FI Morning Grain Comments 12/30/22

PDF attached

 

Good
morning

 

CBOT
markets are closed Monday. https://www.cmegroup.com/tools-information/holiday-calendar.html   
USD is slightly lower, WTI lower and US equities lower. Soybeans and meal are higher on ongoing Argentina weather concerns and soybean oil is lower from product spreading and lower WTI crude oil. Deliveries were heavy for CBOT soybean oil.
March
palm oil futures in Malaysian were 84 ringgit to 4,174 and cash up $20/ton at $970.00. China soybean futures were down 0.1%, meal 0.8% higher, soybean oil 0.5 higher and palm up 1.2%. Rotterdam vegetable oils were mixed from early yesterday morning. Rotterdam
meal 2.50-4.50 euros higher. Offshore values were leading SBO lower by about 58 points earlier this morning (38 higher for the week) and meal $8.60 short ton higher ($6.60 higher for the week to date).

 

 

 

 

 

 

Weather

 

World
Weather, INC.

WORLD
WEATHER HIGHLIGHTS FOR DECEMBER 30, 2022

• No
  serious changes were noted for Argentina’s two week forecast today
• The
  nation will get some beneficial rain late this weekend into Monday, but it will not be enough to carry crops through the following week of dry and warm biased weather without being notably stressed once again
• Brazil’s
  forecast has also not been changed greatly today and most of the nation will continue to see good production potentials because of timely rainfall and seasonable temperatures
• Some
  heavy rain is still expected in center south crop areas in the coming week, but the impact should be low as long as lighter rainfall resumes when the harvest season arrives
• Europe
  weather is advertised wetter in the second week today relative to that of Thursday’s forecast and some of the stormy weather may be overdone
• Western
  CIS crop areas will continue to see a succession of precipitation events maintaining some possible potential for flooding in the spring
• Cooling
  in Russia next week will not have a big impact on winter crops because the most anomalous temperatures will be confined to the New Lands where little to no winter crop is produced and snow cover is still prevalent in those areas
• India,
  Australia, China, South Africa and North Africa weather today is indifferent from that of Thursday especially in this first week of the outlook.
  
• Some
  greater week two rainfall was suggested in eastern Australia
• North
  Africa wheat areas need rain
• South
  Africa’s week two precipitation should diminish for many areas relative to that of this first week
  

Source:
World Weather INC

 

Bloomberg
Ag Calendar

Friday,
Dec. 30:

• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am

• CFTC
  commitments of traders weekly report on positions for various US futures and options, 3:30pm
• ICE
  Futures Europe weekly commitment of traders report, 1:30pm (6:30pm London)

Saturday,
Dec. 31:

• Malaysia’s
  Dec. 1-31 palm oil export data by cargo surveyor AmSpec

Monday,
Jan. 2:

• New
  Year’s holiday in several countries, including US, UK and Japan

Tuesday,
Jan. 3:

• New
  Zealand global dairy trade auction
• EU
  weekly grain, oilseed import and export data
• US
  Purdue Agriculture Sentiment
• USDA
  soybean crush, 3pm
• HOLIDAY:
  Japan

Wednesday,
Jan. 4:

• No
  major event scheduled

Thursday,
Jan. 5:

• EIA
  weekly US ethanol inventories, production
• Port
  of Rouen data on French grain exports
• Malaysia’s
  Jan. 1-5 palm oil exports

Friday,
Jan. 6:

• FAO
  Food Price Index
• Net-export
  sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• ICE
  Futures Europe weekly commitments of traders report
• CFTC
  commitments of traders weekly report on positions for various US futures and options