Morning Grain Comments, 09/24/2015

Thursday, September 24, 2015

Matt Zeller

Grain action is mixed this morning but with each commodity generally following the path they had set so far this week. Export sales will likely be the big news this morning, along with those ceremonial Chinese commitments, for some reason; exports still have a long way to go to make up for lost ground in the forward sales department (in both corn and beans), even as bean sales seasonally increase into mid-November. Harvest progress has run into some problems with heavy WCB rains over the past couple days, but forecasts look positive for field activities overall, and yield reports continue to come in especially strong for soybeans as the 2015 campaign advances.

Russia's Ag Minister said this morning that the country will export 30 million tonnes of grain in 2015/16 if the harvest reaches the 100-101 MMT estimate. The government is also proposing a cut in their wheat export duty, slashing the minimum level of the tax as well, with hard wheat excluded altogether.

Jordan has issued an international tender to sell 50k tonnes of hard milling wheat, with traders previously believing the tender was to buy that amount; the cargo was Polish wheat that was rejected by Jordan's quality control.

The Brazilian federal ag agent strike has reportedly prevented some cargoes of corn, soybeans, and cotton from moving due to lack of certificates.

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