Aussie take on EU wheat

[malleefarmer]

Don’t reckon they got it quite right myself only my opinion.

https://www.stockjournal.com.au/story/6812003/grains-sector-braces-for-continued-uncertainty-in-global-markets-due-to-coronavirus/?src=rss https://www.stockjournal.com.au/story/6812003/grains-sector-braces-for-continued-uncertainty-in-global-markets-due-to-coronavirus/?src=rss

[TOM4CWB]

Don’t reckon they got it quite right myself only my opinion.

https://www.stockjournal.com.au/story/6812003/grains-sector-braces-for-continued-uncertainty-in-global-markets-due-to-coronavirus/?src=rss https://www.stockjournal.com.au/story/6812003/grains-sector-braces-for-continued-uncertainty-in-global-markets-due-to-coronavirus/?src=rss

Too Early to tell where it all is headed!!!

[malleefarmer]

Too Early to tell where it all is headed!!!

Pardon the pun eh Tom.

[TOM4CWB]

Pardon the pun eh Tom.

From my Broker... no pun intended:
"Grains and Oilseeds
Ag prices higher ahead of USDA report
USDA report day – Stocks and Acreage update at 12:00 pm ET or 10:00 am MT
Trade estimates US June 1 soybean stocks near 1,392 mil bu versus 1,783 last year,
June 1 corn stocks near 4,959 mil bu versus 5,202 last year
US June 1 wheat stocks near 987 mil bu versus 1,080 last year
US 2020 soybean acres near 84.8 million versus USDA March guess of 83.5 and 76.1 last year
US 2020 corn acres near 95.1 million versus USDA March guess of 97.0 and 89.3 last year and US 2020
Wheat acres near 44.7 million versus USDA March guess of 44.7and 45.2 last year
· Thinking yesterday’s and the overnight rally linked to short covering before the report plus addition of some weather premium into corn and bean prices as we head into the reproductive phase over the next few weeks
· Weather will be the biggest driver to price
Monday’s US crop condition ratings
Corn – 73% g/ex vs. 72% lw and 56% last year – trade looking for 73%
Beans – 71% g/ex vs. 70% lw and 54% last year – trade was looking for 70% g/ex
Spring wheat – 69% g/ex vs. 75% lw and 75% last year – trade was looking for 75% -- another big drop but having minor support to futures again
Winter wheat harvest 41% complete up from 29% last week and vs. 41% last year – trade was looking for 44% complete

Yesterday’s Stats Canada’s seeding updates were minor
· Relative to its data based on a March survey, total wheat area was lowered slightly, while canola, barley and oats area was raised slightly
· Total major cropped area in Canada in 2020 is pegged at 26.7 Mil hectares, vs. 26.8 Mil previously and vs. 26.9 Mil in 2019
Stats Can pegged canola acres at 20.78 million, up a tick from the April estimate of 20.6 and still down from last year’s 21.0 million
Acre loses in oilseeds (soybean acres down 11.3% across Canada to 5.1 M, MB -22%) have benefited lentils, barley, and durum wheat
Nationally, farmers reported planting 25.0 million acres of wheat in 2020, up 1.5% from 2019 – trade was looking for 25.2 million acres
Higher wheat area was led by durum wheat, which rose 16.2% to 5.7 million acres, while winter wheat increased 45.9% to 1.4 million acres
Target $9.03 to lift November 2020 soybean long positions
Targeting $480 & $485 to sell Nov 2020 Canola
Target $5.42 to liquidate longs on Sept Minn Wheat
Feed users long Sept corn can target $3.57 to liquidate and take profits"