Global Ag News for July 1
TODAY —- EXPORT SALES, FATS & OILSEEDS, GRAIN CRUSHINGS
Wheat prices overnight are down 7 1/4 in SRW, down 9 3/4 in HRW, down 2 1/4 in HRS; Corn is up 7; Soybeans down 3; Soymeal up $0.20; Soyoil down 0.22.
For the week so far wheat prices are up 30 3/4 in SRW, up 40 in HRW, up 39 1/2 in HRS; Corn is up 76 1/4; Soybeans up 126; Soymeal up $2.87; Soyoil up 5.26. For the month to date wheat prices are up 5 in SRW, up 28 3/4 in HRW, up 114 in HRS; Corn is up 50; Soybeans up 23 1/4; Soymeal down $9.80; Soyoil up 3.75.
Chinese Ag futures (SEP 21) Soybeans up 86 yuan ; Soymeal up 116; Soyoil up 156; Palm oil up 168; Corn up 10 — Malasyian Palm is up 112. Malaysian palm oil prices overnight were up 112 ringgit (+3.11%) at 3711 headed for its highest close in three weeks, with concerns about tight global supplies of edible oils and a move by top buyer India to lift a ban on refined palm imports boosting sentiment.
Midwest corn, soybean and winter wheat forecasts: West: Scattered showers south Wednesday. Mostly dry Thursday-Sunday. Temperatures near normal through Thursday, near to below normal Friday, near to above normal north and below normal south Saturday-Sunday. East: Scattered showers through Thursday. Isolated showers east Friday. Mostly dry Saturday-Sunday. Temperatures near to above normal Wednesday, near normal Thursday, near to below normal Friday-Saturday, near to above normal Sunday. 6 to 10 day outlook: Isolated to scattered showers Monday-Friday. Temperatures near to above normal Monday-Friday.
The player sheet for 6/30 had funds: net buyers of 12,500 contracts of SRW wheat, buyers of 32,500 corn, buyers of 24,000 soybeans, buyers of 15,000 soymeal, and buyers of 4,500 soyoil.
Preliminary changes in futures Open Interest as of June 30 were: SRW Wheat up 3,306 contracts, HRW Wheat up 622, Corn up 10,686, Soybeans up 10,421, Soymeal up 2,312, Soyoil down 1,985.
There were no changes in registrations. Registration total: 20 SRW Wheat contracts; 16 Oats; 0 Corn; 13 Soybeans; 668 Soyoil; 424 Soymeal; 1,249 HRW Wheat.
- WHEAT PURCHASE: Turkey’s state grain board TMO provisionally purchased an estimated 395,000 tonnes of wheat in an international tender for the same volume which closed on Wednesday
- WHEAT AND FEED BARLEY PURCHASE: Tunisia’s state grains agency purchased soft milling wheat and animal feed barley in an international tender which closed on Wednesday
- WHEAT PURCHASE: South Korean flour mills bought around 77,000 tonnes of milling wheat to be sourced from the United States in tender on Wednesday
- FEED WHEAT TENDER PASSED: Thailand-based feed producers’ association TFMA is believed to have rejected all offers and made no purchase an a tender for up to 197,700 tonnes of animal feed wheat which closed on Wednesday
- CORN PURCHASE: Taiwan’s MFIG purchasing group bought about 55,000 tonnes of animal feed corn expected to be sourced from South Africa in an international tender which closed on Wednesday
- WHEAT TENDER: Bangladesh’s state grains buyer issued another international tender to purchase 50,000 tonnes of milling wheat
- CORN, BARLEY AND SOYMEAL TENDER: Iranian state-owned animal feed importer SLAL issued international tenders to purchase up to 60,000 tonnes of corn, 60,000 tonnes of animal feed barley and 60,000 tonnes of soymeal
- WHEAT TENDER: Iranian state agency the Government Trading Corporation (GTC) issued an international tender to purchase about 60,000 tonnes of milling wheat
- WHEAT TENDER: Jordan’s state grain buyer issued a tender to buy 120,000 tonnes of wheat, with a bidding deadline of July 6
- WHEAT TENDER: The Ethiopian government issued an international tender to buy about 400,000 tonnes of optional-origin milling wheat
GRAIN EXPORT SURVEY: Corn, Soy, Wheat Sales Before USDA Report
Estimate ranges are based on a Bloomberg survey of five analysts; the USDA is scheduled to release its export sales report on Thursday for week ending June 24.
- Corn est. range 100k – 900k tons, with avg of 469k
- Soybean est. range 1,100k – 1,800k tons, with avg of 1,438k
Export quotas, duties helped to limit bread and sugar price hike – Putin – ITAR-TASS World News
Export quotas and customs duties helped to restrain bread, sunflower oil and sugar prices, Russian President Vladimir Putin said during the annual Direct Line on Wednesday.
“Decisions were made that were related to hold down bread prices inside the country: these are export quotas and export customs duties. The price increase for baked goods, the sunflower oil – is just 0.1% lately; for sugar – also about 0.1%. That is, regulatory principles are applied fundamentally and they provide their effect,” the President said.
India Removes Restrictions on Import of Refined Palm Oils: DGFT
The removal of restrictions on various grades of refined palm oil will be effective until Dec. 31, according to a notification by India’s Directorate General of Foreign Trade.
- The government scraped the curbs on condition that imports are not permitted through any port in the southern state of Kerala
EU corn production remains at high levels in spite of recent drought in the east and south – Refinitiv Commodities Research
2021/22 EU-27 CORN PRODUCTION: 67.6 [60.4–74.0] MILLION TONS, down 1% from last update
Adequate soil moisture and favorable weather in the key corn producing areas leave 2021/22 EU-27 corn production nearly unchanged at 67.6 [60.4–74.0] million tons (mmt), in spite of recent hot and dry conditions in the east and south.
DOE: U.S. Ethanol Stocks Rise 2.1% to 21.572M Bbl
According to the U.S. Department of Energy’s weekly petroleum report.
- Analysts were expecting 21.206 mln bbl
- Plant production at 1.058m b/d, compared to survey avg of 1.044m
Malaysia Palm Planters May Suffer $2.4B Loss on Labor Shortage
Malaysia’s Plantation Industries and Commodities ministry will focus on developing machinery for harvesting and transport of palm fruit, to boost productivity and reduce dependence on foreign labor, according to minister Mohd Khairuddin Aman Razali.
- The upstream industry relies heavily on foreign labor, and the resurgence of Covid cases and the lockdown has worsened a labor shortage, he said, adding the current deficit is estimated at about 32,000 people
- The manpower shortage will likely result in a loss of about 10 billion ringgit ($2.4 billion) a year due to ripe palm fruit that is not harvested, he said
MPOB EXPECTS MALAYSIA’S RBD EXPORTS TO INDIA TO RISE
Malaysia can now export more refined, bleached and deodorised (RBD) palm olein to India after the Indian government removed its 18-month long restriction on imports of refined palm oil products.
“This is good news for us and we hope that we can export more red palm oil (RPO) — which has the same fatty acid composition as RBD palm oil — into India now,” Malaysian Palm Oil Board (MPOB) director-general Dr Ahmad Parveez Ghulam Kadir said to Bernama.
He noted that Malaysia exported an average of 550,000 tonnes of RPO to India from 2010-2018, adding that exports of the product had surged to 2.6 million tonnes in 2019. This was thanks to the Malaysia-India Comprehensive Economic Cooperation Agreement which gave Malaysian RPO a five per cent tax advantage over Indonesian RPO. “Unfortunately, after the restriction was placed on Jan 8, 2020, we were only able to export 150,000 tonnes of RPO,” he said.
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