12-27-2013 09:26 AM - edited 12-27-2013 09:39 AM
I received an update on the South American crop-weather situation, this morning. This contact is from Paraguay. In his own words:
"I don't know where they see rain on the forecast. It's NOT raining in Argentina neither Rio Grande do Sul, neither Paraguay. And, there is big concern starting. With temperatures at 38c, feeling like 43 to 45. There is no water. Some say that the crops already have some damage....if it doesn't rain in the next week it's going to be bad."The farm markets are up, as export sales for corn were strong, soybeans get a boost too."
USDA Weekly Export Sales:
Corn= 1.989,200 metric tons, nearly double what was expected.
Soybeans=788,300 metric tons, at the top end of expectations.
12-27-2013 09:41 AM
Early this morning the Chinese Commerce Ministry increased their December soybean import estimate to 6.67 million tons from their prior forecast of 6.34 million tons. They also confirmed a January soybean import target of 2.37 million tons.
12-27-2013 10:14 AM
Mike, what is the real story here? Why does it seem soo difficult to get a reliable weather forecast out of S.A? We traded much lower yesterday on rain in S.A, yet nobody really knows.
12-27-2013 04:02 PM
On that huge 1.9MMT corn number today, .5MMT is for 2014/15 mostly Japan. Another .4MMT is adjustment rerouted from China to other countries.. including Egypt. Now Egypt is not exactly right next door to China; that has to be a hefty additional shipping charge.
12-27-2013 07:19 PM
Well great export corn numbers---------- and the market does..........................
Now we know why some loads were rejected and the G-------M------O word was used.
We get out marketed again.