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Grain Supplies, Put Options, Markets & Rain Days Update 5/16/22

Highlights


Wheat opened sharply higher last evening, moved up to the 70 cent limit for a short while before moving 10 to 25 lower and sideways into the night. Corn and beans both opened sharply higher and weakened a bit. New crop December corn did trade a few cents below last week's contract high of $7.58. This afternoon's weather forecast and planting progress will dominate trade tomorrow.


India's Commerce Secretary said 4.3 million mts of wheat have been contracted for exports. He said all buyers who have issued the Letter of Credit will have the wheat shipped according to one Indian official while another official said all 4.3 million mts will be shipped.


Egypt's Prime Minister said on Sunday his country has wheat supplies sufficient to cover its needs for four months and enough vegetable oil to cover the next six months. Egypt is the biggest wheat importer in the world and they have booked another half million mt of India's wheat.


 

Reality Check on Supplies of Corn, Beans and Wheat


Carryover is the amount of a commodity on hand at the end of a given marketing year. The USDA tracks those numbers for every major producing country and buyer of all commodities as well as the world as a whole. All those numbers were updated last Thursday by USDA. We translate those carryover quantities to the number of days the carryover for each marketing year will meet the needs into the next marketing year for each country and world before the new crop has to be used.

The world carryover in terms of days' use is:

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