop monitoring service said on Monday.

MARS also cut its forecast for the spring barley yield to 4.23 t/ha, from 4.30 t/ha seen last month, while the projected EU sugar beet yield was kept unchanged at 75.0 t/ha.

Ukrainian Ammonia Maker Odesky to Halt Output as Gas Prices Soar

Ukrainian state-run ammonia producer Odesky Pryportovyi Zavod decided to halt production amid soaring prices for natural gas and low prices for ammonia and urea, Deputy CEO Mykola Shchurikov says in post on Facebook. The plant, based near Odessa, will halt production from Sept. 22

WHEAT/CEPEA: Harvesting pace steps up; expectations for higher supply press down values

The harvesting of wheat crops is in progress in all Brazilian regions, and in southern Brazil, the major wheat-producing area in the country, activities began to step up. Expectations for higher supply drove purchasers away from the national spot market. These agents believe that, in this context, prices may drop. Also, as due dates for payment of debts are near, some farmers may have higher cash flow needs. As for wheat by-products, liquidity has increased in the market of wheat bran, but not in that for wheat flour.

Data from Conab (Brazil’s National Company for Food Supply) show that, until Sept. 11, 4.7% of wheat crops had been harvested in Brazil, behind that in the same period last season (10.9%). In Goiás, activities have reached 85% if the state area; in Minas Gerais, 67%; in São Paulo, 20%; in Paraná, 1%; and in Santa Catarina, 0.1%.

A report from Seab/Deral shows that, until Sept. 11, 2% of the area in Paraná had been harvested. In Rio Grande do Sul, according to Emater/RS, 1% of the crops are in the maturation stage; 37%, in the grains-filling stage; 39%, flowering; and 23%, in the vegetative development stage.