Soybeans surged from the open last night, continuing their move to multi-month highs, taking the USDA’s cue that there’s more work to do in the 2016 acreage fight. Meanwhile, the feed grain balance tables remain overstocked, with wheat gaining no momentum despite historically low acres.
South Korea’s NOFI bought about 272k tonnes of corn from either the U.S. or South America this morning, for July-August delivery, at $171/tonne C&F.
FranceAgriMer reported 92% of France’s soft wheat crop in good or excellent condition this week, unchanged from last week and still a five-year high.
The Buenos Aires Grains Exchange yesterday increased their 2015/16 Argentine soybean harvest estimate from 58.0 to 60.0 million tonnes.
The European Union granted export licenses for 969k tonnes of soft wheat this week, bringing the cumulative total since July 1 to 22.2 MMT, still down 13% from last year’s pace; corn imports at running 48% ahead of last year’s pace at 10.4 MMT thus far, after 148k tonnes of corn imports this week.
The USDA surprised everyone with their 2016 prospective corn plantings estimate of 93.6 million acres, exceeding even the highest of trade estimates by 2.6 mln acres, and coming in above their previous official guess (from February’s Ag Forum) by 3.6 mln ac. That edged out the previous largest Ag Forum-to-March 31 corn acreage increase of the last decade (+3.45 mln ac in 2007), and is the third-largest March 31 prospective plantings number ever published.
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