TMMF Ltd
Farminguk
25 August 2016 | Online since 2003
Scrutton Bland


14 December 2012 10:00:23 |

Buenos Aires cuts forecast for Argentine wheat production


Soycomplex
Jan 13 Soybeans closed at USD14.75 1/2, up 2 cents; Mar 13 Soybeans closed at USD14.72 1/2, up 2 cents; Dec 12 Soybean Meal closed at USD460.50, up USD1.00; Dec 12 Soybean Oil closed at 48.62, down 56 points.
Weekly export sales for soybeans in excess of 1.3 MMT comfortably beat trade expectations of 550-900 TMT. Once again weekly shipments were also strong, coming in above the 1 MMT mark for the 11th week in a row, matching a record of unbroken 1 MMT plus per week of exports on records stretching back to 1990. Total net soybean commitments are now in excess of 80% of the USDA's target for the full season. The November NOPA domestic soybean crush report will be released tomorrow with the average trade guess coming in at 157.5 million bushels.
Corn
Dec 12 Corn closed at USD7.12 1/4, down 8 3/4 cents; Mar 13 Corn closed at USD7.20 1/4, down 5 1/4 cents.
Weekly export sales of 258,900 MT were an improvement on last week's paltry effort and within trade expectations, but still fell well short of the level required to hit the USDA's full season target. Net total corn commitments at this stage are only 43% of the USDA target for 2012/13. Corn planting in Argentina is said to be 61% done, with a few more dry days on the cards before showers return on Sunday. MDA CropCast raised their 2012 Chinese corn production estimate to 202.8 MMT, even so that's still considerably less than the USDA's 208.0 MMT forecast released on Tuesday. They estimate Brazilian output at 70.7 MMT and Argentine production at 25.2 MMT, both unchanged from a week ago.
Wheat
Dec 12 CBOT Wheat closed at USD7.93, down 1 3/4 cents; Dec 12 KCBT Wheat closed at USD8.57 3/4, up 4 1/2 cents; Dec 12 MGEX Wheat closed at USD8.86 1/4, down 3 3/4 cents.
Weekly export sales for wheat were decent at 518,600 MT, and for once beat the weekly level required to hit the USDA's target for 2012/13. That was helped by sales of 183,000 MT to Egypt, most of which was already known about last week. Japan bought 134,157 MT of mostly US wheat in its regular weekly tender. The Buenos Aires Grains Exchange cut its forecast for Argentine wheat production by 320 TMT to 9.8 MMT, well below the USDA's 11.5 MMT estimated on Tuesday. The Rosario Exchange are said to be about to issue a similar sub-10 MMT number on Friday. Harvesting is 42% complete, according to the BAGE.

Download

0 Comment

loginuserlogo
Name

Please enter your name


Email

Please enter your email

Please enter valid email


Comment

Please enter your comment


Post Comment

Your comment has been submitted successfully. Please wait for admin approval.


Comments

No comments posted yet. Be the first to post a comment


Canada | 24 August 2016
Canadian farmers see bumper wheat crop as rain curbs quality

Canada’s wheat production will rise more than expected this year, adding to a global glut of the grain, while canola output will probably decrease, according to a government report. Wheat output wi...


France | 24 August 2016
Lactalis ready to discuss milk prices with angry French farmers

Europe's largest dairy producer, Lactalis, said on Tuesday it was ready to renegotiate milk prices paid to producers after hundreds of farmers protested outside its headquarters in northwestern France...


Japan | 24 August 2016
Is Japan's wagyu beef bubble bound to burst?

Bad news for high-end beef lovers: Japan’s Wagyu bubble could be on the verge of bursting. Prized Wagyu calves are currently fetching wildly inflated prices, says Nikkei Asian Review, and "If sky-high...


USA | 24 August 2016
Grassley to hold hearing on agriculture mergers next month

Iowa Sen. Chuck Grassley said Tuesday he will hold a hearing next month to discuss a wave of consolidation among seed and chemical producers, including the merger of Dow and DuPont. The chairman of...


Kenya | 24 August 2016
Should agriculture be a required school subject?

Despite the grumbling of many frustrated American school kids taking math tests, the broad subjects required in public schools each have firm arguments for their respective inclusion. But that does...



Trending Now

Viewed
Discussed


Top stories you may have missed
FarmingUK
FarmingUK Logo

FarmingUK

The sustained recovery of pig prices since the spring has come at a time wh...


FarmingUK
FarmingUK Logo

FarmingUK

A World Trade Organisation (WTO) panel has declared the Russian import ban ...


FarmingUK
FarmingUK Logo

FarmingUK

A new study has linked oilseed rape crops grown from neonicotinoid-treated ...


FarmingUK
FarmingUK Logo

FarmingUK

Philip Hammond is to guarantee billions of pounds of UK government investme...


FarmingUK
FarmingUK Logo

FarmingUK

Access to the foreign labour market is 'critical', according the chief exec...


FarmingUK
FarmingUK Logo

FarmingUK

The Tenant Farmers Association has said the National Trust's vision for a p...


FarmingUK
FarmingUK Logo

FarmingUK

Ulster farmers will 'not lie down and wave the white flag' when Brexit nego...


FarmingUK
FarmingUK Logo

FarmingUK

The cost of rural crime to the UK economy costs £42.5 million a year, accor...


FarmingUK
FarmingUK Logo

FarmingUK

A young farmers club member from Oxfordshire has created a petition on the ...


FarmingUK
FarmingUK Logo

FarmingUK

The farming sector has reacted negatively to a proposal to reintroduce the ...


closeicon
Username
Password