- Markets have been relatively quiet today with CBOT trading either side of unchanged with losses in wheat, corn and soybean meal at the close. MATIF wheat rose on the back of € weakness despite a weaker cash market in the aftermath of yesterdays Egyptian tender and statements to the effect that France was “too expensive”.
- S America continues to look good from a weather perspective, with Brazilian rains at or above normal in the coming week or so and the next two weeks looks dry in Argentina with rains forecast to follow.
- The Reuters forecasting arm, Lanworth, released (another) updated forecast which suggested that 2013/14 global soybean output would be 1 million mt below their last figures at 289 million mt, and global corn output for 2013/14 would be 5 million mt higher at 963 million mt. In the same release China’s 2014/15 corn output was viewed at 220 million mt.
- There appears to be little in the way of fresh news.