The grains slowed to a crawl overnight, after the trade found nothing to go on in yesterday’s report; we look ahead to export sales, as well as the swearing in of the new Argentine President, though most of the rocks have already been turned over pre and post-election, on the run-up to this day.
Algeria reportedly bought at least half a million tonnes of milling wheat for $195-197/tonne C&F for Feb-March; origin was optional but some was expected to be sourced from France and Argentina.
South Korea is seeking 170k tonnes of optional-origin soybeans for Jan-Aug 2017 arrival; the country’s KFA tendered for 55k tonnes of soybean meal for Aug 2015arrival, from either the U.S. or South America.
Japan bought 119k tonnes of milling wheat in their regular weekly tender as scheduled, including 53k from the U.S., 29k from Canada, and 37k from AUS
Indonesian officials see corn imports at 3 MMT in 2016 –that’s fairly consistent with the last two years despite growing industrial demand.
The Malaysian Palm Oil Board reported Malaysia’s palm oil stocks at 2.91 million tonnes at the end of November, up from 2.835 MMT previously, above trade expectations, and a new all-time high.
Today’s chart shows annual U.S. corn usage, with total demand on the left axis and demand by category on the right, since 1990. The USDA’s only real move in the December S&D’s yesterday was a corn demand shift/reduction, with exports down another 50 million bushels to 1.75 bln bu (after a 50 mbu reduction last month as well) while corn use for ethanol rose 25 mbu (after a 75 mbu drop in Nov). U.S. corn exports continue trend lower overall, since 2007/08...
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