- Oil market are stronger on tightening crude oil stocks. Crude oil up 98 cents at 71.44/barrel.
- US$ down 0.152 at 92.4471, gold down 3-4 bucks and CD$ a freckle lower at 0.78815.
- DJIA down 24 at 34559, S&P up 3 at 4447.
- NOPA crush report estimates: 154.183 mb of soybeans crushed in August with oil stocks expected to be near 1.555 billion pounds.
- The corn market traded higher overnight on followthrough from yesterday.
- There were 17 deliveries against the September contract with last date assigned 9.14.21.
- Funds were reportedly long 204k contracts.
- South Korea’s KFA bought 68k tonnes of optional origin corn for Dec arrival at $326.39/tonne C&F.
- China corn prices were ½-cent weaker overnight.
- Spreads: Z/H 7 ¾ carry, H/K 4 ¾ carry.
Outlook: higher on followthrough from yesterday with gains limited from bigger crop ideas and increased harvest activity
- The soybean market traded higher on continued demand for beans and strength in oil and edible oil markets. Gains limited on possible harvest pressure as harvest activity gains momentum.
- Deliveries: 1 soybean with last date assigned 8.30.21, 80 soyoil with last date assigned 9.10.21, zero soymeal.
- Funds were reportedly long 55k beans, 48k soyoil and short 4k soymeal.
- Palm oil firmer on decent export demand. Nov closed up 94 ringgit at 4,329 ringgit.
- China beans: No 1 down 16 ½ cents, No 2 up ½ cents, meal up 30 cents, oil 45 points higher and palm oil 142 firmer.
- Argentine farmers were said to have sold nearly 30.0 mmt of their 2020/21 soybean crop.
- Spreads: X/F 9 ¼ carry, F/H 4 carry.
Outlook: higher trade on steady demand and strength in energy and palm oil
- The wheat market traded higher on ideas of smaller supplies of wheat in US, Canada, and Russia.
- The French wheat crop reports suggest only 32% of the crop makes adequate test weight with average protein near 11.9%.
- Deliveries: 1 KC last date assigned 9.14.21, 3 Chicago with last date assigned 9.14.21, and zero Mpls.
- Jordan passed on their 120k tonne tender.
- Spreads: Mpls Z/H 11 inverse, Kansas City Z/H 8 ½ carry, Chicago Z/H 11 ¼ carry.
Outlook: higher trade on crop worries – global supplies