Morning Grain Comments, 11/10/2015

Tuesday, November 10, 2015

Beans & wheat are at least steady to higher this morning after making temporary technical stands, but there's not much for positive vibes heading into this report—a crucial table-setter for the next two months...

Egypt's GASC is looking for optional-origin wheat for Dec 15-30 today.

Japan is seeking 119k tonnes of milling wheat in their regular weekly tender, including 67k from the U.S., 32k from Canada, and 20k from Australia.

Brazil's Conab raised their 2015/16 soybean production estimate to 101.2- 102.8 MMT this month, up from 100.1-101.9 MMT in Oct; corn output dropped to 81.1-82.7 MMT, down from 82.6-83.6 MMT last month. '15/16 soybean exports were pegged at 55 MMT, up from 53 MMT last month.

Private analysts Safras & Mercado estimated Brazilian soybean planting at 42% done as of Friday, down from 46% last year and the 57% 5YA pace.

The national corn and soybean harvest numbers came in at 93% and 95% complete as of Sunday night, respectively—both were ahead of LY and 5YA numbers and in line with trade estimates. Winter wheat ratings added two more points this week to 51% good/excellent, one more than the trade was looking for; that's now in line with the 5YA but still 9% behind last season.

November CBOT deliveries: soybeans 73 contracts, next trade date 10/29/15.


Harvest progress numbers continue to surprise no one in 2015, running smoothly to the tune of 93% in corn and 95% soybeans this week—that leaves just 6.2 million corn acres remaining out of the USDA's 88.4 mln planted, and 4.2 mln beans from the government's 83.2 mln ac estimate. NE, IA and northern corn belt states make up the bulk of the unharvested corn area at 4.8 mln ac, with southern areas left for soybeans—MO, KS, and AR have 1.4 mln ac remaining.



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