FI Morning Grain Comments 10/10/22

Oct 10, 2022







PDF attached

 

Good
morning.

 

USD
is higher and WTI down about 67 cents. US government offices and banks are closed today for Columbus Day. US export inspections and crop progress will be released Tuesday. Wheat is up sharply after missile strikes in Ukraine. Black Sea shipping concerns amplified
over the weekend after Russia threatened more strikes after a key bridge linking Crimea was blown up. Bloomberg noted infrastructure facilities in eight Ukraine regions were hit in the missile strikes, including the city of Odessa, a major grain hub. The strength
in wheat is spilling into corn and the soybean complex. Argentina, Canada and Malaysia are on holiday, returning Tuesday.

 

 

 

Mississippi
River water levels are still low, and we are hearing more than 1 million tons of November soybean arrivals at the Gulf could be delayed, but parts of the Miss. River reopened Sunday and expect some of the logjams to clear. Weekend weather for the US was as
expected for the US, with some rain falling across NE, KS, parts of TX and OK, followed by MN and other upper Midwestern areas. Parts of the Midwest will see rain mid this week, bias southwestern areas. Brazil will see widespread rains this week while Argentina
will dry down again after seeing some rain over the weekend. India and eastern Australia saw flooding over the weekend.

 

 

Weather

Map Description automatically generated

 

World
Weather, INC.

WORLD
WEATHER HIGHLIGHTS FOR OCTOBER 10, 2022

  • Tropical
    Storm Julia brought heavy rain and flooding to parts of Central America during the weekend
    • Damage
      occurred in Nicaragua crops and property during the weekend because of the storm
    • Honduras,
      El Salvador and Guatemala will be impacted additionally today, but with much less potential for damage
  • U.S.
    harvest weather should be mostly favorable in the coming week to ten days with alternating periods of dry and wet weather – none of the rainfall will be exceptionally great
    • River
      and stream flow changes are not likely to be dramatic, but fluctuations near current levels are most likely for a while
      • European
        forecast model is much too wet for the southern U.S. Plains and Delta for next week
  • Ontario
    and Quebec, Canada will likely turn too wet for fieldwork late this week and next week
  • Argentina
    will continue too dry for the next ten days, despite some timely showers in northwestern and west-central areas Sunday and Monday of next week
  • Brazil
    will see a favorable mix of weather, although below normal precipitation will continue from eastern Mato Grosso to Minas Gerais and parts of Sao Paulo over the coming week with improved rainfall in these drier areas possible next week
  • Interior
    southern Brazil will be wetter than usual along with southeastern Paraguay
  • Europe
    and the western CIS will experience mostly good crop weather during the next two weeks with a mix of rain and sunshine favoring fieldwork and winter crop development