GRAINS, BEANS JUMP OVERNIGHT; INVESTORS RAISE NET-LONGS IN CORN
GRAIN AND SOYBEAN PRICES SURGE IN OVERNIGHT TRADING
Wheat, corn, and soybean futures were all higher in overnight trading after Russia ended an agreement allowing ships to transport agricultural products out of Ukraine.
Russia exited the deal — called the Black Sea Grain Initiative — for an indefinite period. The agreement was brokered by the United Nations and Turkey at the end of July and was designed to improve the flow of agricultural products globally to ease hunger.
Drone attack on Russian ships in Sevastopol, the home of its Black Sea fleet, were repelled on Saturday, Russian government officials said. Russia said it could no longer guarantee the safety of civilian vessels in shipping lanes.
The United Nations said in a statement Sunday that about 97 loaded ships and 15 inbound ships registered for inspections with the United Nations' Joint Coordination Centre, or JCC. Another 89 ships have applied to join the initiative.
While there was no movement through the so-called humanitarian corridor on Sunday, 21 vessels registered under the agreement were near the three Ukrainian ports from which ships have sailed, carrying more than 700,000 metric tons of agricultural products, the UN said.
Roughly 9.52 milli
CORN, BEAN EXPORT SALES DROP WEEK-TO-WEEK
Sales of corn and beans to overseas buyers plunged week-to-week while wheat sales improved, according to data from USDA.
Corn sales in the week that ended on Oct. 20 totaled 264,000 metric tons, the agency said in a report. That's down from 408,300 metric tons a week earlier.
China was the big buyer of U.S. corn at 157,800 metric tons, followed by Mexico at 109,700 tons, and Canada at 28,400 tons. Japan took 18,200 tons and Trinidad and Tobago bought 11,000 tons, USDA said.
The total would've been higher, but an unnamed country canceled shipments of 65,700 tons, and Colombia nixed cargoes of 14,000 tons.
Exports for the week were reported at 619,000 tons, up from 407,200 tons the previous week, the government said.
Soybean sales were lower at 1.03 million metric tons, down from 2.34 million tons a week earlier, USDA said.
China took 1.11 million metric tons, Japan bought 119,300 tons, Pakistan was in for 68,000 tons, Mexico purchased 63,600 tons, and Egypt bought 58,200 tons. An unnamed buyer canceled orders for 487,000 tons, the agency said.
Exports came in at 2.75 million metric tons, up from 1.9 million tons a week earlier.
Wheat sales to overseas buyers, meanwhile, jumped to 533,000 metric tons from 163,100 tons, the government said.
South Korea bought 109,500 metric tons, an unknown destination took 91,000 tons, the Philippines was in for 66,500 tons, Japan purchased 54,100 tons, and Mexico bought 49,100 tons.
Exports for the week were reported at 136,800 tons, down from 242,600 tons the previous week, USDA said in its report.
**
3. RAINFALL EXPECTED IN PARTS OF SOUTHERN PLAINS FRIDAY
Weather maps are relatively quiet this morning, though widespread showers are forecast for parts of the southern Plains today, according to the National Weather Service.
Some strong storms remain possible yet this morning in parts of west-central Texas.
"The main hazards are hail, gusty winds and lighting," NWS said in a report early this morning. "During the day today, additional showers and thunderstorms across the northern half of the area may result in minor, localized flooding."
Parts of southern and central Oklahoma also will see some thunderstorms today and tonight.
Further north in central Kansas, extremely dry weather starting tomorrow will increase the chance of wildfires, the agency said.
Gusty winds, low humidity, and high temperatures will combine to create dry conditions next week, NWS said.
Post a Comment