Dryness Concerns in Brazil
There has been concerns of dryness in Mato Grasso as producers begin planting.
In the overnight session corn was unchanged, soybeans traded 5 1/4 cents higher and wheat improved 2 1/2 cents.
Brazil’s key growing state of Mato Grasso is seeing dryer than normal planting conditions as Brazilian producers ramp up planting. Over the last thirty days the majority of Mato Grasso is 3 ½ or more inches behind normal rain fall totals. Weather models are projecting a wet week for central Brazil, with an inch of precipitation possible across the majority of key growing areas. This should work to neutralize dryness concerns in the short run for central Brazil.
Egypt’s state grain buyer GASC is expected to announce the result of their most recent tender today. Traders indicate that French, Russian, and Romanian wheat was offered with no offers from the United States. Staying on the wheat front, Syrian officials have announced they will import up to 1 million tonnes of wheat this marketing year as the country’s civil war has cut domestic production in half. Yesterday’s export inspections report showed that 481 thousand tonnes of U.S. wheat was inspected for export last week, right in line with trade expectations.
Crop progress was released last night which showed that harvest is now complete for 31% percent of corn area which was right around analyst expectations. This years pace lags the five year average of 53% percent by this time of the year. Last week the amount of harvested acres in the U.S jumped only 7 percent.
Soybean harvest progress also came in on pace with expectations, reporting 53% harvested compared to a five year average of 66%. Over the last week harvested acreage improved by 13 percent.
Weather throughout the grain belt should be clear today with some slight showers coming into the picture in the western grain belt on Wednesday. Any delays due to the precipitation should be minor. Friday should usher in more precipitation before the forecast clears up over the weekend.
Soybeans Take a Technical Break
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Grains Bounce on Light News
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Grains Move Another Leg Higher
Corn and soybeans moved another leg higher today. Today we discuss the move and what prices may offer resistance to further gains. Crop progress was released after the closing bell, showing corn and soybean pace still lagging.
Mycotoxin Report:October 13
We are happy to announce the release of our new Monday Mycotoxin Report app for iPhone and Android users. If you would like to download the app and get weekly notifications of our videos, visit http://NeoMycoReports.mobapp.at
If you would like to participate in our report, please contact us at 1-800-234-5333 to learn how to get involved.
To learn more about Neogen's integrated myxotoxin monitoring program, visit http://www.neogen.com/FoodSafety/pdf/
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Corn/Beans Drift Higher Into USDA Numbers
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Breaking Dollar Helps Grains
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Markets Push Sharply Higher
Tune in to see Cody and Logan discuss the rally in corn, soybeans and wheat today. Cody and Logan discuss the soybean meal situation, talk about the next resistance levels for corn/soybeans and discuss export sales expectations for tomorrows report.[Read More]
Soybean Meal Continues Higher in the Overnight
In the overnight session the grain inched higher with corn up 2 ¾ cents, soybeans up 5 ½ cents and wheat up 4 ¼ cents going into the pause in trade this morning.[Read More]
Surging Soymeal Boosts Soybean Futures
Soybean Surge Continues
Corn, soybeans and wheat have continued to move higher following yesterday’s technical breakout for soybeans. Coming into the morning trade break soybeans is up 15 cents, wheat is up 7 cents, and corn is up. A surging spot soymeal market as contributed to strength out of soybeans. Just in...[Read More]