Morning Grain Comments, 10/09/2015

Friday, October 9, 2015

The grains are showing a little spunk this morning amid some decent trade volume, but it's hard to take it for anything but a short-covering bounce following the last two sessions. Regardless, the fundamental baseline for the next month of trading will hinge on the USDA update at 11 AM...

Egypt's GASC is looking for milling wheat today for Nov 11-20 shipment.

South Korean corn processors bought around 60k tonnes of corn yesterday, likely from South America, at $195/tonne C&F for arrival around Jan 10.

Algeria bought at least 675k tonnes of optional-origin milling wheat, for Nov- Dec shipment, with prices averaging around $204.50/tonne cost & freight.

Ukraine exported two million tonnes of corn to China in 2014 and was expecting to do the same in 2015, but they've only shipped 800k tonnes of corn to China through August, with likely less than 1 MMT total seen by Dec.

UkrAgroConsult estimated the 2015 corn harvest for the Black Sea region at 47 million tonnes, down 9% from last year, with overall corn exports at 26 MMT in 2015/16, down from 29.6 MMT in 2014/15. Ukraine corn production is seen at 23 MMT this year, compared to 25.9 MMT in 2014.



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