The grains are green across the board this morning, but it’s not being looked at as anything but a pity recovery post-USDA; the government has put the bulls in an awfully tough spot for the next two months...
South Korea’s NOFI is looking for up to 138k tonnes of optional-origin corn and 65k tonnes of optional-origin feed wheat for April-May, while the country’s KFA tendered for up to 65k tonnes corn for April arrival, and corn processing association KOCOPIA is seeking 165k tonnes of corn for March.
Japan bought 23k tonnes of feed wheat in an SBS tender today, for up to 120k tonnes of feed wheat and 200k tonnes of feed barley, for Jan-Feb arrival.
Egypt’s GASC yesterday bought 115k tonnes of wheat for December 15-30 delivery, including 60k from Russia and 55k from Ukraine, at $210/tonne C&F. They are in again today for wheat for December 11-20 shipment.
Brazilian truckers remained on strike for the second straight day, but the protest reportedly weakened with some roadblocks eased and most protesting activity confined to the south.
Increasing corn yields in yesterday’s November USDA S&D Report were pretty easy to explain—the three largest month-over-month yield gains (3 bushels per acre or more) came in three of the four largest states by acreage—IA, MN, and NE. All three are sitting on record corn yields by a long shot, each at 187 bpa or more. Same deal for soybean yields—three of the four largest states by acreage (IA, IL, NE) are tied for the largest state yield number at 56 bpa.
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