- Today has seen another relatively quiet trading session with little in the way of fresh information to spark activity. CBOT grains and soybean complex have traded either side of unchanged.
- The US corn crop is 84%harvested vs. 73% last week and above the five year average of 79%. Soybeans are 91% harvested vs. 86% last week and just below the five year average of 92%. The US winter wheat crop is rated 65% good/excellent vs. 63% last week and is reported as 95% planted vs. 91% last week and 2% above the five year average. The wheat crop is moving towards its dormancy period in the best condition seen for about five years giving hope for an excellent harvest next year.
- Stratégie Grains have issued their latest EU grains update in which they project the 2014/15 soft wheat acreage to increase by close to 1 million ha to 24.1 million ha, principally driven by the attractive gross margin compared with other crops. Barley acres are also forecast to fall by as much as 0.5 million ha due to reduced spring plantings. 2013/14 total grains output for the EU 28 was forecast a touch lower than last month’s estimate at 301.5 million mt. This compare with 278.5 million mt in 2012/13. The EU soft wheat figure for 2013/14 was revised down vs. last month at 134.9 million mt and com pares with 125.5 million mt in 2012/13. The report also drew attention to the growing attractiveness, based on cost, of maize in animal feed diets.