Karen Braun@kannbwx

7h

USDA confirms the sale of 251,000 tonnes of U.S. #soybeans for delivery to unknown destinations in 2023/24.

Karen Braun@kannbwx·Aug 31

#Wheat export sales were weaker than some estimates predicted, but they did include two cargoes to #China (110kt total). China bought a small volume of old-crop #soybeans. New-crop beans were sold to unknown, China and Mexico. Mexico bought 644kt new-crop #corn.

Karen Braun@kannbwx

Sep 1

#Brazil is allowing some farmers in Mato Grosso to start planting #soybeans before Sept. 15 as this year's El Nino could cause early onset of dry season, putting second crops (cotton, corn) at risk.

Karen Braun@kannbwx

Sep 1

Funds' bullishness in U.S. oilseeds slightly offset their bearishness in grains as of August 29:

Money managers bought 21k contracts of CBOT #soymeal through Aug. 29, the most for any week since early December. As of Aug. 29 their net long in fut&opt was 73.8k, less than a year ago but the second most bullish for the date in the dataset back to 2006.

Speculators bought CBOT #corn futures & options in the week ended Aug. 29, trimming their net short to 87k contracts. They bought almost 33k f&o contracts of CBOT #soybeans (net long now 91k) as futures hit one-month highs.

Karen Braun@kannbwx  3 hours ago

Heavy rains will continue to be of concern this month for crops in northeast #China.

Karen Braun@kannbwx

#Australia cut its #wheat production forecast on Tuesday due to dry weather. ABARES predicted 26.2 mmt in June, but now the wheat crop is seen at 25.4 mmt, down 36% from last year's record. #ElNino usually causes dryness for Aussie crops.