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Weekend rainfall pressures soybeans
Soybeans were sharply lower on speculative and commercial selling. Parts of the Midwest saw rain over the weekend and there’s a chance for cooler temperatures this week. USDA reports that as of Sunday, 93% of soybeans are blooming, compared to 84% last year and 85% for the five year average while 71% is at the pod setting stage, compared to 46% last year and 53% on average, and 29% of the crop is rated good to excellent, unchanged on the week. Still, the fundamental outlook is pretty solid with China buying 106,000 tons of new crop U.S. beans Monday morning. Soybean meal and oil followed beans lower. Celeres, via Dow Jones Newswires, projects Brazil’s 2012/13 soybean crop at a record 78.1 million tons, an 18% year to year increase as planting rises 8.1% to meet international demand.
Corn was modestly lower on commercial and fund selling, along with spillover from beans. At this point, changing weather won’t do much good for most of the U.S. corn crop and the market’s in demand rationing mode with updated supply and demand estimates out Friday morning. According to the USDA, 98% of corn is silking, compared to 90% both last year and on average, with 61% at the dough making stage, compared to 27% a year ago and 30% on average, 26% denting, compared to 6% last year and 7% on average, and 6% mature, compared to 2% both last year and on average. As of Sunday, 23% of corn is in good to excellent condition, down 1% from last week. Ethanol futures were lower. Celeres, via Dow Jones Newswires, estimates Brazil’s 2012/13 corn crop at a record 76.45 million tons, with acreage up 2.8% and yield increasing 7.7%.
The wheat complex was mostly firm with Chicago leading the way up on commercial demand. The fundamentals continue to look bullish as wheat watches world crop weather issues and weather related losses. For the winter wheat crop, 88% is harvested, compared to 82% last year at this time and 87% on average, while for spring wheat, 47% is harvested, compared to 4% last year and 12% for the five year average with 63% called good to excellent, unchanged from a week ago. European wheat was lower on the early losses in Chicago but the E.U. losses were limited by continued concerns about Black Sea region yields and caution ahead of Friday’s USDA numbers. According to DTN, Saudi Arabia purchased 290,000 tons of hard wheat and Iran picked up 240,000 tons of milling wheat.
2012-08-06 15:38:10
Source: http://brownfieldagnews.com/2012/08/06/weekend-rainfall-pressures-soybeans/
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