- Saturday saw Egypt pick up a single 60,000 mt cargo of French wheat, which was cheap compared with the other offers shown. Markets have a “toppy” feel to them as the US soybean meal tightness seems to be fading as additional supplies get through to consumers. There is NO shortage of soybeans or crush, just railway locomotives and an overall tightness of available trucks. The peak cash meal prices would, if they continued, attract S American imports, which is the last thing the US wants or needs.
- The US crop condition report showed winter wheat at 59% good/excellent which is unchanged week on week but behind last year’s 63%. The crop is 90% planted unchanged from last year and!% ahead of the five year average. The corn crop was reported to be 65% harvested, up from last week’s 46% but still behind the longer term averages. Soybeans were reported to be 83% harvested, an improvement on last week’s 70% and equal to the five year average.
- Commodity brokerage Intl FCStone reported their latest US Crop forecast and reduced 2014 corn output to 14.783 billion bu from 14.958 estimated last month. Yield was trimmed a touch to 178.0 bu/acre from 178.4 last month. It also pared US 2014 soybean output to 4.033 billion bu from 4.066 billion bu a month ago, with yield at an unchanged48.4 bu/acre. FCStone’s data is reputedly based upon a survey of its own customers as well as utilising USDA harvested acreage estimates. This is one of the first private forecasts to be issued ahead of the USDA’s next report scheduled for release 10 November.