close [X]

Jul 09, 2021

Markets Mixed Heading into Weekend

Weekly Export Sales for week ending July 1 were overall light

Weekly Export Sales for the Week Ending July 1

  • Wheat sales came in at just under 11 million bushels and were up from the previous week at 8 million; sales favored HRS.

  • Old- + new-crop corn sales came in at 14.6 million bushels and were up notably from the previous week; weekly exports totaled 51 million bushels.

  • Old- + new-crop soybean sales were light at 6.7 million bushels and were down significantly from the previous reporting week.

  • Soybean sales were solid with old crop at 211,800 tonnes and new crop at 55,800 tonnes.

  • Upland cotton sales were light at 52,000 bales but were above last week’s total. New-crop sales were solid at 177,000 bales.

  • There were no sorghum sales on the books.

  • China for the week had fresh sales for wheat, soybeans, and cotton.

FBN’s Take On What It Means: Export sales were overall light; wheat sales largely have been disappointing but this was expected. With larger crops in the EU and Ukraine plus a massive crop expected for Russia, the US will have difficulty gaining export sales for HRW. Rumors are that China is sourcing new-crop feed grains from other countries, which underscores its strong demand. Cuts to Brazil’s second corn crop also are a plus for potential export business for the US.

FBN
FBN

Reuters Poll for EU+UK Wheat Production

  • A Reuters poll showed the trade looks for the EU crop to be around 130 million tonnes, or up 11% versus a year ago.

  • The UK crop could be up 50% versus last year.

  • Soft wheat production for the EU + UK is seen at 145 million tonnes versus 127 million tonnes last year.

  • That is higher than USDA’s JUne forecast for all wheat at 137.5 million tonnes.

  • While production totals are expected to be higher, quality concerns are starting to appear.

  • Wet weather has delayed harvest in France, the EU’s top producer, with harvest generally expected to be a bit later than usual for the EU.

FBN’s Take On What It Means: The larger crop from the EU is not a surprise and will keep competition strong on the export front. China again has been buying French soft wheat for feeding which is a sign that the country still is in need of sourcing feed grains.

FBN Market Advisory services are offered by FBN BR LLC, dba FBN Brokerage, FBN BR and FBN Market Advisory (NFA ID: 0508695)

The risk of trading futures and options can be substantial and may not be suitable for all investors. Past performance is not necessarily indicative of future results.

This is not an offer or solicitation in any jurisdiction where we are not authorized to do business or where such offer or solicitation would be contrary to the local laws and regulations of that jurisdiction, including, but not limited to, persons residing in Australia and Canada.


Kevin McNew

Recently Added to Buyer's Guide

Ultra Scoop

  • 20,000 bushels/hour
  • 40-foot inclined conveyor

TruGro Weight Management for Pets

  • Plant-based ingredient solution for pet food, treats, and supplements
  • Standardized, polyphenol-rich botanical extracts containing compounds naturally occurring in green tea leaves

Access Platforms

  • Anti-slip access platforms to reach elevated process equipment safely
  • Modular system includes braced frames which can be bolted to floor

HP FiberBoost©

  • Contains functional fibers produced specifically for dietetic use in piglets
  • Fiber stimulates gut and eases transition at weaning

Huve Check-Feed

  • On-site screening test to detect monensin, including Monovet® 90, in feedstuffs
  • Produces accurate, reliable results without adding microtracer particles to feed for detection methods

VM-13.3 G

  • Industrial-grade 13.3-inch LCD monitor
  • Full HD resolution: 1920 x 1080 (1080p/60)

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