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Wheat expands profits, corn

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Wheat expands profits, corn

Soybeans were mixed and most were reasonably low. Beans had short-term delays in some areas, in addition to planting in South America, and adjusted spreads while watching US harvesting activity. On the US side, 79% of US soybeans are harvested, with an average of 81% over five years. According to AgRural, 52% of Brazilian soybean crops are planted, compared to 38% last week and 42% last year. A major problem for South America is the impact of the imminent La Niña weather patterns. China bought 132,000 tonnes of 2021/22 US soybeans on Monday morning. Export inspections were about 2.3 million tonnes, but export inspections, mainly to China and Mexico, decreased both weekly and yearly. In adjusting the product spread, soybean meal was low and soybean oil was high. According to the USDA, 164 million bushels of soybeans were crushed in September, a decrease of 4 million bushels a month and 7 million bushels a year. Canola futures were higher for farmers who were slow to sell in Canada.

Corn was strong in commercial and technical purchases. Corn monitors planting and development status in Argentina and Brazil, as well as harvesting activity in the United States. According to the USDA, 74% of US corn is harvested, compared to an average of 66%. According to AgRural, 63% of the first corn in Brazil was planted, compared to 53% a week ago and 54% a year ago. Brazil’s first crop is the smaller of the two major crops, and the second crop is planted after the soybean harvest. Ethanol demand is improving and US price advantage should help exports and sales. Export inspections decreased weekly and yearly, and the pace of 2021/22 continued to follow 2020/21. Mexico and Japan topped the weekly list. Ethanol futures did not change. According to the USDA, September corn for ethanol was 475.13 million bushels, down 2% from August and up 1% from September 2020. On the other hand, DDGS production was 1,761,034 tons, a decrease of 4% from the previous month, but an increase of 1% from last year.

The Wheat Complex surged on commercial and technical purchases, with Chicago, Kansas City and Minneapolis all closing on contract in December. A major impetus continues to be tight global supply and rising global prices. Demand for wheat in the United States is not very high, but global demand is strong, with Saudi Arabia buying about 1.3 million tonnes of wheat from unspecified sources and offering very high offers in Egypt’s weekly bids. It is reported that. Russia’s wheat prices rose again last week, as did export tariffs. Both Chicago and Minneapolis contracts in December hit multi-year spot highs and their new contract highs. Most short-term forecasts have precipitation in the central and southern parts of the US Plain, which can miss parts of the arid region. As of Sunday, 87% of US winter wheat has been planted, averaging 86% and 67% appearing. In contrast, this time of year is usually 68%, with 45% of crops being called good to good, 1% less. From last week. Trade also monitors the weather for planting in Russia and Ukraine, as well as the development status in Argentina and Australia. According to the USDA, wheat crushed in the third quarter of 2021 was 230.8 million bushels, up 3% from the second quarter of 22021 but down 1% from the third quarter of 2020. Almost five months after the marketing year, wheat inspection lags behind last year’s marketing year. The main destinations last week were Mexico and Honduras.



Wheat expands profits, corn

https://brownfieldagnews.com/market-news/wheat-extends-gains-corn-up/ Wheat expands profits, corn

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