A Year Ago...

Posted by Nogger - a legend in his own mind at 11:22 | Categorized as

07/03/12 -- I thought I'd take a quick check back to see what the USDA report had to say last March. If you're interested it was neutral to slightly bearish on corn and soybeans and bearish for wheat.

Back then 2011/12 world wheat ending stocks were pegged at 181.9 MMT vs the 177.77 MMT expected by the trade. Now we are expecting that figure to be around 30 MMT, or 16.5%, higher than that.

Front month London wheat closed just under GBP185/tonne the day the March USDA report came out, and it's Parisian counterpart was EUR234/tonne.

Within a couple of days London wheat was to close at GBP167.35/tonne and Paris wheat at EUR203/tonne in the immediate aftermath of the Japanese earthquake, tsunami and explosions at the Fukushima nuclear plant.