• The USDA has today released its weekly export figures as detailed below:

Wheat 465,500 mt which is within estimates of 300,000-800,000 mt.
Corn 285,800 mt which is below estimates of 400,000-800,000 mt.
Soybeans 585,500 mt which is within estimates of 400,000-700,000 mt.
Soybean meal 71,900 mt which is within estimates of50,000-230,000 mt.
Soybean oil 900 mt which is within estimates of zero –10,000 mt.

• Markets are trading into tomorrow’s USDA report and today has seen higher levels across all three key agri commodities. Once again the report will be published as Europe is going home for the night (and weekend) so this side of the pond will have the weekend to digest the data and reflect upon US reaction prior to markets opening on Monday.

• Of note today are the reports that at least three cargoes (of 30,000 mt) of Brazilian and Paraguayan soybeans have been traded into the US as the latter’s stocks continue to be tight and cash bids rise to elicit farmer selling with limited success. In addition to trade reports we have first hand knowledge from Brazil that trades have actually taken place (confirmed today) and our confidence remains high that the US is now an importer of S American soybeans.

• Continuing the S American theme, CONAB reported the 2012/13 soybean crop slightly lower than a month ago at 81.5 million mt (vs. 81.9 million mt) and the corn crop slightly higher at 78 million mt (vs. 77.45 million mt).