- The feature of today has been lacklustre trade as we hit month end and profit taking appears to be prevalent in relatively quiet markets. Weather reports remain benign and non-threatening and we would expect to see new crop values decline as we enter the new month of August.
- Reuters forecaster, Lanworth, pitched into the market today with its expectation of the 2013 US corn harvest raised to 14 billion bu with an average yield of 158..5 bu/acre. Their previous estimate was 13.65 billion bu. Global corn output was estimated at 965 million mt, an increase of 9 million mt within a two week time frame.
- US soybean production was eased back to 3.31 billion bu from 3.315 billion bu with a strong caveat regarding precipitation and temperatures in the coming month. Yield was predicted at 42.9 bu/acre.
- Global wheat and soybean output was left unchanged at 694 million mt and 283 million mt respectively although the Russian wheat harvest was reduced to 48.4 million mt from 50 million mt on account of warmer and dryer conditions, which could cap spring wheat output in the Volga District.
- EU wheat was the subject of some quality concern, which is not new news, and threatening storm conditions in northern Europe, again an ever present threat and we will lose little sleep over such commentary at this time.