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1. Soybeans and grains increase after bullish report WASDE
Soybeans and cereals recorded a rise in day-to-day trade, following the release of an essentially global farm supply and demand estimate (WASDE) report.
The USDA has set bean production at 3.633 billion bushels, down from the $ 3.68 billion forecast in August. The agency's yield forecasts were reduced to 48.9 bushels / acre compared to 48.5 bushels.
Analysts polled by Reuters had said they expected a bean production of 3.577 billion bushels with a yield of 47.2 bushels to the acre.
Maize production was estimated at 13.799 billion bushels, down 13.901 billion from the previous month, the USDA said. Its yield outlook was lowered to 168.2 bushels per acre, compared to 169.5 bushels.
Analysts had forecast production of 13.672 billion bushels with a yield of 167.2 bushels per acre.
November soybean futures prices rose by 2¾ ¢ to $ 8.98¼ per bushel overnight at the Chicago Board of Trade. Soy flour added 50 ¢ to $ 301.80 per tonne while soybean oil gained 0.07 ¢ to 29.23 ¢ per pound.
Corn futures for December delivery increased 2 cents to 3.69 cents per bushel.
Wheat for delivery in September gained 5¾ ¢ to $ 4.89 ½ bushel, while Kansas City futures added 4 ¢ to $ 4.08¼ a bushel.
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2. Beginning of the export sales of corn and beans for 2019-2020, carry forward of the previous year's carry forward
Export sales of corn and soybeans in the first five days of the 2019-2020 marketing year were impressive, but most of the totals correspond to carryovers from the previous year.
Corn sales since the beginning of the marketing year, from September 1 to 5, totaled 498,100 metric tonnes, according to the USDA.
Mexico was the big buyer with 193,800 metric tons. Japan followed with 158,100 tons, Colombia bought 96,200 tons, Nicaragua 58,000 tons and Costa Rica 41,200 tons, announced the USDA in a report.
About 734,400 metric tonnes of sales were carried forward from the 2018-2019 marketing year that ended August 31, the agency said.
Corn shipments for the marketing year reached approximately 49.2 million metric tonnes, down 14% from the previous year.
Soybean sales started the New Year at 1.17 million metric tonnes, the USDA announced.
Mexico was also the largest buyer of beans with 644,300 metric tons. An unknown buyer came next (150 000 tonnes), Thailand (84 900 tonnes), South Korea (58 200 tonnes) and the Netherlands (56 400 tonnes).
About 1.93 million tonnes were carried forward from the previous marketing year, the agency said.
Total exports of soybeans for the 2018-19 marketing year were reported at 46.8 million metric tonnes, down about 17% from one year to the next.
Sales of wheat for delivery during the marketing year that began on June 1 were reported at 610,900 metric tonnes, nearly double the previous week and 20% higher than the four-week average previous ones, the USDA said in its report.
The Philippines was the largest buyer with 109,000 metric tons, Mexico 91,900 tons, Indonesia 63,000 tons, Nigeria 54,700 tons and South Korea 53,000 tons, according to the government.
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3. Several flooded Nebraska counties and sudden flood warnings in northern Illinois
Flood warnings are in effect in most of northern Nebraska, southeastern South Dakota and southwestern Minnesota this morning, according to the national meteorological service.
Several roads, bridges and fields were washed away in north-central Nebraska after two days of heavy rain pouring 8 inches of water into the area. Motorists were asked to stay off the road in the middle of the devastation.
"Rivers and streams (in northern Nebraska) will continue to be intense, impacting the lowlands and areas adjacent to the floods," the NWS said in a report released early this morning.
The good news for the region is that no explosive weather is expected next week, the agency said, which should leave the region dry.
Some counties in northern Illinois have issued a sudden flood warning, with adjacent counties in Wisconsin facing flood warnings this morning.
Several roads remain closed in the area as amounts of rain up to about 3 inches have already fallen in the area. No more rain is expected this morning, the NWS said.
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