- We thought it would be nice to start with some fresh news tonight rather than a rehash of everything that has been before!
- Egypt returned the the market for wheat, this time for October shipment, and purchased a total of 295,000 mt. Ukraine topped the sellers with 175,000 mt with Russia and Romania being awarded 60,000 mt each. It appears the only other offer was from France, and about $20 too expensive (or is it that Black Sea offers are too cheap?).
- We are approaching a long weekend in the US (Labour Day) and with forecasts containing hints of rainfall and cooler temperatures it is entirely possible that we may see something of a retracement in coming days.
- Newswires are full of “cooler weather” reports, Reuters being a good example; their contribution suggesting lower temperatures into the weekend and remaining cooler next week. The possibility of much needed rainfall over the weekend has also been widely reported.
- Regardless of speculative weather news, it would seem obvious that the soybean crop in the US is in need of moisture and will also benefit from a reduction in temperature if yield is to be optimised.
- The Reuters forecasting arm, Lanworth, added their latest forecast today with a corn yield of 152.4 bu/acre resulting in a crop of 13,406 billion bu. Their estimated soybean yield of 40.8 bu/acre results in an output of 3.14 billion bu (2% decline month on month).