TODAY – EIA WEEKLY PETROLEUM STATUS REPORT
Wheat prices overnight are down 3 1/4 in SRW, down 2 in HRW, down 4 in HRS; Corn is down 3/4; Soybeans down 3 1/2; Soymeal up $0.11; Soyoil down 0.17.
For the week so far wheat prices are down 34 1/2 in SRW, down 41 3/4 in HRW, down 37 in HRS; Corn is down 1 3/4; Soybeans up 23 3/4; Soymeal up $0.97; Soyoil up 1.08. For the month to date wheat prices are down 7 in SRW, down 2 1/2 in HRW, down 14 1/2 in HRS; Corn is up 36 1/2; Soybeans up 138; Soymeal up $69.10; Soyoil up 1.18.
Chinese Ag futures (MAY 22) Soybeans down 91 yuan ; Soymeal down 30; Soyoil unchanged; Palm oil up 14; Corn down 14 — Malasyian Palm is down 77. Malaysian palm oil prices overnight were down 77 ringgit (-1.61%) at 4695.
There were no changes in registrations. Registration total: 1,900 SRW Wheat contracts; 39 Oats; 50 Corn; 244 Soybeans; 143 Soyoil; 0 Soymeal; 92 HRW Wheat.
Preliminary changes in futures Open Interest as of December 28 were: SRW Wheat down 1,867 contracts, HRW Wheat down 1,306, Corn down 5,378, Soybeans down 963, Soymeal down 1,587, Soyoil down 1,823.
The player sheet for Dec. 28 had funds: net sellers of 7,500 contracts of SRW wheat, sellers of 9,500 corn, sellers of 1,500 soybeans, buyers of 1,500 soymeal, and sellers of 1,500 soyoil.
TENDERS
- WHEAT TENDER: Egypt’s General Authority for Supply Commodities (GASC) set a tender to buy an unspecified amount of wheat from global suppliers for shipment from Feb. 15 to March 3, with payment at sight.
PENDING TENDERS
- WHEAT TENDER: Jordan’s state grain buyer issued an international tender to buy 120,000 tonnes of milling wheat, which can be sourced from optional origins
- BARLEY TENDER: Jordan’s state grains buyer issued an international tender to purchase 120,000 tonnes of animal feed barley
- WHEAT TENDER: Iraq’s state grains buyer issued a tender to buy a nominal 50,000 tonnes of milling wheat with a limited number of trading companies asked to offer
ETHANOL: U.S. Weekly Production Survey Before EIA Report
Output and stockpile projections for the week ending Dec. 24 are based on six analyst estimates compiled by Bloomberg.
- Production seen higher than last week at 1.055m b/d
- Stockpile avg est. 20.762m bbl vs 20.705m a week ago
Ukraine grain exports in 2021/22 up 21.1% to 31.6 mln T
Ukraine has exported 31.6 million tonnes of grain so far in the 2021/22 July-June season, up 21.1% from the same stage a season earlier, agriculture ministry data showed on Wednesday.
That included 15.7 million tonnes of wheat, 5.2 million tonnes of barley and 10.3 million tonnes of corn, the data showed.
Agriculture minister Roman Leshchenko said this month the country harvested a record 84 million tonnes of grain in clean weight this year, up from 65 million tonnes in 2020.
The ministry has said grain the 2021/22 exports could include 24.5 million tonnes of wheat, 30.9 million tonnes of corn and 5.2 million tonnes of barley.
Ukraine’s exports last season included 23.1 million tonnes of corn, 16.6 million tonnes of wheat and 4.2 million tonnes of barley.
Rising Costs to Squeeze Corn, Soybean Profitability
Rising input prices mean that corn and soybean profitability next year will depend on continued strength in output prices, University of Illinois’ Scott Irwin and Joe Janzen say. “Rising input costs, particularly for fertilizer, are squeezing projected margins.” They say demand for the US grains in global markets “remains somewhat uncertain,” while exports “will determine the level of ending stocks for this marketing year and the state of play for the 2022 crop.” The say that current data “corroborates the idea that soybeans will meet export projections, but presents a cautionary note for corn.”
LATAM CROP WEATHER: Rain May Hamper Soy Harvest in Center Brazil
Excessive precipitation from Dec. 31 to Jan. 6 may hamper the start of soybean harvesting in Mato Grosso, Brazil’s main growing area, according to Marco Antonio dos Santos, a meteorologist at Rural Clima.
- Rain will be above average in central and northern Brazil during that period, hampering fieldwork
- In the nation’s south, only light and irregular rain is expected, not enough to restore moisture in parched crops
- “The second straight year of La Nina has been enhancing dryness in South Brazil”: Santos
ARGENTINA SOY & CORN
- About one-third of the nation’s crop will be favored by showers in 6-10 day forecast: Commodity Weather Group
- In next 5 days, water deficit seen spreading to half of soybean and corn crops
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