FI Evening Grain Calls 10/02/22

Files Attached

 

Good evening.

 

Calls:

Soybeans steady to 4 higher

Meal steady to lower (note deliveries below)

Soybean oil steady to 30 higher

Corn steady to higher

Wheat steady to 3 higher

 

 

Crude oil was up about 3 percent after the overnight open. Funds held longer than expected net long positions as of last Tuesday, especially for soybeans, wheat and soybean oil. We see no major reaction to this but something to think about if looking to short the market. Europeans that did not trade the USDA reports may step in Sunday evening. Recall the soybean complex was lower led by soybeans on Friday, and grains were higher. Weekend harvest weather was ideal for the US, with temperatures warming from that of the workweek and little rain occurring for the major growing regions of the Midwest. Note the remnants from the hurricane did dump good rains across parts of the far eastern areas of the ECB. Overall Midwest weather conditions were and will remain drier than normal, exception upper WCB east of the Dakotas and ECB’s MI & OH states. Look for water levels for the Mississippi to continue to decline well into the workweek. Winter wheat plantings across the southwestern growing areas will remain a challenge with net drying this week while parts of the central and northern Great Plains will see some rain. Argentina will see rain this week across the northern, central and southwestern areas, welcome after a slow start to the corn planting season. Southern and central Brazil will see rain. 

 

(Reuters) – Iraq plans to plant one million hectares with wheat and “a very small amount” of barley in its 2022-2023 winter crop planting season, the ministry of water resources said in a Sunday statement.

 

(Reuters) – Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), said on Saturday it was seeking vegetable oils in an international purchasing tender for arrival Nov. 25-Dec. 10.

GASC said traders should submit bids for payment through 180-day letters of credit. The deadline for offers is Tuesday, Oct. 4.

GASC also set a tender for local vegetable oils on Saturday, seeking at least 3,000 tons of soyoil and 1,000 tons of sunflower oil for delivery Dec 1-15. The deadline for offers is also Oct. 4.

 

(Reuters) – A fifth vessel chartered by the United Nations World Food Program (WFP), NEW ISLAND, has arrived at Ukraine’s Black Sea port of Chornomorsk and will deliver Ukrainian wheat to Somalia, Ukraine’s infrastructure ministry said on Sunday.

 

(Reuters) – Ukraine’s grain exports fell by 23.6% year on year in September to 4.278 million tons, but reached the highest level since the Russian invasion, agriculture ministry data showed.

 

 

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