Everyone is looking ahead to the USDA publications this morning, to finish out what has been a mostly positive month for the grains, and set the table fundamentally for the transition into a weather market...
South Korean millers bought 33k tonnes of U.S. wheat for July-August.
Indonesian importers have bought around 80k tonnes of Argentine feed wheat in the past week, for April delivery, at just $175/tonne cost plus freight.
Jordan has re-issued an international tender for 100k tonnes of milling wheat.
Egpyt’s GASC yesterday announced that they will add Bulgaria to their list of potential wheat import suppliers, starting with their next tender.
Brazil’s Ag Minister yesterday proposed scrapping “some” import taxes on corn, in order to ease shipments of Argentine corn in the coming months; they will also sell a total of 160k tonnes of corn from government stockpiles in the northeast and southern regions of the country, to small livestock producers. In addition, a Brazilian poultry and pork industry group said half a million tonnes of corn has been booked from Argentina and Paraguay for April/May.
South Africa’s Crop Estimates Committee (CEC) estimated the country’s 2016 corn crop at 7.1 million tonnes yesterday morning, down from 7.255 MMT previously but above the average trade estimate of 6.77 MMT. That is also above the current USDA estimate at 6.5 MMT, and this week’s USDA attaché figure at 7.0 MMT. It would be down 29% from last year’s 9.95 MMT
DOE total fuel ethanol production declined for the second straight week this week to 992k bpd, though each of those declines were small and that most recent figure remains ahead of the comparable 952k bpd from last year. Cumulative output (974k bpd) remains 27k bpd ahead of last year’s pace thru 29 weeks, but that ‘14/15 pace dropped through May as weekly output fell to a low at 887k bpd on 5/1/15.
Unless otherwise noted, the posts on this blog should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Inc. or its subsidiaries. INTL FCStone Inc. is not responsible for any trading decisions taken by persons viewing this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by INTL FCStone Inc. or its subsidiaries. Reproduction without authorization is prohibited. All rights reserved.