- Trade has been two sided today in Chicago and the soybean market has been pressured by the confirmation of cancellation by China of 272,000 mt of old crop US soybeans as well as potential rejection of cargoes for contamination with corn testing positive for MIR 162, the non-approved GM event. 10 day delays have been recorded whilst testing is undertaken. Should the latter become a significant issue it will hasten the switch to South American supplies.
- A further new development in the Brazilian port of Paranagua is that shippers are required to have the full cargo volume available prior to loading. If this is not the case, the vessel will be required to go to the back of the queue. In previous seasons it has not been unusual for boats to come alongside multiple times in order to completely load. This new demand by port officials has, for the time being, elevated spot premiums although this is not expected to be a lasting situation, and premiums are expected to decline before long.
- France’s AgriMer reports the 2013/14 soft wheat stocks at 2.85 million mt, which is an increased from their last estimated 2.68 million mt. Reduced exports are blamed for the increase.
- In Kazakhstan their AgMin reports total grain exports so far this season at 5.465million mt, which is an increased from 4.541 million mt year on year. Total grain exports are anticipated to reach between 9 and 10 million mt this year, up from 7.1 million mt last season.