ALL FEED MILLS TO BE RACTOPAMINE FREE

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Grain Comments  - 11-12-19

 

Good Morning!

Corn, beans and wheat are trying to stabilize following sharp losses on Monday that pushed soybeans to nearly a 6- week low. Trade news with China remains frustrating as it seems a phase-one deal may not be as close as thought. Due to Veteran’s Day holiday on Monday, weekly export inspections as well as the Crop Progress report will be released later today. Also, President Trump will hold a press conference on the US economy today.

The weather outlook for South America has turned more favorable for Brazil as rains continue over the next 5 days, replenishing dry soils. Rainfall for Argentina has been more regional. Temperatures are expected to be mostly normal over the next 10 days.

Record cold temps have blanketed the Midwest over as Arctic air pushes across the region. Temperatures gradually warm into the end of this week and next week. NOAA’s 8 to 14-day outlook maps are showing above normal temps and slightly above normal precipitation for the entire Midwest and Plains states.

Agrural estimating Brazilian soybean seeding at 58% complete as of November 7th. Seeding is slightly ahead of the fiveyear average of 57% and up 12% from the previous week.

The weekly crop progress report is expected to show soy harvest to be near 90% complete and corn harvest to be near 66-68% complete. US winter wheat ratings are likely to remain unchanged at 57% rated good to excellent.

China continues to expand and diversify different sources of feed ingredients. The country has announced it had approved the import of cottonseed meal from Brazil.

Russia Agriculture Ministry reporting the country has harvested 124.3 MMTs of grain with an average yield of 2.77 tons per hectare. This compares to 115.1 million tons with an average yield of 2.60 tons on the same date a year ago.

Ukraine’s Minister of Economy increasing the country’s grain harvest estimate to 74 MMTs, up from 70 MMTs last year. As of November 8th, producers had harvest 69.8 MMTs of grain from 95% of the sown area.

Have a great day!

Wayne Kollis - Melissa Peters - Mike Rosenberg - Matt Zeman - Austin Behrendsen

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