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With harvest essentially wrapped up in the US, today's crop progress and conditions report only included wheat updates. Winter Wheat Planting %: 91% last week, 95% expected, 94% this week. Winter Wheat Condition Ratings (% g/ex): 44% last week, 46% expected, 49% this week.
This afternoon Reuters was reporting that Brazil is set to announce agreements in agriculture with China on Wednesday. This according to the Brazilian Agriculture Minister. The story out of Brazil a week ago quotes the Ag Minister as saying: "If Trump Clashes with China, Brazil Will Seize the Opportunity". It is now looking like these deals will focus on livestock, at minimum, but grains still may be on the table.
This morning private exporters reported the following sales activities:
-30,000 mt of soybean oil for delivery to India during 2024/2025
-261,264 mt of soybeans for delivery to Mexico during 2024/2025
-135,000 mt of soybean cake and meal for delivery to the Philippines during 2024/2025
Corn and soybean export inspections today were on the higher side of expectations, however wheat exports fell short of the low end of estimates. Marketing year to date soybean export inspections for shipment to all destinations total 642 million bushels, up 54 million bushels or 9% from the previous year's pace, and up 65 million bushels from the seasonal pace needed to hit USDA's target for the year. The past week's shipments were the lowest in five weeks, after peaking in late October, but they still remain above both the previous year's weekly pace, as well as the seasonal pace needed to hit USDA's target. Marketing year to date corn export inspections for shipment to all destinations total 357 million bushels, up 86 million bushels or 32% from the previous year's pace, and 30 million bushels above the seasonal pace needed to hit USDA's target.
It will be 1,000 days tomorrow since Russia invaded Ukraine. La Nina impeding production in Argentina may give wheat a bounce, but the only way we are going to see significant moves in the wheat market in my mind are if we see things overseas heat up with Russia and Ukraine.
Funds were thought to have been all buyers today.
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