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Aug 31, 2021

Export Markets Under Pressure After Hurricane Hits

Crop progress report shows weather less important for improved yields with harvest underway

US Crop Progress Report as of August 29

  • The spring wheat crop was 88% harvested versus the 71% average.

  • Oat harvest was 92% complete with barley harvest 85% done.

  • Corn conditions were steady with 9% of the crop mature, which is near the average at 10%.

  • Soybean conditions improved marginally, and 9% of the crop was dropping leaves.

  • Harvest is underway in the Delta with Hurricane Ida causing delays and disruptions in the export market.

  • Next week, winter wheat planting progress will be released.

FBN’s Take On What It Means: Weather is becoming less important for improved yields in the US with harvest underway in the south and crops maturing in the north. Damage from Hurricane Ida is thought to likely have been centered on export facilities rather than significant crop damage, but strong winds could have lodged some fields. US spring wheat harvest is nearly wrapped up with quality remaining solid and protein levels above average.

FBN
FBN

Brazil Crop Conditions

  • DERAL reported Parana corn harvest at 64% complete versus 39% last week and 63% last year.

  • The agency expects production near 6 million tonnes which is below the CONAB estimate at 6.5 million and down from 11.5 million last year.

  • Brazil’s overall harvest progress is 76% complete compared to 69% last week and 82% last year.

  • The export shipping lineup was reported at 1.239 million tonnes, down from 1.850 million last year and 1.787 million last year.

  • DERAL projects the 2021/22 Parana bean crop to be the second largest on record at 21 million tonne 19.8 mmt in 2020/21

  • Paraguay shipments along the Parana River are being light loaded and causing delays due to the drought.

FBN’s Take On What It Means: Brazil’s second corn harvest is wrapping up with first-corn season plantings underway, and some rainfall would be welcome. Exports have been trending lower as demand has stagnated and Northern Hemisphere harvest has begun.

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Kevin McNew

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Magazine

Marketwatch: Dec, 04

cmdty National Corn Price Idx: ZCPAUS.CM

open: 5.6684
high: 5.7321
low: 5.6559
close: 5.7046

cmdty National Soybean Price Idx: ZSPAUS.CM

open: 12.266
high: 12.366
low: 12.2585
close: 12.34

cmdty National Hard Red Winter Wheat Price Idx: KEPAUS.CM

open: 8.1277
high: 8.243
low: 7.9921
close: 8.0144

cmdty National Soft Red Winter Wheat Price Idx: ZWPAUS.CM

open: 7.6225
high: 7.7249
low: 7.4749
close: 7.5391