Headlines: 

  • THE USDA QUARTERLY GRAINS STOCKS SUMMARY WILL BE RELEASED ON FRIDAY SEPTEMBER 30TH AT 12PM EST. 
  • TYSON RECALLS 132,520 POUNDS OF CHICKEN NUGGETS THAT MAY CONTAIN HARD PLASTIC 
  • WHITE MAIZE FUTURES PLUNGE 17% IN TWO WEEKS
    White maize prices in South Africa are plumbing their lowest level in nine month, under pressure from the strengthening rand, an upgrade to estimates to the crop just finished, and ideas that supplies could be imported from the US. The most-traded December white maize contract closed down 2.6%, at $3,589 rand a tonne. This is a contract low, and the lowest level for the third-month contract so far this year, down 17% from September 13. 
  • FROST ‘BIGGER THREAT‘ THAN RAIN TO AUSTRALIA‘S WHEAT OUTPUT
    Frost, rather than excessive rainfall, represents the biggest threat to Australia’s wheat harvest, a leading commentator said, dismissing as “ill-informed” ideas of crop damage from inundations in eastern areas. Western Australia, Australia’s top wheat-growing state, is expected on Thursday to suffer the latest of a series of frosts, which represent a significant threat to well-developed crops, which have lost their freeze-hardiness. “The outlook for tonight is not good, not good at all,” according to James Fell, chief analyst at Melbourne-based Grain Information. “Temperatures at ground level could drop as low -4 [Celsius] tonight, right in such a critical phase for yield determination.” 

Summary: 

The trade has been weighing what appears to be great demand from large export sales that were announced today against the backdrop of the USDA Quarterly report that is scheduled for this Friday. As far as today’s action is concerned the anticipation of what the trade expects from the report has had stronger bearing on today’s action. Soybeans led the way today losing 7 cents with Corn and Wheat following suit losing 2 cents and 1.50 cents respectively.

Trading volume has been pretty light with only two days left before the quarterly report. Reports are that the harvest is moving along. There are still some parts of the Northern Midwest that has some flooding but areas are dying out as forecasted by the National Weather Service earlier in the week.

In today’s reporting we saw export sales 1.577 MMT of Corn for delivery to Mexico split among the 2016-17 & 2017-18 marketing years. Soybean export sales reported 133k MT for delivery to China (2016-17 marketing year) and an additional 211k MT to unknown for the same marketing year.