China Expects Total Soybeans Crushed To Fall By 6.6 Million MT This Year
The Chinese National Grain and Oil Information Center (CNGOIC), a governmental organization, expects to see Chinese soy processors to crush 6.6 MMT fewer soybeans this marketing year beginning on Oct 1. Lethal outbreaks of African Swine Fever in Chinese hog farms and a proposed mandate by the Chinese government to reduce the protein content in livestock rations are expected to negatively impact demand for soybean meal. CNGOIC forecasts that 89.5 MMT of soybeans to be crushed in 2018-2019, compared to their projection back in September of 96.1 MMT and last year’s total crush of 94.3 MMT.
Export Sales Notice
Private exporters reported to the U.S. Department of Agriculture cancellations of export sales of 140,000 metric tons of corn for delivery to unknown destinations during the 2018/2019 marketing year.
USDA WASDE Report Released Today At 11 AM CST
Analysts expect to see the national corn yield improve by 0.5 bpa over the Sep estimate to 181.8 bpa. Despite an increase in yield, traders also expect to see total corn production to stay unchanged at 14.872 billion bushels due to a reduction in harvested acres, possibly due to wet harvest conditions reported back in Sep in parts of Iowa and Illinois. For soybeans, analysts also expect to see yield increase by 0.5 bpa to 53.3 bpa. They also project production to rise to 4.733 billion bushels, up from the Sep figure of 4.693 billion bushels. For US stocks, analysts expect corn to see a build in supplies of 145 million bushels to 1.919 billion bushels and soybeans to build up by 53 million bushels to 898 million bushels. Wheat is also expected to see a rise in supply with analysts estimating a 15 million bushel increase to 950 million bushels.
Many Midwestern States Are Threatened By A Freeze As Hurricane Michael Batters The Southeast
With scattered showers in the forecast for nearly all of the Midwest, many of these same states have been issued freeze warnings from the National Weather Service. Areas at risk are W Kansas, Nebraska, SE South Dakota, N Iowa, S Minnesota, S Wisconsin, and N Illinois. Temps in Kansas and Nebraska could fall as low as the mid-teens overnight and a hard-freeze warning is in place for counties in W Kansas and E Colorado. In Florida and the Carolinas, tropical storm and flood warnings are in effect as Hurricane Michael made landfall, bringing heavy rains and winds up to 140 mph.
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