Morning Grain Comments, 09/10/2015

Thursday, September 10, 2015

It was a slow and steady overnight session after the earlyweek rally and subsequent regression yesterday morning; thanks to the holiday
break, fundamental data will be slow today but jam-packed tomorrow...

Jordan tendered for 100k tonnes of milling wheat & 100k tonnes of feed barley, both optional-origin; they¡ve passed on similar tenders in Aug and Sept.

The U.N. FAO¡s food price index came in at 155.7 points in August, down 8.5 points (-5.2%) from July. They raised global wheat and cereals production this month to 728.4 million tonnes and 2.540 billion tonnes, respectively.

Local analysts Celeres estimated the 2015/16 Brazilian soybean crop at 97.1 million tonnes, up just 1.2% from last year despite a 2.3% planted acreage increase. Corn output was seen at 87 MMT, up from 84.0 MMT last season.

The Rosario Exchange lifted their 2014/15 Argentine corn production estimate from 25.8 to 27.3 MMT; they do see a 23% drop in plantings in ¡¥15/16.

FranceAgriMer pegged ¡¥15/16 (July-June) soft wheat exports outside the E.U. at 11.0 MMT, down from 11.4 MMT LY due to strong competition. ¡¥15/16 exports inside the E.U. were cut from 7.9 to 7.7 MMT. They raised their 2015 crop estimate from 40.4 to a record 40.7 MMT, up from 37.5 MMT LY.

Britain¡s July wheat imports fell to 136k tonnes in July, the first month of the 2015/16 marketing season; that was down from 196k tonnes in the same month last year. July exports of 77k tonnes rose from 12k tonnes last July.

Sept CBOT deliveries: corn 72 contracts, with next trade date available 9/8; bean oil 99 and 9/4; Chicago wheat 79 & 9/9; KC wheat 5 and 9/2/15.

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