COMMENTARY 8/31/16

Dry and cool as we get into the weekend.  Sharp warming pattern will begin Mon  setting the stage for potentially heavy rain (1″ – 3″) for the NW half of the YC Belt. Less accum is expected to the E, but some showers are possible from the Corn Belt, down into the Delta by late next week into the weekend.  The Delta should be relatively dry for the first few days of next week. Some 32% US corn/bean production has had at least 12” of rain over the last 2 months!

St Louis river level STEADY ~ at 19.5′ and forecast 19.7by 9/5.  

CORN

OLD ~ DOWN 2   NEW ~ UNCHANGED

Feels like we are waiting on harvest to get started.  Early yields are starting to come in.  The USDA says 275 K MT of 16/17 deliv was sold to Mexico.   A Taiwan company has rejected offers and made no purchase in a tender to buy 65K MT of US or Brazilian corn for Nov shipment.

 

BEANS     

DOWN 8

More export sales but it didn’t outweigh the thought of such a big bean crop that is growing in the wings. The USDA announced a 187 K MT sale to China for 16/17 deliv.  A Chinese bean delegation did sign agreements yesterday to purchase 146 million bushels, (4 MMT) of US beans at a ceremony in Indianapolis.  Thirty days until any constructive bean harvest in this area!

 

WHEAT          

DOWN 2

Mixed again although there was a 138 K MT HRW sale to Unknown for 16/17 deliv today.  That 100 bpa wheat yield looks like it may be in the way of your big corn and bean crop.  Russia IS now cancelling its wheat export tax until July 18.  Egypt is seeking to buy global wheat for FH Oct shipment.  Who will sell it to them?