China Downgrades Production Estimate For Summer Grain
The National Bureau of Statistics in China has cut its estimate for summer grain by 2.2% to 138.72 MMT. Heavy rains all through last fall and winter delayed wheat planting and a cold growing season hurt yields, the Bureau states. Rapeseed production also fell 1.9% to 11.85 MMT as Beijing looks to source more and more foreign oilseeds. China’s summer grain is predominantly wheat but also includes buckwheat, barley, potatoes, and yellow peas.
Export Sales Announcement
Private exporters reported to the U.S. Department of Agriculture export sales of 199,500 metric tons of soybeans for delivery to Pakistan during the 2018/2019 marketing year.
Subsoil Moisture Falling in Some States Despite Strong Conditions Ratings
Even though nationally, corn and bean ratings are 72% and 69% G/E respectively, areas all across the Corn Belt are beginning to show signs of drought stress.
N MO and E KS remain severely dry, where the US Drought Monitor lists the area being under “exceptional” drought. Nationwide, 37% of the lower 48’s land was pegged as short or very short on subsoil moisture, a 5% increase from last week.
Heavy Thunderstorms Expected In E NE, W IA
Storms are expected to form over the Nebraska-South Dakota border and to move east from there towards Iowa. Hail and high winds remain a threat to crops in the area and there could be minor flooding of the Missouri River. In the Eastern Corn Belt, significant rainfall of 2-3 inches is expected to fall across IN, OH, and MI, as well as into the Mid-South.
The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)
