Monday Morning Update
The overnight grains are higher on dollar weakness in early trade this morning. Beans up around 12 cents, corn up 4-5 cents and wheat 6-7 cents firmer.
It should have been a busy harvest weekend for many across large parts of the US Midwest, although the delta and the east are set for another soaking starting tomorrow as the remains of hurricane Ida move inland.
A belt of rains of 5-6 inches are expected to move northwards on a line roughly from New Orleans to New York Tuesday through to Thursday.
The USDA will report tonight on harvest progress (and wheat plantings) and tomorrow on crop production. Tomorrow's report is expected to show corn production at 12.940 billion bushels, and soybeans at 3.262 billion bushels, according to Reuters. That's down a little on corn from last month's 13.018 billion bushels, and up a little on soybeans from 3.250 billion bushels in October.
Some analysts, like Informa, also have corn output coming in a bit higher than last month too (13.064 billion bushels).
The dollar seems to be suffering a delayed reaction to Friday's unemployment numbers. as the dollar falls, crude rises, up USD1.25 to USD78.68/barrel.
Today's upswing may also be a partial correction from Friday's losses. Most of the newswires report the absence of fund money on Friday, allowing the bears to easily press prices lower.
In eastern Australia the harvest is said to be about 25% done. A strong Ozzie dollar means growers are reluctant sellers, with feed barley only worth A$100/tonne (that's GBP55/tonne) who can blame them?
The Philippines are tendering for 600,000 MT of rice, whilst the Indian's continue to prevaricate. Jordan are tendering for 100,000 MT of wheat.
It should have been a busy harvest weekend for many across large parts of the US Midwest, although the delta and the east are set for another soaking starting tomorrow as the remains of hurricane Ida move inland.
A belt of rains of 5-6 inches are expected to move northwards on a line roughly from New Orleans to New York Tuesday through to Thursday.
The USDA will report tonight on harvest progress (and wheat plantings) and tomorrow on crop production. Tomorrow's report is expected to show corn production at 12.940 billion bushels, and soybeans at 3.262 billion bushels, according to Reuters. That's down a little on corn from last month's 13.018 billion bushels, and up a little on soybeans from 3.250 billion bushels in October.
Some analysts, like Informa, also have corn output coming in a bit higher than last month too (13.064 billion bushels).
The dollar seems to be suffering a delayed reaction to Friday's unemployment numbers. as the dollar falls, crude rises, up USD1.25 to USD78.68/barrel.
Today's upswing may also be a partial correction from Friday's losses. Most of the newswires report the absence of fund money on Friday, allowing the bears to easily press prices lower.
In eastern Australia the harvest is said to be about 25% done. A strong Ozzie dollar means growers are reluctant sellers, with feed barley only worth A$100/tonne (that's GBP55/tonne) who can blame them?
The Philippines are tendering for 600,000 MT of rice, whilst the Indian's continue to prevaricate. Jordan are tendering for 100,000 MT of wheat.