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Rain Days & Tidbits 02/05/2022

USDA reported sales yesterday morning of 252,000 mts of old crop soybeans and 43,000 mts of new crop soybeans.

Brazil's soybean basis has been declining rapidly this past week as more beans are being harvested. Some people think it is bearish soybean futures. While it is certainly not bullish for bean futures, it is a normal happening as new crop supplies come to market everywhere soybean are grown.

Argentine corn is 60% is silking and 35% in the grain filling stage.

Brazil’s safrinha (winter) corn is 20% planted, about 5 days ahead of the average.

IHS Markit released its February numbers:

Argentine corn down 3 million mt to 47 million.

Argentine wheat up 500,000 mt to 22 million.

Argentine soybeans down 3 million mt to 42 million.

Brazilian corn down 500,000 mt to 116 million.

Brazilian beans down 7 million mt to 130 million.

Australian wheat up 1.6 million mt to 36 million, by far their largest wheat crop. La Niña brings above normal rainfall to those dry wheat fields.

An outfit called “N Bowdish” will build a new soybean crush plant near Norfolk, Nebraska with an annual crush capacity of 38.5 million bushels. That would be 110,000 bushels. Plans are to open for beans in 2024.

China imported a record large tonnage of wheat last year, but not so much from Russia, the world’s largest wheat exporter. Yesterday, China announced it will no longer restrict wheat and barley trade to just certain parts of Russia due to phytosanitary concerns.

Zen-Noh Grain Corp. (ZCG), a subsidiary of the National Federation of Agricultural Cooperative Associations of Japan (Zen-Noh), has reached an agreement to acquire 35 US interior elevators from Bunge North America, Inc., a subsidiary of St. Louis-based Bunge Ltd. The completion of the sale is subject to customary closing conditions, including regulatory approval.

“This transaction will allow Bunge to operate more efficiently and reinvest in higher returning areas of the company while reducing costs and strengthening our balance sheet,” said Greg Heckman, chief executive officer of Bunge. “Bunge will continue to be an industry leader in the US grain marketplace through global grain trading and distribution with our export terminals in Destrehan, Louisiana, which we are expanding, and EGT, our joint venture in the Pacific Northwest. We will also continue our strong presence in the soybean processing business and milling operations.”

ZGC said its affiliate, CGB Enterprises, Inc., of Covington, Louisiana will operate the acquired facilities through its wholly owned subsidiary, Consolidated Grain and Barge Co. CGB currently operates more than 100 grain origination facilities in the United States.

GoFundMe has deleted Canada's Freedom Convoy fundraiser for violating its terms, stating the "peaceful demonstration has become an occupation" now. The $9 million collected to support truckers will be sent to "credible charities." That is the kind of stuff that makes the givers and the givees really, really angry. I am angry and I am neither.

West Texas Intermediate Crude Oil (WTI) Crude oil finished week Friday at $91.92, but still up $1.65 for the day.

The Dollar Index finished Friday at 95.48, up 0.10.

March palm oil market was closed this past week. The contract high was made January 31st at 5846 MYR.

March cotton yesterday settled at $126.74 per cwt. The contract high is $129.37 made 1 February. Cotton competes with soybeans for acres.

March Natural Gas finished Friday down $0.316 at $4.572 per Metric Million Btu. The contract high was made October 6th at $6.132 per MMBtu. Natural gas is the primary input cost of nitrogen fertilizer.

March Oats finished yesterday up 2¾ cents at $7.31. The contract high is $7.78 made November 22nd.

Rondonópolis, Mato Grosso, in the heart of Brazil's most productive soybean area, received 0.3 inches of rain yesterday; 0.7 inches a year ago and 0.1 inches two years ago (one inch = 24.5 mm). Yesterday's high temperature was 84°F. Day time highs the next ten days will range from 84 to 92°F (100°F = 38°C). Yesterday, in the dry areas of South America: Santa Maria high temperature 81°F with 0.1 inches of rain. Cordoba high temperature 86°F with no rain. Salto high temperature 92°F with no rain. Total rainfall and temperatures expected in the next ten days: Santa Maria 0.54 inches 79 to 95°F. Cordoba 0.12 inches 77 to 93°F. Salto 0.08 inches 75 to 93°F.

The Eastern Corn Belt has no rain days in the 10 day same as yesterday and the Western Corn Belt has 1 more rain days than yesterday.

Explanation of Rain Days


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