- Little to add today as the US is on holiday – Martin Luther King Day.
- Egypt have stated they have enough wheat to last until early May, but they keep making statements like this then stepping into the market again! Watch this space.
- Russia’s SovEcon have forecast 2013/14 grain exports higher at 22 million mt, up from 16.3 million mt year on year and above the official AgMin estimate of 20 million mt. Higher than anticipated corn exports are cited as the reason for the higher numbers.
- Brazil’s AgRural have lowered their estimate for the 2013/14 soybean crop to 88.8 million mt from 89.4 million mt year on year as a consequence of sporadic and irregular rains in some regions.
- The HGCA have reported, in their weekly summary, a bearish comment for wheat based on declining feed demand due to mild weather conditions as well as competitively priced corn (maize) being substituted in feed diets. They still do not seem to have picked up on increased barley usage in feed, which is also displacing wheat.
- MATIF wheat hit a three month low in trading today – presumably the market is at last recognising the ample global supply position. Following Friday’s CBOT close, which saw the front month contract close marginally above a three and a half year low, it was only to be expected that EU markets would be under a degree of pressure – and so it was. There appears to be little in the way of relief of pressure on wheat prices, Mar ’14 MATIF corn closed at €172.25, well below Mar ’14 wheat, which closed at €190.75.