- Weekly US export data has been released as follows:
- Weekly EU wheat export totalled 463,401 mt, which brings the season total to 22.65 million mt. This is 4,87 million mt (17.7%) behind last year. Barley exports for the week reached 14,689 mt, which brings the season total to 4.38 million mt.
- Chicago corn, wheat and soybean futures are all weaker in volume described as moderate. Positioning ahead of a decision by the US Commerce Department as to whether or not Argentina and/or Indonesia are dumping biodiesel into the US is evident. A positive finding could well see a tariff or duty as high as 25% imposed upon imports, potentially as early as Friday this week.
- The central US weather position is becoming wet when compared with the east , heavy rains are accentuating flooding in the E Midwest, whilst improved planting conditions have occurred in the W Midwest. We anticipate US corn planting hitting 42-45% by Sunday, below both last year and the five year average. 2017’s corn crop will not be viewed as an “early crop” in view of the required replanting in the E Midwest where growers describe the situation as, “a mess”, with conditions wet and fields just not draining.
- It seems that, given current US weather conditions, neither Informa Economics or the ongoing Crop Quality Tour will quantify crop damage caused by snow/cold conditions in the Plains. Wednesday’s WASDE report will likely show some reduction in 2018/19 world and US wheat end stocks, with all that may bring with it!