Overnight the markets traded firmer in the old crops on tight stocks but weaker on the new crop on good planted progress over the weekend. This morning nearby corn is trading up 2-4 and the new crop down 1-3, Nearby soybeans are trading 2-4 higher and the new crop down 4-6, wheat is trading unchanged to 2 lower. The outside markets are trading mixed with crude oil trading lower, gold lower, and the dollar lower.
IN OTHER NEWS: Monday, May 20th, 2013
Hearing a fairly broad range of estimates for this afternoons Corn planting progress report. Traders talking a range of 55% to 70% planted. This will compare with 96% planted on this date last year and 81% average.
Soybean planting is thought to come in around 25% to 30% planted vs. 76% last year on this date and 42% average.
Russia’s IKAR raised their 2013 wheat production forecast to 53.8 mmt vs 52.5 mmt previously expected. They also raised grain production estimates to 92 mmt from 90 mmt previously.
SovEcon said overnight that lack of rain persists in some Russian grain growing regions and the situation looks mixed as a whole as there was less rain than had been expected during the weekend.
Japanese use of corn in animal feed feel again in March to 42.2% vs 44.3% in March 2012. Japan imported 1.31 mmt of corn in March, down 9.2% Y/Y with US corn accounting for 40.5% of the total purchases, down from 87.8% last year. Brazil’s share of Japanese corn imports rose to 50.2%.
Informa on Friday forecasted corn acres at 96.827 mil down from 97.8 in March. Soybean acreage seen at 78.286 mil vs 78.5 in March. Corn yield still seen at 160.9 bpa with soybeans at 43.9 bpa.
Italy’s corn imports were up to 671,063 MT in Jan-Feb vs 388,807 MT during the same period in 2012.
Argentina’s AgMin forecasted corn harvest at 61% complete, up 3% from last year; soybean harvest was 85% complete, up 2% from last year.
Ag Processing announced they were permanently closing their corn processor in Hastings, NE. The plant had been shut down since February.
Philippine feed wheat buyers are reportedly shifting their purchases back to the Black Sea from India as Black Sea wheat is now $17/ton cheaper than Indian origin.
CME announced plans to launch palm oil swap contracts on June 3rd.
May 1 cattle on feed were 97% of last year vs 96.1% expected. April placements were 115% vs 113.1% expected; April marketings were 102% vs 102.8% expected.
Corn registrations down 77 contracts to 67 contracts. 267 contracts of soybean oil registrations were cancelled, total outstanding now 9,966.
HAVE A PREMIER DAY The information contained in this report is believed to be reliable but is not guaranteed to accuracy or completeness by Premier Cooperative, Inc. This report is provided for information purposes only and is not furnished for the purpose of, nor intended to be relied upon for specific trading in commodities here in.
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