COMMODITY MARKET MOVEMENT ON CBOT – August 17, 2020
Weather: Only a scattering of rain is forecast for the Corn Belt between Tuesday and Friday. NOAA's 8-to-14-day outlook predicts warmer-than-normal temperatures across much of the country. Seasonally dry weather is also likely during this time.
General: Most grain contracts move 1.5% to 3% higher on a round of technical buying. Fund short-covering lent additional support today. Traders assess the fallout from last week's deadly Midwestern storms, which negatively affected several million acres of cropland.
The USDA weekly Crop Progress report had 84% of crop setting pods compared to the 5-year average of 79%. USDA announced that 28,846 mbu of soya beans were exported at the end of August 13. It was also wk / wk but 32 percent lower.
Corn conditions were down 6 points on the Brugler500 index to 373. The most popular game in town is estimating yield and production losses from the derecho. China was the top destination for the week's corn exports, with 316,821 MT (31%) The USDA's Export Inspections report had 40.825 mbu of corn shipped on the week ending August 13. That was 252k bushels below last week, but more than double the same week last year.
USDA has announced a large sale of 130,000 MT of HRW to unknown destinations. It shipped 461,699 MT of wheat on the week ending 13 August. With 29 per cent of the total, Japan was the top destination of the week. YTD exports of wheat are 2 per cent ahead of the rate of last year. With ID, MO, OR, SD, and WA wheat still to be cut, national winter wheat harvest is now 93 per cent complete.
PRICE MOVEMENT ON CBOT AUG 17
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