Chicago market report - 31st July 2012
The USDA weekly export inspections report came in at 15.498 million bu, more than double from the same week a year ago. Funds bought an estimated net 12,000 soybean contracts on the day.
The USDA reported good/excellent soybeans at 29%, down two points on a week ago.
Corn: Sep 12 Corn closed at USD8.20, up 21 1/2 cents; Dec 12 Corn closed at USD8.14, up 20 3/4 cents; Funds were said to have been net buyers of around 16,000 corn contracts on the day following another disappointing weather weekend. The forecast for the week ahead currently offers little in the way of optimism.
"Sizzling hot temperatures occurred again last week in the United States heartland. July temperatures may turn out to be the hottest since 1955, based on preliminary data. Extreme heat has been present for 5 consecutive weeks, coinciding with the critical pollination period in corn. Damage to the corn yield will be irreversible, since kernels not successfully fertilized would never develop into grain. The USDA cut good/excellent crop ratings by two percentage points to 24%.
Wheat: Sep 12 CBOT Wheat closed at USD9.14 1/2, up 16 1/2 cents; Sep 12 KCBT Wheat closed at USD9.14 1/2, up 8 1/2 cents; Sep 12 MGEX Wheat closed at USD9.75, up 3 cents. Funds were said to have been net buyers of around 3,000 Chicago wheat contracts on the day. Ideas that sharply lower Russian wheat production this year is unlikely to see them aggressive in the export marketplace for very long this season are supportive. Quality concerns over European output too may help US wheat regain some market share into the north African market it has been locked out of for 12 months or more. Egypt are expected to restart tendering for wheat next month.
The USD reported spring wheat good/excellent crop conditions at 63%, up 3 points from last week. Winter wheat harvesting is grinding along slowly at 85% done after rapid early progress.
No comments posted yet. Be the first to post a comment
Please enter your name
Please enter your comment
Your comment submitted successfully.Please wait for admin approval.
Some error on your process.Please try one more time.
Membership of the EU is damaging the British farming industry, according to...
BASIS has launched an accreditation for pilots of Unmanned Aerial Systems (...
UK wheat yields have theoretical potential to more than double over the nex...
Britain’s farmers flocked to Peterborough for the first day of LAMMA’15 to ...
The crisis in the dairy industry is not the fault of supermarkets, accordin...
Transport Minister Baroness Kramer visited three rural businesses in Cheshi...
Spearheading the John Deere range of mid-size tractors from Mannheim, the n...
Regular testing for bovine TB could significantly reduce the number of infe...
Single-issue policy-making threatens to hamper, not help, the progress of U...