02-22-2013 08:35 AM
Chinese importers have booked up to nine cargoes of U.S. soybeans this week for shipment beginning next month, with port congestion in Brazil likely to delay shipments from South America's largest exporter, trade sources said on Thursday. At least two of those cargoes, each containing between 50,000 and 60,000 tonnes, were previous Chinese purchases of Brazilian soybeans that were switched to U.S. Gulf shipment due to backups at Brazilian ports of up to 40 days, they said. The remainder included prior purchases by the world's largest soy importer that were switched to shipment from the U.S. Pacific Northwest, a more direct route from the United States to Asia, or new purchases, they said. Reuters
02-22-2013 09:20 AM
There are nearly 30,000 people participating in the strike all over Brazil. In Santos alone, there are three thousand people that stopped working. This comes at the worst moment, when Brazil will start to ship a record grain crop. And yes, the first meeting will happen in Brasília between the workers and the government in order to negotiate the end of the strike.
This is usual in Brazil when privatizations or concessions are announced. There isn't much information about what is going to happen in the next few weeks with soybean shippings. Will let you know guys as soon as possible if a deal is reached.
02-22-2013 09:42 AM
The nine soybean ships purchased by China from the US happened because of the already predicted delays at the Brazilian ports. New purchases from the US might happen with the strike.
02-22-2013 10:00 AM
U.S. Corn Supply/Demand (mln bu)
USDA USDA USDA USDA
10/11 11/12 12/13 13/14
Planted 88.2 91.9 97.2 96.5
Harvested 81.4 84.0 87.4 88.8
Yield (bpa) 152.8 147.2 123.4 163.5
Carryin 1708 1128 989 632
Am I the only one, who noticed that we are supposed to have about 1/3 less corn, before harvest, than we did last year, when corn was $8?
02-22-2013 10:10 AM
Overnight, we have had some of the end-users/buyers of soybeans increase there basis level by over 20 cents. This is on top of an already good basis level compared to an average year. So, along with corn here in Northern Iowa, the buyers of beans must be having trouble sourcing beans. Most of the beans were sold much earler in my area when they were higher priced. Not to many beans in the Tin Cans left in my area. This along with the shortage of corn in my area will get very interesting around planting time when many guys don't ever deliver grain because they are busy planting.
02-22-2013 10:13 AM
It doesn't matter what the carry in is, the USDA already told us prices will go down because of a record new corn crop. I am going to take the USDA numbers to the bank.....NOT
02-22-2013 10:34 AM
The government in Brazil, port authorities, and union workers have reached a settlement about the strike. The strike is now suspended. Negotiations and a possible new strike should start at March 15th.
02-22-2013 10:40 AM - edited 02-22-2013 10:55 AM
A couple of interesting links pertaining to corn --
and the image (chart) from that article --
And, one reason the USDA yield outlook might again be overly optimistic --
I think someone has already posted the national drought map comparisons.
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02-22-2013 10:50 AM
Marketeye yes, 99 years out of 100 it doesn't pay to store beans for very long. I store some on one farm I have because the Tin Cans are there and my Custom Farming guys can't always get them delivered in the fall because of the long wait at the bean end-users plants during harvest. Sometimes, I price these beans for delivery in January to try and even out my yearly income for taxes. But as mentioned, it is always best not to store beans, it just never seems to be a good economic choice.