US winter wheat crop in continued deterioration
US winter wheat crop in 'continued deterioration'
Mar 13 Soybeans closed at USD14.51 3/4, up 4 cents; May 13 Soybeans closed at USD14.39 3/4, up 6 1/4 cents; Mar 13 Soybean Meal closed at USD423.70, up USD3.40; Mar 13 Soybean Oil closed at 51.71, down 18 points.
The market remains fixated on South American weather as they will have to provide the world with soybeans once the US run out. Oil World said that they expect the US to have shipped 83% of their projected exports by the end of February.
Demand from China remains very strong, both for old crop and new crop. They are forecast to import 36% more soybeans in Q2 of 2013 than they do in Q1. Oil World said that they expect US soybean stocks to fall to a 9-year low by the end of the current season. In Brazil, the forecast for Mato Grosso is "super wet" according to Martell Crop Projections, which will continue to hamper early harvest efforts. Southern Brazil meanwhile has received little or no rainfall in the past 10-12 days, they say. Over the border daytime temperatures in Argentina yesterday rose to 92-98 F, which 8- 10 degrees above normal. Hot temperatures are expected to persist for several more days without much rainfall to compensate, they add. Agriculture Consultant Pablo Adreani said he may cut Argentina’s soybean crop estimate to 48.5 MMT from a previous estimate of 51.3 MMT (and the USDA's 54 MMT) if Argentina doesn’t get rain soon.
Mar 13 Corn closed at USD7.29 1/2, up 1/4 cent; May 13 Corn closed at USD7.30, up 3/4 cent.
The same Argentine consultant mentioned above said he may cut his corn crop estimate to 25.5 MMT from a previous estimate of 27.1 MMT (and 28.0 MMT from the USDA) if adequate rains don't arrive soon. The "super wet" forecast for northern Brazil won't help second crop corn get planted. Delays in plantings could be detrimental for corn a few months from now when the dry season begins if the crop hasn't had time to thrive now in these abundant rains.
Japan, the world's largest corn buyer, said that it aims to boost it's animal feed grain reserves by 44% in the fiscal year beginning in April. Much of their needs traditionally come from the US, although they have been casting the net a bit wider in the last twelve months. JC Intelligence said Chinese buyers are reluctant to buy large quantities of Argentine corn because of concerns that it won't pass China's photo sanitary requirements. The weekly ethanol production report comes out tomorrow. The bulls will be looking for an increase on last week's 792,000 bpd, which is well below the level required to hit current USDA projections. A Texas plant became the latest producer to announce a temporary shutdown today, following a spate of similar recent closures.
Mar 13 CBOT Wheat closed at USD7.77, down 2 1/4 cents; Mar 13 KCBT Wheat closed at USD8.30 3/4, down 2 cents; Mar 13 MGEX Wheat closed at USD8.61, down 5 1/2 cents.
A continued deterioration of US winter wheat crops on the Plains was confirmed last night by USDA state offices in Kansas and Oklahoma. A wetter 14-day forecast for these areas offers some glimmer of hope. Egypt's GASC said that they have enough wheat supplies to last until June. Algeria was said to have bought 500-600 TMT of optional origin durum wheat for March/May shipment. MDA CropCast said that wheat conditions favourable across much of the Middle East.
In North Africa "rains this past week continued to improve moisture across northern Morocco, northern Algeria, and northern Tunisia, but dryness continues to stress wheat in southwestern Morocco and central Tunisia," they added. Unlike the UK, not everywhere around the world is in for a disastrous wheat crop in 2013. Agriculture and Agri-Food Canada estimated Canada’s 2013/14 wheat crop at 28.5 MMT, up 4.8% from last year. Ukraine's winter grain production (mostly wheat) could rise by 20 to 30 percent in 2013, a senior Ukrainian weather forecaster said. Allendale estimated the 2013/14 world wheat crop at 694 MMT, up around 40 MMT from this season.
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.
Large scale straw contractor requires skilled and experienced operators to join our harvest team.
Due to a future retirement, De Lacy Executive seeks an experienced and successful Commercial Director to join a market leadin...
Part time regular work 2/3 days a week [and full time in busy times (lambing, sowing, silage, hay, harvest)] which will invol...
Harvest work - depending on candidate this will be both grain carting and cultivation work driving all John Deere tractors wi...
De Lacy Executive has been engaged by a leading and trusted European parts supplier, with strong growth plans for the UK, to ...
Farming UK | Farms and Land
Barbers Rural (13)
Barlow Associates (2)
Batcheller Monkhouse - Haywards Heath (1)
Berrys - Kettering (1)
Bidwells - Perth (1)
Brown & Co - Bury (3)
Brown & Co - King's Lynn (1)
Brown & Co - Norwich (2)
Bruton Knowles (2)
BTF Partnership LLP (1)
Carter Jonas - Cambridge (1)
Carter Jonas - Harrogate (2)
Carter Jonas - North Wales (1)
Carter Jonas - Winchester (1)
Carter Jonas - York (1)
Charnock Bates (1)
Cheffins - Ely (1)
Churchill Country & Equestrian Estate Agents (2)
CKD Galbraith - Aberdeen (1)
CKD Galbraith - Ayr (1)
CKD Galbraith - Castle Douglas (3)
CKD Galbraith - Edinburgh (3)
CKD Galbraith - Galashiels (1)
CKD Galbraith - Inverness (1)
CKD Galbraith - Kelso (1)
CKD Galbraith - Perth (2)
CKD Galbraith - Stirling (10)
Cooper & Tanner LLP (1)
Corum Property (1)
Cruso & Wilkin (1)
Cundalls - Malton (1)
Cundalls - Pickering (2)
David James and Partners - Old Sodbury (1)
David Parry & Co (2)
Dee Atkinson & Harrison - Beverley (1)
Dee Atkinson & Harrison - Driffield (1)
Donald Ross (3)
Edward H Perkins (1)
Edwin Thompson - Berwick upon Tweed (1)
Edwin Thompson - Galashiels (1)
Elstons, Country Land & Estate Agents (2)
enfields - Pontefract (1)
Express Estate Agency (1)
Fine & Country Homes from Mortimers (2)
Fisher German - Ashby de La Zouch (8)
Fisher German - Banbury (1)
Fisher German - Knutsford (1)
Fisher German - Retford (1)
Fisher German - Stafford (2)
Fisher German - Thame (1)
Fisher German Denton Clark - Chester (1)
Fisher German John Sanders - Bromsgrove (1)
Fisher German John Sanders - Worcester (1)
Foster Maddison - Hexham (1)
Foster Maddison - Lanchester (1)
Fox Bennett (1)
Fox Grant - Salisbury (9)
Fox Grant - Sherborne (3)
Fox Grant - Taunton (4)
G. Herbert Banks (2)
Gary Hoerty Associates (1)
George F White - Alnwick (1)
George F White - Wolsingham (1)
Grange Solicitors and Estate Agents (1)
Greenslade Taylor Hunt - Bridgwater (1)
Greenslade Taylor Hunt - Burnham-On-Sea (1)
Greenslade Taylor Hunt - Taunton (1)
Greenslade Taylor Hunt - Tiverton (1)
H&H Land and Property - Carlisle (2)
Hamnett Hayward - Aylesbury Vale and Chilterns (1)
Hamnett Hayward - Thame (1)
Hamptons International - Banbury (1)
Hamptons International - Bath (1)
Hamptons International - Broadway (1)
Hamptons International - Buckingham (1)
Hamptons International - Caterham (1)
Hamptons International - Cirencester (1)
Hamptons International - Deddington (1)
Hamptons International - Epsom (1)
Herbert R Thomas - Cowbridge (1)
Herbert R Thomas - Neath (1)
Hinson Parry & Co - Newcastle-under-Lyme (1)
Hopkinsons Estate Agents (1)
Humberts - Chippenham (1)
Humberts - Marlborough (1)
Humberts - Taunton (1)
J.J. Morris - Cardigan (1)
Lambert and Foster - Cranbrook (1)
Leonards - Hull (1)
Mansell McTaggart - Crowborough (1)
Mansell McTaggart - Forest Row (2)
Mansell McTaggart - Hassocks (1)
Maxey Grounds & Co - Wisbech (1)
McCartneys - Brecon (1)
McCartneys - Craven Arms (1)
McCartneys - Hay-On-Wye (1)
Michael C L Hodgson - Grange-over-Sands (1)
Michael C L Hodgson - Kendal (1)
Michael Graham - Aylesbury (1)
Michael Graham - Buckingham (1)
Michael Graham - Northampton (1)
Michael Graham - Princes Risborough (2)
Morris Marshall & Poole - Newtown (1)
Morris Marshall & Poole - Shrewsbury (1)
Pelhams Equestrian Rural & Land Agents (1)
Perkins George Mawer & Co (1)
Pike Smith and Kemp Rural - Maidenhead (1)
Pike Smith and Kemp Rural - Marlow (1)
Robert Bell and Company - Lincoln (2)
Robert Bell and Company - Woodhall Spa (1)
Rural and Equestrian Ltd (2)
Rural Scene (1)
Savills - Cambridge (1)
Savills - Edinburgh (1)
Savills - Exeter (2)
Savills - Jersey (1)
Savills - London Head Office (2)
Savills - Norwich (1)
Savills - Nottingham (1)
Savills - Telford (1)
Savills - York (1)
Seddons - Bampton (1)
Seddons - Honiton (1)
Seddons - Tiverton (1)
Smiths Gore - Dumfries (2)
Smiths Gore - Edinburgh (1)
Smiths Gore - Oxford (2)
Smiths Gore - Taunton (2)
Smiths Gore - York (2)
Smiths Surveyors (1)
Stags - Launceston (1)
Stewart & Watson - Huntly (1)
Strutt & Parker - Banchory (1)
Strutt & Parker - Canterbury (1)
Strutt & Parker - Chelmsford (2)
Strutt & Parker - Chester (1)
Strutt & Parker - Edinburgh (2)
Strutt & Parker - Exeter (4)
Strutt & Parker - Inverness (2)
Strutt & Parker - Morpeth (1)
Wallets Rural Property Services (13)
Williamson and Henry (1)
Willsons Chartered Surveyors - Alford (1)
Woodlands - Northern England (1)
Wright Manley - Crewe (1)
Wright Marshall - Buxton (1)
Wright Marshall - Chester (1)
Wright Marshall - Crewe (1)
Wright Marshall - Nantwich (2)
Wright Marshall - Northwich (7)
Wright Marshall - Tarporley (2)
Wright Marshall - Whitchurch (1)
Youngs RPS - Hexham (1)
Argyll and Bute (2)
Channel Islands (1)
County Durham (1)
Dumfries & Galloway (17)
East Sussex (5)
East Yorkshire (2)
North Yorkshire (8)
Perth and Kinross (2)
Scottish Borders (7)
South Yorkshire (1)
West Midlands (2)
West Sussex (3)
West Yorkshire (4)
Farming UK Holiday Rentals
Argyll and Bute (1)
County Durham (24)
Dumfries & Galloway (7)
East Lothian (4)
East Sussex (5)
East Yorkshire (9)
Isle of Anglesey (2)
Isle of Wight (3)
North Yorkshire (97)
Outer Hebrides (1)
Perth and Kinross (3)
Scottish Borders (8)
South Yorkshire (1)
Tyne & Wear (1)
West Lothian (8)
West Midlands (1)
West Sussex (4)
West Yorkshire (5)
A strong pound and increased red meat imports coupled with a plentiful dome...
Depression is affecting Wales' farming industry and there is a need to use ...
With just one week to go before the final judging and announcement of the w...
A rural law expert has highlighted the importance of good succession planni...
A south Yorkshire dairy farming family is pulling out all the stops to prom...
Predicting what is going to happen to wheat prices is a challenge, but in s...
A Lancashire based livestock theft prevention scheme is aiming to go nation...
A female farmer has been recognised by the farming and conservation industr...
The new Conservative government appears to be preparing to implement cuts f...