• CBOT grain markets saw a day of consolidation following Wednesdays strong performance and the soybean market was the subject of some profit taking. There was little in the way of fresh news (once again) and it appears the trigger for gains in grain were based upon fears over the Argentine wheat crop weather, the possibility that China may need further supplies, and Russia’s intervention purchasing. None of these are “fresh news” and prices rose in what appears to be thin volumes, hence our view that the rally will be short lived, and provides a selling opportunity.

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

Wheat: 620,200 mt, which is within estimates of 500,000-700,000 mt.
Corn: 640.100 mt, which is above estimates of 400,000-600,000 mt.
Soybeans: 2,826,300 mt, which is above estimates of 2.300,000-2,800,000 mt.
Soybean Meal: 246,700 mt, which is above estimates of 95,000-230,000 mt.
Soybean Oil: Minus 300 mt (as a consequence of cancellations), and is below estimates of 10,000-20,000 mt.

• Brussels has issued weekly wheat export certificates for 471,238 mt, which brings the season total to 6,470,103 mt. This is above last year by 2.768 million mt (74.8%).