Good morning Farmer Family …
We received the Grain Stocks and Small Grain report from NASS yesterday.
The 2022 U.S. wheat harvest was smaller than previously forecast, the USDA said in its annual Small Grain Summary report.
All wheat production, indeed, totaled 1.65 billion bushels in 2022, up less than 1 percent from the 2021 total of 1.65 billion bushels.
Area harvested for grain totaled 35.5 million acres, down 4 percent from the previous year.
The United States yield was estimated at 46.5 bushels per acre, up 2.2 bushels from the previous year.
The levels of production and changes from 2021 by type were: winter wheat, 1.10 billion bushels, down 14 percent; other spring wheat, 482 million bushels, up 46 percent; and Durum wheat, 64.0 million bushels, up 70 percent.
That helped to tighten first quarter stocks to 1.776 bbu, or just up 2 mbu from last year and 17 mbu below estimates.
Analysts’ average estimate indeed, were 1.778 billion bushels, while 1.783 billion bushels were showed in the USDA’s August assessment.
Corn also found tighter-than-expected stocks, with the USDA pegging corn stocks at 1.377 billion bushels, down from trade expectations of 1.512 billion bushels, and 148 mbu below the WASDE’s balance sheet in September.
Implied Q4 use to finish the 21/22 season was 2.97 bbu, compared to 2.877 bbu used in Q4 of 20/21.
USDA revised 21/22 production 41 mbu lower to 15.074 bbu.
As for soybean, the agency upgraded its stocks assessment to 273.76 million bushels.
That was a 34 mbu increase from the WASDE report on the Sep 12th, and significantly higher than the average trade guess of 242 million bushels.
2021/22’s final quarter usage was implied at 698 mbu, compared to the 512 mbu finish to last year.
USDA revised the 21/22 production number to 4.465 bbu, which was up by 30 mbu from their prior figure.
Consequentially, after the report on US farm markets, wheat prices soared, though then faded into the close, on profit takings.
December Chicago SRW wheat prices, indeed, ultimately closed “just” 2.82% higher.
Kansas City HRW wheat prices went home with 2.56% gains.
Minneapolis spring wheat prices closed up by 1.66%.
Corn prices rallied 1.19%, but also in this case, profit taking pulled things back down some by the close.
Wheat and corn prices were also supported by Russia’s annexation of parts of Ukraine followed by increased U.S. sanctions.
Heightening Russia-Ukraine tensions, indeed, are raising doubts about whether the United Nations-supervised shipping corridor for Ukrainian grain would last.
The soybean complex, in contrast, spent the afternoon in retreat after the NASS data was released.
Particularly, soybeans ended the day with 3.26% losses.
Soymeal prices were 1.44% weaker at the close.
Bean oil prices ended the day down by 3.16%.
Corn prices, however, ended the week, milking out just a 0.12% gain, in December contract.
Soybeans felt pressure for much of the week, logging a 4.28% weekly decline, its biggest since the week ended June 24, 2022.
The product values were also weaker, as meal was down 8.34% for the week and soy oil down 2.46%.
The wheat complex was once again a bright spot, this week.
Chicago and Kansas City for the week, had a 4.66% and 4.31% net gain, respectively.
Meantime, Minneapolis gained 3.45% from Friday to Friday.
Going inside the numbers, for the week corn prices closed up $0.008 at $6.78/bu.
Soybean prices finished the week $0.610 weaker at 13.65/bu.
Soymeal collapsed by $36.7/smt, closing at $403.20 smt.
Soy oil, has shedded $1.65, to close at $65.35.
CBOT soft red winter (SRW) prices rose $0.410 to close at $9.22/bu.
KCBT hard red winter (HRW) prices gained $0.410, ending at $9.92/bu.
MGE hard red spring (HRS) prices lifted $0.328 to close at $9.82/bu.
Meantime, corn basis bids were mostly steady across the central U.S. on Friday but did tilt as much as 5 cents higher at an Ohio elevator and as much as 10 cents lower at an Illinois river terminal.
Soybean basis bids were steady to mixed after rising 5 cents higher at two Midwestern processors and spilling as much as 15 cents lower at an Illinois river terminal.
As for wheat, this week, basis was down in the Gulf except for SRW.
Basis in the Pacific Northwest (PNW) was mixed.
The market was mainly focused on geopolitics again this week.
The continued momentum in futures prices has kept farmer selling sluggish as they anticipate prices to continue rising.
Meantime, minimal export demand means grain merchandisers are in no rush to purchase grain from farmers, while grain traders are focused on soybeans this time of year.
The SRW Gulf basis, in contrast, rose significantly due mainly to barge transportation problems associated with low river levels.
Mississippi River barge rates, indeed, are 58% higher than a year ago, according to USDA’s weekly Grain Transportation Report (GTR).
Meantime, as at September 29, 2022, FOB prices saw US wheat No 2 Hard Red Winter (HRW) valued at $436/mt (down $7/mt from last week).
US wheat No 2 Soft Red Winter (SRW) was valued at $397/mt (down $2/mt from last week).
Northern Durum offers from the Great Lakes for November 2022 delivery was valued at $11.15/bu, unchanged week on week ($410.00/MT).
As for corn, US corn 3YC (Gulf) was at $322/mt (down $7/mt from last week).
As for soybean, US soybean 2Y (Gulf) quoted at $590/mt (down $17 from last week).
Ethanol cash prices from USDA’s weekly review were 11 to 16 cents/gal lower through the week to $2.17 – $2.40/gal regionally.
DDGS were shown UNCH to $31/ton higher regionally from $215 to $330/ton regionally.
USDA had B100 cash prices listed at $6.38/gal in MN for the week, down by 38 cents from the week prior.
On the other hand, after sessions close, Friday’s CFTC Commitment of Traders report showed managed money spec funds trimming 10,055 contracts from their net long in the week ending September 27 to 237,854 contracts.
Particularly, the funds closed out 18.8k longs and 8.8k shorts.
Commercials reduced short hedges and added long hedges in corn through the week, for a net 28.3k contract lighter net short of 433k contracts.
As for soybean, managed money soybean traders cut back their net long exposure in beans by another 9,860 contracts this week.
They were net long 94,831 contracts as of September 27, a 10-wk low.
Commercial soybean traders were adding long hedges via 12.3k contract for a reduced net short to 116,394 contracts – a 49 week low.
In soybean meal, the spec funds were 8,623 contracts less net long for a 93,545 contract net long.
Managed money was shown 58,417 contract net long in soybean oil as of 9/27, a 107 contract stronger net long through the week.
As for wheat, the report had SRW spec traders peeling back 1,306 contracts from their net short position to 14,397 contracts as of Tuesday evening.
For KC wheat, managed money was 23,905 contracts net long, a build of another 4,846 contracts on the week.
The report also showed short covering from MGE wheat specs, causing a 1,867 contract stronger net long of 4,236.
In energy markets, oil prices dipped on Friday.
However, they notched their first weekly gain in five, underpinned by the possibility that OPEC+ will agree to cut crude output when it meets on Oct. 5.
Brent crude futures for November, which expire on Friday, indeed, fell 53 cents, or 0.6%, to $87.96 a barrel.
The more active December contract was down $2.07 at $85.11.
U.S. West Texas Intermediate (WTI) crude futures fell $1.74, or 2.1%, to $79.49.
Both contracts had rose by more than $1 during the session but then dropped on news that OPEC’s oil output rose in September to its highest since 2020, surpassing a pledged hike for the month.
Brent and WTI, however, gained 2% and 1% on a weekly basis, marking the first weekly rise since August and following nine-month lows hit this week.
But prices finished the third quarter with chunky 23% and 25% declines respectively.
Meantime, according to the U.S. Commodity Futures Trading Commission (CFTC), money managers cut their net long U.S. crude futures and options positions in the week to September 27.
In ocean freight markets, the Baltic Exchange’s main sea freight index, rose on Friday and logged its best month in 2 years propelled by a corresponding rise in capesize and panamax demand.
The overall index, indeed, snapped its four-session long streak of declines to gain 3 points to 1,760.
It jumped about 82.4% for the month, its best since June 2020.
However, the main index registered a second straight quarterly dip, shedding 21.4%.
The capesize index also snapped a four-day long losing streak and added 1 point to 1,955.
For the month, it soared 547%, logging its best performance since June 2020.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore used in construction, were up $12 at $16,214.
Capesizes still lost about 20% for the quarter.
The panamax index rose 19 points, or about 1%, to 2,082.
It rose 71% on its best month since September 2013.
However, it also saw its second straight quarterly decline of about 16.2%.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $175to $18,742.
The supramax index fell 11 points to 1,663.
In equity markets, US stocks on Friday gave up an early advance and sold off for the remainder of the day.
Fed comments Friday were on the hawkish side, which pushed T-note yields higher and weighed on stocks.
Treasury yields initially eased a bit on Friday, letting off some of the pressure that’s built on markets, but then turned higher by late afternoon.
The yield on the 10-year Treasury rose to 3.81% from 3.79% late Thursday.
The two-year yield, which more closely tracks expectations for Fed action, rose to 4.23% from 4.19%.
Stocks were also pressured after U.S. economic news.
U.S. Aug personal spending, indeed, rose +0.4% m/m, stronger than expectations of +0.2% m/m.
Aug personal income rose +0.3% m/m, right on expectations.
The U.S. Aug PCE core deflator rose +0.6% m/m and +4.9% y/y, stronger than expectations of +0.5% m/m and +4.7% y/y.
Meantime, the U.S. Sep MNI Chicago PMI fell -6.5 to 45.7, weaker than expectations of 51.8 and the weakest level in 2-1/4 years.
Also, the University of Michigan’s U.S. Sep consumer sentiment index was revised downward by -0.9 points to 58.6 from the previously reported 59.5.
Finally, the 5-10 year inflation expectations were revised lower by -0.1 to a 17-month low of 2.7% from the previously reported 2.8%.
In this context, Wall Street closed out a miserable September on Friday with the S&P 500’s worst monthly skid since March 2020.
The benchmark index, indeed, ended the month with a 9.3% loss and posted its third straight losing quarter.
On Friday, the S&P 500 fell 54.85 points, or 1.5%, to close at 3,585.62, after flipping between small losses and gains in the early going.
It has now posted a weekly loss in six out of the last seven weeks.
The Dow Jones Industrial Average dropped 500.10 points, or 1.7%, to 28,725.51.
The Nasdaq composite slid 161.89 points, or 1.5%, to 10,575.62.
The tech-heavy index sank 10.5% in September and is down 32.4% so far this year.
Smaller company stocks also had a rough September.
The Russell 2000 ended the month down 9.7%.
On Friday, it lost 10.21 points, or 0.6%, to 1,664.72.
Cruise ship operator Carnival dropped 23.3% for the biggest decline among S&P 500 stocks.
Rivals Norwegian Cruise Line and Royal Caribbean Group slid 18% and 13.2%, respectively.
Nike slumped 12.8%, its worst day in more than 20 years.
The amount of shoes and gear in Nike’s inventories swelled by 44% from a year earlier.
Not all stocks took a beating in September.
Biogen soared 35%, but it was an outlier.
FedEx was among the market’s biggest losers, ending the month 29.6% lower.
Looking at the third quarter, which included a market rally in July, Netflix was among the best performers, climbing 34.6%.
But it’s still down 60.9% for the year.
In currency trading, the dollar rose against the euro on Friday but pared gains late in a session, as was muddied by quarter-end trading while riskier commodity-led currencies fell sharply after European inflation hit a record high and U.S. consumer spending increased faster than expected.
The dollar index, indeed, was down 0.08% on the day and this week, it was set for its first weekly decline in three weeks, as was down 0.899%.
For the month, the index however, posted a 3.15% gain, its biggest since April.
It also showed its biggest quarterly gain since the first quarter 2015, as was 7.2% higher.
So far this year, the dollar index has soared almost 17%.
Trading in currencies from countries that are heavily dependent on commodities reacted strongly to the hot inflation data on Friday due to concerns about demand and global economic growth.
Particularly, data on Friday showed euro zone inflation zoomed past forecasts to hit 10.0% in September, reinforcing expectations for another jumbo European Central Bank rate hike next month and the euro was down 0.10% at $0.98055.
The Swiss franc fell after the Swiss National Bank said it had intervened in the foreign exchange market in the second-quarter to support the currency.
The dollar rose 1.05% versus the franc.
New Zealand’s kiwi was down 2.24% and the Australian dollar was down 1.62.
Meantime, the U.S. dollar was up 1.04% against the Canadian dollar while, the pound, after touching $1.1235 , was last up 0.28% on the day at $1.11500.
Sterling rose against the dollar after falling earlier in the day.
After hitting a record low on Monday, the British currency was on track for a weekly gain after the Bank of England bought British government bonds, known as gilts, on Wednesday, Thursday and Friday.
Elsewhere, the dollar was up 0.2% against the yen at 144.765 , and has been mostly tracking sideways since early September.
Japan made its first yen buying intervention since 1998 last week to prop up its currency.
It spent a record 2.8 trillion yen ($19.7 billion), Ministry of Finance data showed on Friday, draining nearly 15% of funds it has available for intervention.
China’s yuan recouped come losses from from the previous day’s session after the central bank had told major state-owned banks to be ready to support the currency in offshore trading .
Turning to analyze other agricultural markets, in Canada, Canada’s wheat export volume doubled week-on-week.
Particularly, Canada exported 627.8k mt of common wheat in week 8 of the shipping season, sharply higher from 278.5k mt a week earlier.
Durum wheat exports, in contrast, were at only 27.7k mt, down from 77.2k mt a week earlier.
Producers’ deliveries of common wheat in week 8 of the shipping season, were at 547,10k mt.
That was weaker from 767.4k of a week erlier.
Deliveries of durum wheat also decreased to 97.0k mt down from 115.4k mt a week earlier.
Meantime, total Commercial Stocks of common wheat stood at 3.245,9k mt, down from 3.308,5k mt a week earlier.
As for durum, total commercial stocks were at 675,5k mt, up from 653,9k mt a prior week.
In this context, as at September 26, 2022, Canadian wheat prices for FOB delivery West Coast were (Cdn$/mt):
– for the N1 class CWRS 13.5% – $522.49 per tonne, up C$28.7/t from prior week;
– for the N2 class CWRS 13.0% – $513.38/t, up C$26.91 wow;
– for the N3 CWRS – $540.72/t, up C$32.78 from prior week.
As at September 26, 2022, for the N1 CWAD 13% (durum wheat first class) average street price were at C$413.37, rose by C$8.82 week on week.
The export basis West Coast & Central SK, also moved up, from C$ 139.50 to 151.14 a tonne.
Thus, delivered FOB price Great Lakes was posted at C$564.51.
That represent a C$20.46/t gain from prior week.
Per latest data from European Commission, as of September 28, 2022, Durum wheat – FOB CA St Lawrence (CWAD) was offerd at C$580.86/t, up C$23.63/t week on week.
As at September 30, 2022, for the N1 CWAD 13% (durum wheat first class), average street price in REGIONAL ZONES were at C$432.30 per tonne, up C$12.28 from prior week.
(1USD=Cnd$1.3830, up from 1.3591 a week earlier).
From South America, as at September 29, 2022 – Argentina Wheat Grade 2 export price, (Up River) was at $410, up $5/t from prior week.
Argentina corn feed was up $1/t for the week, closing at $296.
Brazilian corn feed (Paranagua) was valued at $284, was down $7/t from prior week.
Argentina feed barley, was down $10/t for the week to $310.
Argentina soybean was down $15 at $566.
Brazilian soybean was down $18, finishing the week at $593.
In Europe, December wheat prices on Euronext closed the week at 356.75 euros a tonne, up €10.5/t for the week.
November corn price, was up €2.5/t for the week, closing at 341 euros per ton.
Rapeseed Nov contract closed at €633/t, up €26.25/t for the week.
Nov-22 UK wheat feed contract, closed at £289.5/t, up £5.3/t week on week.
Meantime, as of September 29, 2022, FOB prices in US dollar for French wheat with 11.5% protein and Oct delivery, were at $349/mt, up $3 from prior week.
German wheat, Deposilo Hamburg, was valued at $321.47/t, down $7.99 from prior week.
Baltic wheat, delivery first Vilnius, was quoted $315.59, up $5.51 from prior week.
Spanish durum wheat Sevilla (Depo Silo), n.q. this week.
French durum wheat – delivered La Pallice Spot – July 2022 basis, this week was valued at $431.24/mt, down $4.8 from prior week.
French durum wheat – FOB Port la Nouvelle, this week was valued at $441/mt.
Italian durum wheat Bologna (Delivered to first customer), was valued $458.69/t, up $5.2 from prior week.
Corn, delivered Bordeaux Spot – July 2022 basis, was at $342.05 per tonne, up $1.93/t from past week.
Corn FOB Rhin Spot – July 2022 basis, was up $2.73 to $327.35/t.
Feed barley delivered Rouen was at 303.83$/t, down $0.44 per tonne.
Malting barley FOB Creil Spot – July 2022 basis was at $343.04 per tonne, up $3.89/t from prior week.
Rapessed FOB Moselle – 2022 harvest was at 600.8$/ton, up $13.59 compared to prior week.
Standard sunseed FOB Bordeaux – 2022 harvest was down 2.25$ from prior week at $656.67 per tonne.
(Eur/USD = 0.9801 vs last week 0.9690).
In Russia, as of October 5, the export duty on wheat will decrease to 2,119.0 from 2,476.6 rubles per ton a week earlier.
The duty on barley, also will decrease to 1,849.8 rubles from 2,152.6 rubles per ton a week earlier.
Also for corn it will down to 3,295.6 rubles from 3,659.9 rubles a week earlier.
This new duty rates will be in effect through October 11, inclusive.
The duties were calculated based on indicative prices: $308.1 per ton for wheat ($308.2 a week earlier), $282.3 for barley ($281.8), $317.6 for corn ($317.6).
From Australia, the collapsing protein outlook for Australia’s wheat has domestic and export buyers of new crop largely sitting out of the market as harvest cranks up.
It is already under way for wheat in Central Queensland (CQ) and canola in Western Australia’s Geraldton zone, and volume wheat and barley is expected to hit the bins in Queensland from mid-October.
A proliferation of wheat cargoes on nearby export stems indicates demand is hot for Australian wheat, helped by the weaker Australian dollar, but offset by recessionary concerns in many global economies.
While growers and traders are aware the La Niña event could well slow harvest and haulage, big stocks in New South Wales and WA are providing a buffer for consumers and exporters.
In this context, indicative delivered prices in Australian dollars per tonne for old crops past week were:
Barley Downs: $370, down $5 from Sep 23;
SFW wheat Downs: $375, down $5 from Sep 23;
Sorghum Downs: $365, down $5 from Sep 23;
Barley Melbourne: $368, down $2 from Sep 23;
ASW wheat Melbourne: $420, up $18 from Sep 23.
SFW wheat Melbourne: $400, up $20 from Sep 23.
Growers continued offering new crops.
Particularly, past week prompts were:
Barley Downs: $370, down $5 from Sep 23;
SFW wheat Downs: $392, up $7 from Sep 23;
Sorghum Downs: $345, down $5 from Sep 23;
Barley Melbourne: $368, up $8 from Sep 23;
ASW wheat Melbourne: $440 up $22 from Sep 23;
SFW wheat Melbourne: $400, up $20 from Sep 23.
(AUD/USD=> US$0.6403 vs. US$0.6526 prior week).
Main News of the Week
From South America, Brazil’s Abiove said crushing margins have weakened and turned negative resulting in a reduced daily output.
Brazil processes ~202k MT of beans per day under normal circumstances according to Abiove.
According to Embrapa, the government research agency, Brazilian wheat farmers could double the area planted with wheat.
The agency said that improved wheat varieties better adapted to the dry, hot climate of the Cerrado, a region near the Amazon rain forest, are already producing twice the national average.
If realized, the yield improvements would contribute to Brazil’s goal of boosting agriculture independence.
Brazil likely will produce 11.0 MMT of wheat this year, just 1.0 MMT short of the country’s 12.0 MMT domestic consumption.
Brazil imports most of its wheat from neighboring Argentina.
The Buenos Aires Grains Exchange maintained their estimate for 7.5m HA of 22/23 corn area, with planting progress 6% finished.
BAGE said wheat sowing was complete but corn plantings were underway, due to adverse planting conditions.
On this wake, the soybean area may grow as it’s planted later in the year.
Argentina is the world’s leading soy oil and meal exporter.
And as global demand for soybeans is growing, that could have some effects on wheat production too.
Meantime, BAGE reported their initial 22/23 wheat harvest as 17.5 MMT for Argentina, down by 22% yr/yr.
At the same time, BAGE expects soybean production to increase 15.5% following a larger planted area.
Argentine farmers have sold 13.9 million tonnes of soybeans since the launch of a preferential “soy dollar” exchange rate at the start of September, a measure which expired yesterday.
The government brought in on Sept. 5 a preferential exchange rate of 200 pesos per dollar for exporters to convert their earnings in foreign currency back to pesos, well above the controlled official rate now around 147 pesos.
From Europe, the European Commission on Friday cut its forecast for this year’s maize harvest in the European Union to 55.5 million tonnes from 59.3 million in late August, joining other forecasters in projecting a 15-year low for the drought-hit crop.
The 6.4% decrease marked the third sharp reduction in a row to the Commission’s monthly forecast for the maize harvest.
Meantime, the EU’s executive raised its forecast of EU maize imports in the 2022/23 season, to 21 million tonnes from 20 million expected a month ago, and lowered projected EU maize exports to 3.5 million from 4 million tonnes.
It also cut expected use of maize in livestock feed in the EU by 4.2 million tonnes to 60.5 million.
In contrast, the Commission raised its forecast of EU usable production of common wheat, or soft wheat, in 2022/23 to 127.0 million tonnes from 126.0 million last month, and increased estimated barley output to 51.5 million tonnes from 50.4 million.
It shifted some feed demand from maize towards soft wheat, which is now expected to provide 40 million tonnes for feed, 2.7 million more than forecast last month.
At the same time, it revised down total cereal use in feed to reflect lower expected pork, poultry and milk production.
Projected soft wheat exports in 2022/23 were kept unchanged at 36 million tonnes.
In oilseeds, the Commission revised up estimated rapeseed production in 2022/23 by 0.5 million tonnes to 19.3 million, and increased expected sunflower seed output by 0.4 million tonnes to 10.3 million.
Meantime, the FranceAgriMer reported 51% of the 22/23 crop was harvested through Sep 26.
That was up from 26% last week and compares to 2% at the same time last year.
Rouen reported 75,700 MT of corn shipments during the week of 9/28 – a near 50% drop off compared to the week earlier.
Surging gas prices and shrinking profit margins have led some fertilizer producers to cut production.
According to the German federal statistics office, Destatis, fertilizer prices nearly doubled in August compared to a year ago.
Russia’s Gazprom reduced its gas delivery to Europe this summer, leading to soaring gas prices on the continent.
“A mysterious” pipeline explosion this week further curtailed gas deliveries.
Higher fertilizer costs are just one of the fundamentals driving the volatility in grain markets.
From Russia, SovEcon, said that farmers had sown 8.6 million hectares of winter grain so far, 1.5 million hectares less than a year ago.
“This is the lowest area for this week since 2013.
The farmers need to speed up shortly, or we are likely to see a substantial decrease in the final area” the consultancy said.
IKAR, meantime, said fields were too wet to plant in some areas with more rain expected.
Worse, farmers are among the 300,000 Russians eligible to be drafted in Russia’s first mobilization since WWII.
News on Thursday that sanctions-hit VTB Bank has urged President Vladimir Putin to curb the activities of Western grain traders in Russia, has added morre caution about sourcing supplies from Russia and so, about Black Sea grain trade.
From the Middle Kingdom, China announced a plan to reduce port cargo fees by 20% for the Q4 of 2022.
On the international trade scene, Pakistan passed on all offers for its international tender to purchase 300.000t of wheat that closed earlier this week.
A similar tender is likely to be issued soon, especially considering the fallout from devastating floods that caused an estimated $30 billion in damages earlier this year.
South Korea purchased 60.000t of animal feed corn in a private deal on Friday after cancelling an international tender for a similar amount.
The grain is likely sourced from South American or South Africa and is for shipment in November.
Algeria’s state grains agency OAIC is believed to have bought about 300,000 tonnes of milling wheat in an international tender which closed on Thursday.
The purchase was expected to be largely sourced from Russia, although technically supplies are optional origin.
Talks had continued on Friday but it was unclear if more had been bought.
Most traders on Friday estimated the tonnage bought at about 300,000 tonnes, above most earlier assessments of 150,000 to 200,00 tonnes.
Watching next week’s market, the calendar switched to October, so next week, begins a new month also for trading.
October meal and bean oil are in deliveries, thus we will start to analyze December’s contracts.
Monday will be busy for the USDA, with the weekly Export Inspections data out on Monday afternoon and the Crop Progress report that night after the sessions close.
On Monday, we will also get monthly domestic use data via the Grain Crushing and Fats & Oils report.
Fast forward to Wednesday and the EIA will release their weekly report showing ethanol stocks and production.
We will also receive monthly trade data from Census.
On Thursday, we will see the weekly FAS Export Sales report in the afternoon.
Friday is the expiration day for October live cattle options, as well as October cotton futures.
That’s all, thank you.
We wish you a good day and a good weekend.
Author: Sandro F. Puglisi
