- April’s WASDE report, true to history, held little in the way of surprise for the marketplace and raised something of a yawn from traders as interest returns to Chinese supply “indigestion” and central US weather forecasts. It seems that there is little change to anyone’s perception on the outlook for corn, wheat and soybean prices as we head into the the new crop northern hemisphere growing season. Will we see spring lows in May as both US and northern hemisphere crops go into favourably moist seedbeds?
- The USDA has today released its weekly export figures as detailed below:
Wheat: 356,700 mt, which is above estimates of 50,000-150,000 mt.
Corn: 702,500 mt, which is above estimates of 350,000-450,000 mt.
Soybeans: 325,700 mt, which is above estimates of minus 50,000-plus 150,000 mt.
Soybean Meal: 77,000 mt, which is below estimates of 100,000-200,000 mt.
Soybean Oil: 11,900 mt which is within estimates of 5,000-20,000 mt.
- Brussels issued wheat export certificates totalling 201,761 mt, the smallest of the season, which brings the season total to 27,144,360 mt. This is 1.93 million mt (7.6%) ahead of last year’s record pace and the first sign of a reduction in volume for many weeks. The USDA’s latest export forecast at 33.5 million mt looks huge!
- Today’s lower market close will be interesting to view in tomorrow’s trade.
To download our USDA report recap please click on the link below: