- The US harvest is progressing north, and the latest Reuters forecast, in the absence of any other official data, suggests that corn is at 31% complete, up from 20% a week ago, and that soybeans are 45% done, compared with 22% last week. Yield data continues to remain above earlier expectations although we will have to wait for official confirmation in coming months. The US debt issue has (still) not been resolved, and it looks like it will be an 11th hour deal if a default is to be avoided.
- There are forecasts calling for colder, and potentially freezing, temperatures later this week in the central US although it seems crop maturity has advanced sufficiently to avoid significant crop damage.
- Internationally, it appears that China is still active in the soybean procurement arena whilst their crush remains profitable, and it is suggested that they have purchased as far foreword as April ’14 amid concerns that the logistical issues which plagued Brazilian exports earlier this year will be repeated in early 2014.
- Black Sea planting progress remains delayed as late harvesting of corn and sunflower creates a knock on delay with wheat planting. Happily, there is a warmer and drier forecast for the coming week or so which will assist although it remains to be seen as to whether or not “normal” progress will be reached before the weather closes in.