06 March 2015 | Online since 2003



Chicago Grain Market Report - 4th January 2013


Soycomplex

Jan 13 Soybeans closed at USD14.03, down 2 1/2 cents; Mar 13 Soybeans closed at USD13.86 1/2, down 5 3/4 cents; Jan 13 Soybean Meal closed at USD405.60, down USD1.50; Jan 13 Soybean Oil closed at 50.21, down 31 points.


Beans hit a six week low on news that China had cancelled a further 315 TMT of US soybean purchases, although they finished well off the session lows. The US attaché to Brazil pegged the soybean crop there at 83 MMT, which is 2 MMT more than the USDA currently predict. They also placed exports at 39 MMT which is 1.6 MMT more than the USDA. The latter will issue revised estimates next Friday. Before that CONAB will issue their revised January forecasts for Brazilian crop production, they had soybean output at 82.6 MMT and exports at 36.4 MMT last month. Trade estimates for tomorrow's weekly export sales report for beans are 250-450 TMT.

Corn

Mar 13 Corn closed at USD6.89 1/4, down 1 1/2 cents; May 13 Corn closed at USD6.91, down 2 1/2 cents.


Funds were said to have been net sellers of around 3,000 corn contracts on the day. Ukraine has slipped into full-on corn export mode. Ministry data shows that they exported 2.46 MMT of grains in December, of which 2 MMT was corn. Year-to-date shipments are 14.5 MMT, of which 6.36 MMT is corn. Full season grain exports are forecast at 23 MMT, the vast majority of the remaining 8.5 MMT of that will also be corn. The reinstatement of the dollar a gallon tax break for US biodiesel producers should once again support the US ethanol industry. Argentine corn planting is said to be 82% complete, in line with last year's progress despite the wet weather. Trade estimates for tomorrow's weekly export sales report for corn are 200-350 TMT.

Wheat

Mar 13 CBOT Wheat closed at USD7.55 1/2, up 1/4 cent; Mar 13 KCBT Wheat closed at USD8.11 1/4, up 1/4 cent; Mar 13 MGEX Wheat closed at USD8.46 1/2, up 5 cents.


The Argentine wheat crop is said to be past three quarters harvested versus 93% last year at this time. The Buenos Aires Grain Exchange have the crop at 9.8 MMT versus the USDA's 11.5 MMT. The Australian wheat harvest is nearing completion, just in time to avoid what Bloomberg are calling the most wide-ranging drought in more than a decade. Final production numbers there are yet to be confirmed. Trade estimates for tomorrow's weekly export sales report for wheat are 350-550 TMT. Last week's sales were a near two year high in excess of 1 MMT, but that is unlikely to be repeated in a holiday week. It may take a few weeks more to confirm if global wheat demand really has switched to America.

Download



Comments


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

To post comment without approval login or register

Display name

Please enter your name

Email (optional)
Comment

Please enter your comment

Post Comment

Your comment submitted successfully.Please wait for admin approval.

Some error on your process.Please try one more time.



Jobs


20 February 2015
Sales & Business Development Manager - ERP
Our client is the UK market leader in the supply of Integrated Dealer Management Systems for Agriculture, Horticulture, Groun...

22 February 2015
Assistant Manager - Loch Fyne, Elton
The Loch Fyne Restaurant in Elton used to be an old dairy and boasts a great rustic but classy feel in a tranquil part of the...

16 February 2015
Customer Service Administrator
This is working for the UK’s number one dairy business and a company who believe in encouraging success – both business and p...

27 February 2015
Conveyancing Assistant
An excellent opportunity has arisen in our very busy Residential Property, Farms & Estates team for a Conveyancing Assist...

26 February 2015
Front of House Supervisor
The food style of the bistro is farm to fork, with personality and quirky passion running through it's veins. Front of House ...




Top stories you may have missed
2 February 2015 | Arable
Is EU membership damaging UK farming?

Is EU membership damaging UK farming?

Membership of the EU is damaging the British farming industry, according to...


29 January 2015 | Machinery and Equipment
Drones 'rapidly changing' agriculture

Drones 'rapidly changing' agriculture

BASIS has launched an accreditation for pilots of Unmanned Aerial Systems (...


23 January 2015 | Arable
UK wheat yields have potential to double

UK wheat yields have potential to double

UK wheat yields have theoretical potential to more than double over the nex...


23 January 2015 | Machinery and Equipment
Crowds flock to LAMMA 2015

Crowds flock to LAMMA 2015

Britain’s farmers flocked to Peterborough for the first day of LAMMA’15 to ...


22 January 2015 | Cattle
Don't blame supermarkets for milk crisis...

Don't blame supermarkets for milk crisis...

The crisis in the dairy industry is not the fault of supermarkets, accordin...


16 January 2015 | CLA
Families affected by HS2 face 'major wor...

Families affected by HS2 face 'major wor...

Transport Minister Baroness Kramer visited three rural businesses in Cheshi...


16 January 2015 | Machinery and Equipment
John Deere unveil new 6R tractor range

John Deere unveil new 6R tractor range

Spearheading the John Deere range of mid-size tractors from Mannheim, the n...


14 January 2015 | Animal Health
Monthly TB checks more effective than ba...

Monthly TB checks more effective than ba...

Regular testing for bovine TB could significantly reduce the number of infe...


12 January 2015 | News
Government regulations hampering UK agri...

Government regulations hampering UK agri...

Single-issue policy-making threatens to hamper, not help, the progress of U...


8 January 2015 | Cattle
2015: The year ahead for the beef market

2015: The year ahead for the beef market

2014 has been a “rocky old year” for the beef industry but better prices ar...