28 April 2015 | Online since 2003



28 September 2012|Arable,Cereal,Crops,Market Reports,News

Weekly corn export sales 'fell well below modest expectations'


Soycomplex

Nov 12 Soybeans closed at USD15.70 3/4, down 2 1/4 cents; Jan 13 Soybeans closed at USD15.71 1/4, down 3 cents; Oct 12 Soybean Meal closed at USD473.10, down USD2.00; Oct 12 Soybean Oil closed at 52.11, up 46 points.

Weekly export sales for beans came in at 799,500 MT, at the top end of the 650-800 TMT expected and a six week high. China took 189,700 MT of that along with 217,100 MT going to unknown. In addition, the USDA reported a further 110,000 MT sold to China under the daily reporting system. The average trade guess for tomorrow's USDA Sep 1st ending stocks report is 132 million bushels, with estimates ranging from 115–152 million. China once again sold all the 400 TMT of soybeans it offered up to domestic crushers at it's bi-weekly auction.

Corn

Dec 12 Corn closed at USD7.16 1/4, down 8 1/2 cents; Mar 13 Corn closed at USD7.19 1/2, down 9 cents. Fund selling was estimated at 9,000 contracts on the day as corn fell to a 3-month low.

Weekly export sales of just 368 MT, yes less than four hundred tonnes, were appalling, falling well below even the modest trade expectation for sales of 150-250 TMT. There has only been one week with a lower net sales total since 1996, and that was ten weeks ago. Price does indeed seem to be rationing demand for corn. The average trade guess for US corn ending stocks in tomorrow's report is 1.166 billion bushels, with estimates ranging from 0.887-1.261 billion. The trade will be mindful of last year's bearish surprise for corn in this report.

Wheat

Dec 12 CBOT Wheat closed at USD8.55 1/2, down 13 3/4 cents; Dec 12 KCBT Wheat closed at USD8.78 1/4, down 16 1/4 cents; Dec 12 MGEX Wheat closed at USD9.14 1/4, down 15 1/4 cents. Fund selling was placed at 4,000 on CBOT wheat which slid to a 2 1/2 month low. Weekly export sales of 426,000 MT were in line with trade ideas of 400-550 TMT.

Wheat sales are chugging along, but at 39% of the USDA's full marketing year target lag the normal pace of 57%. The trade will be hoping for a stronger performance in the second half of the season, once cheaper Black Sea wheat dries up, although losing out to France and Romania in this week's Egyptian tender underlines the fact that there are also other cheaper sellers out there. MDA CropCast cut their Australian wheat production estimate by 2.4 MMT to 21.6 MMT, down 26% on last year. The average trade guess for Sep 1 wheat stocks in the USDA report tomorrow is 2.281 billion bushels.

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 April 2015
Food Production Operative
Gabbotts Farm (Retail) Ltd are currently recruiting for a full-time, permanent Food Production Operative to join the team at ...

14 April 2015
mAgri Content Spcialist
Advanced degree in agriculture science, agribusiness, agriculture economics, or an equivalent related field. The specialist w...

27 April 2015
Transport Supervisor
A vacancy has arisen for a Transport Supervisor, based at the Aldermeads Depot operating on our Dairy Crest operation. ALDERM...

27 April 2015
Class 2 HGV Driver
Class 2 HGV driver required for multi-drop deliveries. Previous multi-drop experience is preferred but not essential. 20-40 h...

7 April 2015
Lead Commissioning Manager
Ensure optimal operation and planning of wind farm capacity during the commissioning period until transfer to O&M....



Top stories you may have missed
10 April 2015 | Agri Safety

The permanent eradication of Bovine Viral Diarrhoea [BVD] in Scottish cattl...


10 April 2015 | Dairy

The abolition of milk quotas in Europe on 1st April has resulted in a numbe...


10 April 2015 | Cattle

The top 14 milk producing countries in Europe will increase their productio...


10 April 2015 | News

Matt Ware is the NFU's head of government and parliamentary affairs, based ...


10 April 2015 | Arable

There is a 'desperate need' to improve farmgate returns given low incomes a...


9 April 2015 | Arable

Rapid stem extension, after a slow start to spring, is likely to create spl...


9 April 2015 | Finance

The time has come for landlords to expect to see reductions in farm rents, ...


8 April 2015 | Cattle

Cogent’s reputation as a source of the highest calibre sires has been enhan...


8 April 2015 | Arable

The spread of exotic and aggressive strains of a plant fungus is presenting...


7 April 2015 | Animal Health

The FSA’s new Food Crime Unit wants the industry to share information, some...