05 July 2015 | Online since 2003

Russia temperatures may hurt winter wheat crops



16 January 2014 01:05:59|Arable,Cereal,Crops,Market Reports,News

Russia temperatures 'may hurt winter wheat crops'


Soycomplex

Beans closed around 12 cents higher on renewed concerns over Argentine heat and dryness. Abiove estimated Brazil’s 2013/14 soybean crop at 87.6 MMT, up from a previous estimate of 86.6 MMT, but below the forecasts from the likes of CONAB (90.33 MMT) and the USDA (89 MMT). They now see Brazil's 2013/14 soybean exports at 44.5 MMT versus a previous estimate of 44.0 MMT. Agroconsult estimated Brazil soybean crop at 91.6 MMT versus a previous estimate of 90.7 MMT.


Chinese industry analysts estimated the country's Jan soybean imports at 5.39 MMT, falling to 4.5 MMT in February. Chinese Lunar New Year celebrations begin at the end of the month, which normally keeps the first half of February quiet. China's March bean imports are forecast at 4.9 MMT, rising further to 5.2 MMT in April. Tomorrow brings the NOPA crush numbers for December, followed by weekly export sales on Thursday. Friday could see some consolidation and taking of money off the table as there's a long weekend in the US coming up with the markets closed on Monday for Martin Luther King Day. Jan 14 Soybeans closed at $13.39, up 12 1/4 cents; Mar 14 Soybeans closed at $13.06 1/2, up 12 1/4 cents; Jan 14 Soybean Meal closed at $445.10, down $1.80; Jan 14 Soybean Oil closed at 37.40, down 17 points.

Corn

The corn market closed around a couple of cents lower, despite talk that heat and dryness in Argentina was hurting newly planted corn there. Reports that China was continuing to reject US DDGs found to contain traces of the non-approved MIR 162 variety was unsettling. Agroconsult estimated Brazil’s 2013/14 corn crop at 76.2 MMT versus a previous estimate of 76.1 MMT and far higher than the USDA's 70 MMT forecast from Friday night.


Dr Cordonnier estimated the Brazilian corn crop at 68.5 MMT, unchanged from his previous estimate. He cut his Argentine corn production forecast by 0.5 MMT to 22.5 MMT. Fund selling was estimated at a net 5,000 corn contracts on the day. Tomorrow brings the regular weekly ethanol production and stocks numbers from the Energy Dept. Last week's US ethanol grind was 919,000 barrels/day. South Korea's NOFI are tendering for 140,000 MT of corn and 70,000 MT of feed wheat for May shipment. Both are optional origin. The Ukraine Ag Ministry increased their 2013/14 grain export forecast to a record 33 MMT, the bulk of which will be corn. Mar 14 Corn closed at $4.32, down 2 1/2 cents; May 14 Corn closed at $4.40, down 2 1/2 cents.

Wheat

The wheat market closed higher on all three exchanges, with Kansas wheat displaying the most firmness. Most of Kansas and Nebraska are seen unusually dry. Argentina approved 1.5 MMT of wheat for export starting with an immediate shipment of 500 TMT, prompting some to suggest that Brazilian millers may cancel US HRW wheat purchases to buy from Argentina instead. India's PEC tendered to sell a further 100 TMT of wheat for Feb/Mar shipment.


There's still talk that suddenly much colder temperatures in Russia and Ukraine might hurt winter wheat crops there unprotected by snow. "Moscow will dip below 20 degrees by Thursday and may see minimum temperatures of 1-10 by the weekend with very limited chances for snowfall. A damaging weather forecast for Black Sea and European crops remains the most threatening thing in the market for the bear camp," one commentator said. The fact that Egypt bought US SRW wheat over the weekend for the first time in almost 12 months, even if it was just one cargo, is supportive. Mar 14 CBOT Wheat closed at $5.79 1/2, up 6 cents; Mar 14 KCBT Wheat closed at $6.32, up 12 1/4 cents; Mar 14 MGEX Wheat closed at $6.19 1/2, up 1 3/4 cents.

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


Start Date: 18 June 2015
Job for Herdsman / Farm Worker for 250 cow family dairy farm.  Staffordshire

Herdsman / farm worker job on a dairy farm . Help urgently needed for 250 cows, milked through h-b 20 s/o >...


Start Date: 5 July 2015
A393: PR and Marketing Opportunity - Senior - West Midlands

Pinstone Communications is a leading full service agricultural PR and marketing consultancy working specifically with its ver...


Start Date: 5 July 2015
A402: Account Manager - Central Southern Region

An experienced Account Manager is sought by a leading and trusted European parts supplier to cover the Central Southern regio...


Start Date: 23 June 2015
Job for General farm worker - dairy farm in mid Wales

We are looking for an additional team member for our 200 cow pedigree high input housed herd.

We are looking for someone ...


Start Date: 5 July 2015
A426: Food Chain Advisor - West Midlands

Our client is at the forefront of British agriculture and represents the interests of farmers and growers across England and ...





Top stories you may have missed
5 June 2015 | Cattle

A strong pound and increased red meat imports coupled with a plentiful dome...


5 June 2015 | Arable

Depression is affecting Wales' farming industry and there is a need to use ...


5 June 2015 | Arable

With just one week to go before the final judging and announcement of the w...


5 June 2015 | Finance

A rural law expert has highlighted the importance of good succession planni...


5 June 2015 | Farmshops

A south Yorkshire dairy farming family is pulling out all the stops to prom...


4 June 2015 | Finance

Predicting what is going to happen to wheat prices is a challenge, but in s...


4 June 2015 | Agri Safety

A Lancashire based livestock theft prevention scheme is aiming to go nation...


4 June 2015 | News

A female farmer has been recognised by the farming and conservation industr...


4 June 2015 | Finance

The new Conservative government appears to be preparing to implement cuts f...


4 June 2015 | Arable

The Rural Payments Agency (RPA) will have mobile support units at the follo...