Easter grains start expected; Outside markets indecisive
A slightly easier start is forecast this am, down 5 in beans, 1 in corn and steady/easier wheat. Crude oil is a little higher while the $ is slightly lower but probably not enough to influence the grains strongly unless they move more decisively.
China will attempt to auction 500,000 tonnes of government-owned beans from their reserve stockpile Wednesday but the government's offering price is too high so it is likely this auction will achieve the same result as last week's auction, when there were no buyers at all. Eventually, the government is expected to subsidize crushers (processors) to reduce government stockpiles and make room for the new crop beans that will be harvested in the fall. Until then, crushers will probably continue to import beans since they are cheaper. The government will also auction 2 million tonnes of corn tomorrow.
The annual spring wheat tour will be held this week, focusing on North Dakota, the largest US spring wheat-producing state. The tour is expecting to find the crop in good shape but behind normal in development. For comparitive purposes, the current USDA yield guess is 38.3 bushels per acre with production guessed at 506 million bushels. The Pro Farmer Midwest corn and bean tour will take place next month.
Little rain is forecast for the Argentine wheat belt the next 7-10 days. There was very helpful rain last week but the driest part of the belt, the southwest, had the least amount of rain. More rain is still badly needed there. The Indian monsoon is still spotty, good in some areas, poor in others.
The US Delta continues to enjoy favorable weather with scattered rain and mild temps. The Midwest saw up to 1 1/2" of scattered weekend rain in the east but only light, scattered rain during this time in the west. The northwest part of the belt could use more rain but the cool temps reduces the need for large amounts of moisture. Scattered, light amounts of rain are forecast in the west this week while more widespread, heavier rain is predicted in the east. ---Vic Lespinasse
China will attempt to auction 500,000 tonnes of government-owned beans from their reserve stockpile Wednesday but the government's offering price is too high so it is likely this auction will achieve the same result as last week's auction, when there were no buyers at all. Eventually, the government is expected to subsidize crushers (processors) to reduce government stockpiles and make room for the new crop beans that will be harvested in the fall. Until then, crushers will probably continue to import beans since they are cheaper. The government will also auction 2 million tonnes of corn tomorrow.
The annual spring wheat tour will be held this week, focusing on North Dakota, the largest US spring wheat-producing state. The tour is expecting to find the crop in good shape but behind normal in development. For comparitive purposes, the current USDA yield guess is 38.3 bushels per acre with production guessed at 506 million bushels. The Pro Farmer Midwest corn and bean tour will take place next month.
Little rain is forecast for the Argentine wheat belt the next 7-10 days. There was very helpful rain last week but the driest part of the belt, the southwest, had the least amount of rain. More rain is still badly needed there. The Indian monsoon is still spotty, good in some areas, poor in others.
The US Delta continues to enjoy favorable weather with scattered rain and mild temps. The Midwest saw up to 1 1/2" of scattered weekend rain in the east but only light, scattered rain during this time in the west. The northwest part of the belt could use more rain but the cool temps reduces the need for large amounts of moisture. Scattered, light amounts of rain are forecast in the west this week while more widespread, heavier rain is predicted in the east. ---Vic Lespinasse
posted by InsightPublishing at
10:30 AM
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