Afternoon News
18/04/13 -- The USDA weekly export sales report came in as follows:
Soybeans: 339.400 MT of old crop and 227,400 MT of new crop versus trade expectations of a combined 400-700 TMT. Old crop sales are now 99.7% of the USDA target for the season.
Corn: 400,300 MT of old crop and 16,900 MT of new crop versus expectations of a combined 250-500 TMT. Old crop sales of around 215,300 MT/week were needed to hit the USDA export estimate of 800 million bushels.
Wheat: old crop sales of 552,100 MT and new crop sales of 1.123 MMT beat trade forecasts of 200-450 TMT. The numbers included the 840,000 MT of new crop SRW wheat sold to China that had previously been reported under the daily reporting system. For old crop, sales needed each week to hit the USDA estimate were only 265,900 MT.
In addition to these numbers the USDA also reported the sale of 252 TMT of new crop soybean sales to China under the daily reporting system.
Rabobank forecasts:
US wheat crop in 2013/14 at 2.05 billion bushels versus 2.269 billion in 2012/13. Yields 43.9 bu/acre vs 46.3 bu/acre last year.
US corn crop in 2013/14 at a record 13.941 billion bushels versus 10.782 billion in 2012/13. Yields 157.0 bu/acre vs 123.4 bu/acre last year.
US soybean crop in 2013/14 at 3.269 billion bushels versus 3.015 billion in 2012/13. Yields 42.5 bu/acre vs 39.6 bu/acre last year.
World wheat crop in 2013/14 at 694 MMT versus 639 MMT in 2012/13, ending stocks up to 179 MMT from 167 MMT.
World corn crop in 2013/14 at a record 952 MMT versus 838 MMT in 2012/13, ending stocks up to 145 MMT from 111 MMT.
World soybean crop in 2013/14 at 276 MMT versus 264 MMT in 2012/13, ending stocks up to 62 MMT from 56 MMT.
Elsewhere, Japan bought 105,425MT of milling wheat overnight from the US, Canada, and Australia.
Argentina's February soybean crush is reported at 1.2 MMT, the lowest monthly total in 11 years, presumably on lack of old crop beans.
CBOT soybean prices have climbed to fresh three-week highs in overnight trade.