Grain action was fairly tame overnight, starting off with solid gains but again giving them back by the morning close, as the trade bides its time before the long weekend. Will the key June 1 date prove to be a stepping-off point for a big move for Dec corn, as it often has in recent years?
Taiwan’s Maize Industry Procurement Association passed on a tender for 45,000 tonnes from the U.S. or South America yesterday.
The Buenos Aires Grains Exchange pegged Argentine soybean harvest at 90.5% complete as of yesterday, up five points on the week, and only slightly behind last season’s pace. Good progress is expected this week on the remainder of the crop, in the northern parts of the country. Meanwhile, corn harvest was virtually non-existent last week thanks to rain and cold temps. Also delayed due to weather last week was the country’s 2011/12 wheat planting, which stands at 11% done as of yesterday.
French analysts ODA see Ukraine rapeseed harvest rising in 2011 to 1.95 million tonnes, up from 1.47 MMT last year, as rising yields more than offset a drop in planted area. However, they don’t see the increase satisfying import demand from Europe. The forecasted crop would allow Ukraine to export 1.8 MMT of rapeseed in ‘11/12, mostly to the E.U., who is expected to import at least 2.5 MMT in ‘10/11, as production suffers in Germany and France.
Turkmenistan is attempting to make a splash in the wheat export market this year, expecting to have 400k tonnes to export in 2011; harvest is seen at 1.6 MMT, compared to 1.4 MMT in 2010. Turkmenistan exported wheat for the very first time last year. Domestic consumption stands at about 1.2 MMT.
April U.S. Census Bureau soybean crush came in at 127.98 million bushels yesterday, below any estimates in the 128.8-131.0 mbu trade range, below 140.3 mbu in March, and below 136.5 mbu in April 2010.