[Daily Weather Tracking] Sporadic showers hit the corn and soybean producing regions of the USA.
The US National Weather Service's 6-10 day outlook from June 18th to 22nd shows that except for some areas in the northern plateau, northern basin, and northwest where temperatures are below normal, temperatures across the country are close to or above normal.
U.S. Corn Export Sales Meet Top Range of Forecasts
Weekly export sales of U.S. corn were within the high end of estimates, while wheat narrowly missed forecasts.
USDA Monthly Report Review: The June report did not shake the grain market prices, but these contents are still worth paying attention to!
The June supply and demand report issued by the US Department of Agriculture (USDA) had limited impact on the grain market, especially the wheat market...
Benefiting from the weather in Russia, Chicago SRW wheat has continued to rise. How are soybeans and corn performing?
Expected price increases in Russia due to weather affecting crops, with corn slightly down and the soybean market remaining stable before the USDA report.
Australia's Wheat Exports Curbed as Dry Weather Parches Fields
Weather-hit wheat production in Western Australia, the top exporting state, and dwindling stockpiles will limit the amount of the staple the nation can export in the coming year, further straining global supplies.
France May See Worst Wheat Damage in Years Due to Non-Stop Rain
French farmers are bracing for big hit to their wheat harvest as ceaseless rains and a lack of sunshine brings flashbacks of a weather-devastated crop eight years ago in Europe's top producer.
U.S. Corn Export Sales Beat Forecasts
Export sales of U.S. corn rose just above the high-end of analyst predictions for the week as soybean export sales again fell on the low side.
Stalled momentum? Futures for Chicago SRW wheat in the USA have fallen for five consecutive days, creating the longest consecutive decline record in over half a year.
Due to the faster-than-expected harvesting progress of U.S. Chicago SRW wheat, Chicago wheat futures fell more than 2% on Monday, the fifth consecutive trading day of decline, marking the longest continuous decline since November last year; In May of this year, affected by adverse weather conditions in Eastern Europe, Chicago wheat futures rose by more than 12% for the month, achieving the largest monthly increase since the outbreak of the Russian-Ukrainian conflict.
Wheat Set for Longest Rout Since November on US Harvest Pressure
Wheat futures headed for the fifth straight daily decline — the longest such streak in over six months — as the American harvest progressed more quickly than analysts expected
Strategy for hype around American weather: soybean planting rate in the USA is lower than market expectations.
As of the week ending June 2nd, the soybean planting rate in the USA was 78%, lower than the market's expectation of 80%. It was 68% the previous week, 89% the same period last year, and the five-year average was 73%.
Global temperatures are expected to decrease; the World Meteorological Organization predicts that La Niña phenomenon is likely to occur this year.
The United Nations-affiliated institution, the World Meteorological Organization (WMO), issued a report stating that the El Niño phenomenon that began last year is expected to end this year, followed by a high probability of the La Niña phenomenon, which will lower global temperatures. At the same time, the WMO emphasized that, due to the effects of climate change caused by human activities, global temperatures will continue to rise over the long term.
Last week, the inspection quantity of soybean exports was at the upper end of the expected range in the market, with a decrease in exports to China.
According to the data from the US Department of Agriculture, as of the week ending on May 30, 2024, the inspected export volume of soybeans in the United States was 348,644 tons, corrected from 221,997 tons the previous week, with an initial value of 212,105 tons.
Daily Weather Tracking: The warm and mostly dry weather in the corn belt of the United States is beneficial for the planting of late-season corn and soybeans.
The National Weather Service of the USA forecasts that temperatures in Maine, western and southern hinterlands may be above normal levels from June 8th to 12th.
US wheat futures prices surged more than 12% in May, and the two major producers experienced bad weather at the same time
① Due to bad weather in Eastern Europe, the main producer of wheat, US wheat futures prices recorded the biggest monthly increase since the Russian-Ukrainian conflict broke out, which once again raised concerns about food inflation; ② Russia and Ukraine are both major global food exporters, and the two countries together account for nearly one-third of global wheat exports.
Hot and hot this summer, commodities may explode!
Traders are preparing for a record summer that will shock commodities markets and thwart the Federal Reserve's fight against inflation.
India may re-liberalize wheat imports in June, and higher global demand will further support wheat prices
① Due to poor local harvests and falling stocks, according to sources, the Indian government may abolish 40% of the wheat import tax to liberalize wheat imports; ② Global wheat prices have recently been rising due to Russia's freeze damage, and India's addition to the buyer will further support global prices.
Huatai Securities: New soybean supply and demand easing, global corn production may be reduced
The USDA slightly lowered the forecast for Brazilian soybean production by 1 million tons due to the severe flooding in southern Brazil. The impact is still ongoing, and continuous follow-up is required.
The “perfect storm” is coming! Wheat prices jumped to a nine-month high
① Analysts have been lowering production expectations for Russia, the largest exporter; ② Extreme weather in parts of Australia has also affected crop growth.
Last week's soybean export inspection volume was in line with expectations
According to data from the US Department of Agriculture, as of May 23, 2024, the US soybean export inspection volume was 212,105 tons. After the previous week's correction, it was 192,232 tons, and the initial value was 18,4128 tons.
[Daily Weather Tracking] Recent rainfall in the southern United States has partially restricted field operations
The US National Weather Service's 6-10 day forecast from June 2 to June 6 predicts that most parts of the country may experience temperatures close to or above normal, with the exception of parts of Georgia and Carolina.