Global Ag News for Nov 11

 TODAY—VETERANS DAY—

Overnight trade has SRW Wheat up roughly 1 cent, HRW up 2; HRS Wheat up 2, Corn is up 1 cent; Soybeans up 8;  Soymeal up $2.50, and Soyoil up 35 points.

Chinese Ag futures (January) settled up 59 yuan in soybeans, up 15 in Corn, up 50 in Soymeal, up 104 in Soyoil, and up 116 in Palm Oil.

Malaysian palm oil prices were up 93 ringgit at 3,349 (basis January) supported on ideas of tight supplies.

South America Weather Forecast: The Brazilian growing regions over the 6 to 10 day period continues with showers and thunderstorms bringing fair to good amount of rainfall to 95% of the growing areas. Temps will run close to average. The Argentine growing regions over the 6 to 10 day period continues with light to moderate rainfall favoring the far northeastern growing areas with things quiet elsewhere. Temps will run near average before cooling for the weekend and early next week.

U.S. Weather Forecast: The 6 to 10 day forecast has dry weather dominating the Plains and Midwest. Temps go back up to above average for most of next week.

The player sheet had funds net buyers of 9,000 contracts of SRW Wheat; bought 57,000 Corn; bought 33,000 Soybeans; bought 9,000 Soymeal, and; net bought 5,000 lots of Soyoil.

We estimate Managed Money net long 50,000 contracts of SRW Wheat; long 364,000 Corn; net long 278,000 Soybeans; net long 100,000 lots of Soymeal, and; long 105,000 Soyoil.

Preliminary Open Interest saw SRW Wheat futures down roughly 4,400 contracts; HRW Wheat down 1,600; Corn up 33,600; Soybeans up 14,300 contracts; Soymeal up 2,700 lots, and; Soyoil up 3,100.

Deliveries were 110 contracts for Soybeans.

There were no changes in registrations—Registrations total 109 contracts for SRW Wheat; ZERO Oats; Corn 1; Soybeans 297; Soyoil 1,808 lots; Soymeal 193; Rice 417; HRW Wheat 113, and; HRS 1,195.

Tender Activity—Turkey seeks 550,000t optional-origin wheat—Algeria seeks 50,000t optional-origin wheat—

Brazilian crop agency Conab raised its forecast for soybean production for the 2020-2021 growing season as farmers are expected to plant a larger area with crop amid strong demand from China and good prices.

Brazilian meat processor BRF SA said the government’s cash aid program to help the poor during the COVID-19 pandemic bolstered its performance in its domestic market in the third quarter.

Argentina agro-export companies and grains port workers are still far from reaching a salary agreement, a port chamber source said, prolonging strikes that continue to impact shipments.

Ukraine has harvested 55.3 million tons of grain from 13.8 million hectares, or 90% of the sown area, as of Nov. 9, Ukraine’s economy ministry said; it said farmers had completed the wheat and barley harvest and collected 19.6 million tons of corn from 4 million hectares, or 72% of the sown area.

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