Oct 12, 2021

Markets Under Pressure Ahead of WASDE Report

Brazil soybean planting reaches 10%

Brazil Soybean Planting Reaches 10%

  • AgRural reported Monday that Brazil’s 2021/22 soybean crop reached 10% planted.

  • It was up 6 points from the previous week and ahead of the 3% at this point in time last year.

  • Sowing was helped by rain in a large portion of the country.

  • Mato Grosso and Parana, Brazil’s major grain-producing states, led the planting progress.

  • Brazil’s first corn crop reached 38%, up 5 points from last week and mostly inline with last year.

FBN’s Take On What It Means For The Farmer: Brazilian farmers had been waiting for better planting conditions, as low humidity had been a problem. However, rainfall across the country favored fieldwork in regions where planting was already advanced and in those that had seen slow starts due to subpar conditions. Corn also made good progress, though too much humidity in southern Brazil slowed it there somewhat.

FBN
FBN

Sovecon Cuts Ukraine Corn and Russia Wheat Crops

  • Research firm Sovecon on Monday cut its 2021 estimates for Ukraine’s corn crop and Russia’s wheat crop.

  • Ukraine’s corn estimate was cut by 1.2 million tonnes to 38.4 million.

  • Russia’s wheat estimate was cut by 0.1 million tonnes to 75.5 million tonnes.

  • European corn prices have risen over the past few days as E.U. and Ukrainian harvests are delayed.

FBN’s Take On What It Means For The Farmer: Ukraine reported last week that their corn harvest reached 4.2 million tonnes to reach 14.4% done. The pace was about twice as fast at this time last year. The harvest in France, the E.U.’s largest producer, is also very delayed: 8% done versus 47% a year ago. Harvest delays and China’s demand could complicate Europe’s balance sheet, though prices need to rise more to encourage imports from other origins.

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Kevin McNew

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Magazine

Marketwatch: Oct, 24

cmdty National Corn Price Idx: ZCPAUS.CM

open: 5.1374
high: 5.1867
low: 5.1249
close: 5.1668

cmdty National Soybean Price Idx: ZSPAUS.CM

open: 11.801
high: 11.861
low: 11.7324
close: 11.7679

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

open: 7.4043
high: 7.5443
low: 7.3993
close: 7.5365

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

open: 6.9986
high: 7.0999
low: 6.9861
close: 7.0671