Global Ag News for June 27.24

TOP TITLES

India allows imports of corn, vegetable oils with concessional duties

India on Wednesday allowed limited concessional imports of corn, milk powder, crude sunflower oil and refined seed oil, the government said in a report first reported by Reuters.

The world's largest importer of vegetable oils will allow imports of 150,000 metric tons each of sunflower oil or sunflower oil and refined rapeseed oil in the current marketing year, it said.

THE FUTURE AND THE WEATHER

Overnight wheat prices are up 4 1/4 in SRW, 1/2 in HRW, 2 1/4 in HRS; Corn is down 3/4; Soy to 1 3/4; Soy flour $0.70; Soybeans rose 0.43.

For the week so far, wheat prices are down 15 1/4 in SRW, 7 in HRW, 13 3/4 in HRS; Maize is down 19; Soy down 11; Soybean meal down $3.70; Soy fell by 0.30.

For the month so far, wheat prices are down 134 3/4 in SRW, 138 1/4 in HRW, 143 1/2 in HRS; Corn is down 31 1/4; Soy less 75 3/4; Soy flour $21.70; Soybeans down 1.98.

Year-to-date futures are down 13.7% on SRW, 10.3% on HRW, down 17.3% on HRS; Corn is down 11.4%; Soy fell by 9.8%; Soy flour fell by 6.7%; Soy fell by 8.2%.

China Ag futures (Sept 24) Soybeans up 21 yuan; Soybean flour up to 7; Sojoil up to 46; Palm oil up to 36; Maize to 2 – Malaysian palm is 18.

Overnight Malaysian palm oil prices rose 18 ringgit (+0.46%) to 3,897.

There were changes in registrations (-88 Soje). Total registrations: 1,479 SRW wheat contracts; 39 Oats; 747 Maize; 130 Soy; 2,589 Soyoil; 0 Soya flour; 0 HRW Wheat.

Preliminary changes in futures open interest since June 26 were: SRW Wheat 4,503 contracts, HRW Wheat 4,647, Corn 1,450, Soybean 5,358, Soybean 5,809, Soybean 4,448.

Northern Plains: Isolated to scattered showers through Friday. Saturday mostly dry. Isolated showers on Sunday. Temperatures near below normal through Friday, below normal Saturday-Sunday. Outlook: Isolated to scattered showers Monday-Tuesday. Mostly dry Wednesday-Thursday. Isolated showers on Friday. Temperatures near normal Monday through Friday.

Central/Southern areas: Isolated to scattered showers on Sunday. Temperatures near normal Wednesday-Friday, below normal north and above normal south Saturday-Sunday. Outlook: Isolated to scattered showers Monday through Friday. Temperatures near normal Monday through Friday.

Midwest: West: Isolated to scattered showers on Sunday. Temperatures near normal Thursday, near normal Friday, near normal Saturday-Sunday. Birth: Mostly dry Thursday. Scattered showers Friday-Saturday. Mostly dry Sunday. Temperatures near normal Thursday-Friday, above normal Saturday, near normal Sunday. Outlook: Isolated to scattered showers Monday through Thursday. Mostly dry Friday. Temperatures near normal Monday, near normal Tuesday-Friday.

Canadian Prairies: Isolated to scattered showers through Friday. Temperatures near normal on Thursday, below normal on Friday. Saturday mostly dry. Isolated to scattered showers on Sunday. Temperatures below normal Saturday, near below normal Sunday. Outlook: Isolated to scattered showers Monday through Friday. Temperatures near normal Monday through Friday.

The player sheet for 6/26 had funds: net buyers of 2,000 SRW wheat contracts, sellers of 5,000 corn, buyers of 1,000 soybeans, sellers of 3,500 soybean meal and buyers of 4,500 soybeans.

tenders

• WHEAT BUYING: Algeria's state grains agency OAIC is believed to have bought about 130,000 to 150,000 metric tons of milling wheat in an international tender on Wednesday, which sought delivery limited to only two ports.
• NO BUYS IN POWER BARLEY TENDER, NEW TENDER ISSUED: Jordan's state grain buyer is believed to have made no purchases in an international tender for 120,000 metric tons of feed barley, which closed on Wednesday.
• WHEAT TENDER: Jordan's state-owned grain buyer has announced an international tender to buy 120,000 tonnes of mill wheat, which can be obtained from optional origins.

tODAY

DOE: US ethanol stocks fall 0.8% to 23.423 million Bbl

According to the US Department of Energy's weekly oil report.

• Analysts expected 23,683 mln bbl
• Plant production at 1,043 mb/d, compared to the survey average of 1,065 m

GRAIN EXPORTS SURVEY: Corn, soybeans, wheat sales ahead of USDA report

The estimate range is based on a Bloomberg survey of six analysts; The USDA is scheduled to release its export sales report on Thursday for the week ending June 20.

• The corn range is estimated at 500k – 1200k tons, with an average of 735k
• Estimated soybean range 300 thousand – 700 thousand tons, with an average of 505 thousand

Ukraine's wheat exports advance 3.9% so far this season

Grain exports from Ukraine advanced 3.9% so far in the season that began on July 1 to 50.3 million tons, Agriculture Ministry data show.

In total it includes:

• 29 million tons of corn, with an increase of 0.8% per year
• 18.3 million tons of wheat, about 10% more per year
• 2.48 million tons of barley, with a decrease of 7.7% per year

Canada crushed 920,000 tonnes of Canola in May: StatsCan

Canola processing rose 19.5% in May from a year earlier, according to Statistics Canada data released Wednesday on the agency's website.

• Oil production reached 394 thousand tons and flour production reached 534 thousand tons
• August-May increased by 11.7% from a year ago to 9.251 million tons

Argentina BCRA will not renew soybean financing rate notice

Argentina's central bank BCRA will not renew an announcement that imposes a minimum bank financing rate that producers can access when they hold a soybean reserve of over 5% of their production.

• BCRA said in a statement on Wednesday that the regulation, to be adopted in 2022, is due on June 30
• This decision is a further step in BCRA's efforts to normalize the functioning of the financial system and to promote domestic credit for the private productive sector: the central bank

Brazil's phosphates firm as global supply tightens

Fertilizer prices in Brazil were steady for potash, up for phosphates and down for urea and ammonium sulfate, with sellers mainly focused on soybean application demand. Tight supply boosted phosphate prices, while urea and ammonium sulfate fell slightly after earlier gains.

USDA to release more emergency funding for avian flu: Politico

The U.S. Department of Agriculture will launch a new tranche of federal funds this week to help farmers with the economic toll of a bird flu outbreak spreading through U.S. dairy herds, Politicoreports, citing two unnamed people familiar with the plans. .

• The new guidance will only pay farmers for about a month's worth of milk lost from cows that are removed from milk production over a 134-day period
• Farmers will not be reimbursed for any animal deaths due to the virus

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