- Wet weather across the Midwest should support prices this week.
- Forecasts call for heavy rains in the western Delta today with that rain pushing east and north into the mid south and Deep South by tomorrow. A band of mostly light rains is expected from East Texas up through southern Wisconsin with areas to the east and west of this band staying mostly dry.
- Good weather in Brazil and the move by many producers to plant early and to plant early maturing soybeans could help ease the tightness expected on the world market for early next year. Traders continue to look for a very large production from Brazil, Argentina and Paraguay for 2010. Beginning January, Brazil will raise the biofuel content of its diesel to 5% from 4% previous.
- Two storms bringing more than 1 inch (2.5 centimeters) of rain will slow harvesting from Texas to New York this week after parts of the Midwest got more than 4 inches in the past three days, Drew Lerner, the president of World Weather Inc., said today in a report. (bloomberg.com)
- China’s animal feed production in September gained 17 percent from the same month last year to 12.88 million metric tons, the China National Grain & Oils Information Center said in an e-mailed message, citing data from the Bureau of Statistics.(bloomberg.com)
- Grains moved slightly higher overnight after corn, wheat and soy rejected new highs on Friday. Wet harvest weather continues to be the key factor. Traders fully expect this afternoon’s crop progress report to again show harvest activity at a record slow pace. (agweb.com)
- The wheat markets started out the week by moving sharply higher on spillover support from neighboring grains and the outside markets. Wheat found strength from rallying corn and soybeans, as the row crops are adding premium back into the market on the fear that wet weather will continue to cause harvest delays. The outside markets lent some additional support with the U.S. dollar moving lower for the day. The dollar is important to wheat as it need to attract international buyers to raise the export demand for U.S. wheat in the current situation of plentiful stocks worldwide. Technical buying also set it, with commodity funds buying nearly 4,000 contracts on the Chicago Board of Trade. (agweek)
- the corn market opened higher and closed with 13.5-cent gains. The market traded higher overnight and that carried over to start the session. The outside markets also were positive and added support. The crop progress report, that was released this afternoon, stated that only 17 percent of the crop had been harvested compared with a five-year average of 46 percent.(agweek)
- Soybeans began the week by closing sharply higher as the market focuses on weather. Weather conditions in the Midwest and Delta are dry at present, but the forecast for wetter weather by mid- to late week has traders adding premium back into the market. Soybeans have been struggling with harvest delays as wet weather has held back progress. This is of concern as there is a need to replenish stocks, which is heightened by the strong export demand. Export inspections are evidence of this demand with this week’s report showing higher-than-expected numbers. Some additional support came from speculative buying, which was a feature in all the grains as a result of the lower U.S. dollar and higher equities.(agweek)
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Crops rediscovered their mojo on Friday, helped by forecasts of wet weather to delay the US corn and soybean harvests, and by continued short-covering in wheat. The dollar did its bit, falling to a fresh 14-month low of $1.5064 against the euro on an official Chinese report saying that Beijing should put more of its foreign exchange reserves into euros and yen. A cheap dollar makes US exports such as farm commodities more competitive. (Agrimoney)
- Frost damages Kentucky soybeans crop. (Southeast farm press)
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