- A “down day” today with some sharp losses seen in Chicago across the board. Brazilian truckers have said they are focussing on the capital city, Brasilia, in the hope of cutting a better tax deal on diesel, and this has eased problems and ports are reporting growing truck lines awaiting discharge.
- Russia’s AgMin have increased their 2015 grain production estimate to 100 million mt, a mere 4 million mt below the prior year, and an improvement on the 85-100 million mt range previously quoted. As always, caution should be the watchword when factoring statements from Russia! Improved weather is the key behind the higher numbers, and if it persists we could see late June marking the end of the export tax. The potential for a big old crop carryover should not be forgotten, and that will doubtless impact new crop price structures. Our thoughts, at present, centre on the fact that winter sown crops are not yet out of dormancy and spring crops not yet planted – how and why has the position become more favourable all of a sudden?