- New month, new quarter, new money and – so it seems – higher prices as a result. Index fund buying has been evident and, by all accounts, robust. Early markets were a touch weaker but fresh long positions, typical of large fund activity, surged as the day progressed.
- A typical general labour strike in Argentina has been in place since yesterday (Tuesday) as is so often the case in springtime. Crushers are reported to have ample supplies following recent heavy farmer selling and the key shipment period typically begins in May, so timing is not crucial (for now). However, the disruption, albeit minimal right now, may be unnerving for Chinese buyers who have not followed prices higher.
- Staying in Argentina, the Buenos Aires Grain Exchange (BAGE) reports their 2014/15 soybean crop estimate 1.5 million mt higher month on month at 58.5 million mt. Their 2014/15 corn crop estimate is also higher by ½ million mt month on month at 23 million mt.
- Brussels has released wheat export data early ahead of the Easter holiday weekend and report another million plus week with certificates totalling 1,106.397 mt, which brings the season total to 26.94 million mt. This is 2.36 million mt (9.6%) ahead of the same time last year. The figures, coupled with a $0.15/bu rebound (higher) in Chicago wheat markets left MATIF wheat €uro 3 higher recouping Tuesday’s losses.
- Post USDA report trading has been interesting to say the least, as predicted it has certainly been volatile! Whether volatility continues remains to be seen, and the upcoming long Easter break may just provide a call to senses and more rational trading – time will tell.