Morning Grain Comments, 10/06/2015

Tuesday, October 6, 2015

The grains sunk on the open last night, particularly beans after that strong harvest progress and surprising ratings report yesterday; traders are likely expecting USDA estimates to surface today, while the pressure stays on with another solid 48 hours of ideal harvest weather for most...

South Korea's NOFI has tendered for 55k tonnes of soybean meal, along with 12k tonnes each of rapeseed, copra, and palm kernel meal, all optional-origin. The country's flour millers bought a combined 50k tonnes of U.S. milling wheat in two separate tenders this morning, for January 2016 shipment; one of the tenders included 50k tonnes of Australian wheat as well.

Taiwan flour millers bought 89k tonnes of U.S. milling wheat for Nov-Dec shipment, with varieties priced in the $233-258/tonne fob range.

Japan is looking for 119k tonnes of milling wheat in their regular weekly tender, including 31k tonnes from the U.S., 68k tonnes CAN, and 20k AUS.

Indonesian wheat imports are seen at 7.4 MMT in 2015, according to an industry group—that's below previous forecasts and flat year-over-year.

Brazilian soybean crushing group Abiove yesterday pegged the country's 2015/16 soybean crop at 97.8 MMT, up from 94.8 MMT in 2014/15.

The Linn Group estimated U.S. corn yields at 164.7 bushels per acre yesterday, with production at 13.266 billion bushels; that stands 2.8 bpa and 319 mbu behind the USDA Sept, respectively. Soybean yields came in at 47.5 bpa with output at 3.898 bln bu, up 0.4 bpa but down 37 mbu from the USDA.

The national corn harvest was pegged at 27% complete as of Sunday night, up from 18% last week and 16% last year, but below the 32% five-year average pace; the crop was reported at 86% mature, up from 75% LY and the 83% 5YA, with ratings steady at 68% good/excellent this week. The national soybean harvest doubled to 42% done, up from 19% LY and the 32% 5YA, with ratings up two points this week to 64% g/ex. Winter wheat planting and emergence remained slightly behind LY and average at 49% and 20%, respectively

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