A Quick Look Around This Morning
Brussels issued soft wheat export licences of 628,000 MT this past week. That's a pretty robust number and well up on last week's 394,000 MT. The weak euro is obviously continuing to help exports. To date the EU has now issued export permits for 17.5 MMT with two weeks left to go in this marketing year, that's 3.5 MMT down on last year but better than what was expected a few month ago. Wheat imports currently stand at 3 MMT, almost half the 5.8 MMT imported this time last year.
The US Environmental Protection Agency have once again failed to bow to pressure from ethanol producers, delaying a decision on an increase in the ethanol mandate until the autumn. More testing is needed they say. The tarts. I think what really has them spooked is the number of potential lawsuits waiting in the wings from litigation happy motorists who fancy a new engine in their car or boat.
The Baltic Dry Index closed at 2784 last night, 109 points down, extending recent losses. The BDI, sounds like "beady eye" that doesn't it, has now fallen by a whopping 1425 points, or more than a third, in little more than three weeks.
Russia exported 5.8 MMT of wheat in the first four months of 2010, up more than 11% on the same period in 2009 according to Rosstat. They didn't issue an figures on weevil exports.
Kazakhstan say that they've exported 7.8 MMT of grain so far this marketing year, including a record 1 MMT in May alone. The shop is still open as their grain stocks still stand at 9 MMT, they say. Farmers there have planted 16.35 million hectares of spring grains, a 2% reduction on last season, as growers switch to potentially more lucrative soybeans, sunflower and rapeseed.
Saskatchewan farmers have seeded only 73 per cent of the 2010 crop, according to Saskatchewan Agriculture's weekly Crop Report. "Excess moisture and flooding in many areas have left fields unable to support equipment. More rain is forecast for the end of the week, which will reduce the chances of seeding progressing any further," it says. What has managed to get sown is immature, with 77 per cent of the spring-seeded cereals, 78 per cent of the oilseeds and 67 per cent of the pulses behind normal in development, they add. You can read the full report here if you have a couple of days to spare. Click the link and go and get yourself a cup of tea, it should be downloaded by the time you get back.
West Australian farms have reportedly received a welcome 5mm-10mm of rain in most areas, although the far eastern wheat-belt received little rain again with likelihood of some areas remaining unplanted becoming a real possibility, according to media reports.
The US Environmental Protection Agency have once again failed to bow to pressure from ethanol producers, delaying a decision on an increase in the ethanol mandate until the autumn. More testing is needed they say. The tarts. I think what really has them spooked is the number of potential lawsuits waiting in the wings from litigation happy motorists who fancy a new engine in their car or boat.
The Baltic Dry Index closed at 2784 last night, 109 points down, extending recent losses. The BDI, sounds like "beady eye" that doesn't it, has now fallen by a whopping 1425 points, or more than a third, in little more than three weeks.
Russia exported 5.8 MMT of wheat in the first four months of 2010, up more than 11% on the same period in 2009 according to Rosstat. They didn't issue an figures on weevil exports.
Kazakhstan say that they've exported 7.8 MMT of grain so far this marketing year, including a record 1 MMT in May alone. The shop is still open as their grain stocks still stand at 9 MMT, they say. Farmers there have planted 16.35 million hectares of spring grains, a 2% reduction on last season, as growers switch to potentially more lucrative soybeans, sunflower and rapeseed.
Saskatchewan farmers have seeded only 73 per cent of the 2010 crop, according to Saskatchewan Agriculture's weekly Crop Report. "Excess moisture and flooding in many areas have left fields unable to support equipment. More rain is forecast for the end of the week, which will reduce the chances of seeding progressing any further," it says. What has managed to get sown is immature, with 77 per cent of the spring-seeded cereals, 78 per cent of the oilseeds and 67 per cent of the pulses behind normal in development, they add. You can read the full report here if you have a couple of days to spare. Click the link and go and get yourself a cup of tea, it should be downloaded by the time you get back.
West Australian farms have reportedly received a welcome 5mm-10mm of rain in most areas, although the far eastern wheat-belt received little rain again with likelihood of some areas remaining unplanted becoming a real possibility, according to media reports.