Lost: 33 Million Tonnes Of Grain, If Found Please Ring USDA
German analysts F O Licht reckon that the USDA overstated world corn and wheat stocks by 33 MMT on Friday. They've just cut their world wheat production estimate to 656 MMT, and pegged the global corn crop at 804 MMT.
That's 5 MMT and 28 MMT lower respectively than our mates in Washington chucked into the arena just 72 hours ago.
Quite a lot to lose over a weekend, 33 million tonnes isn't it really? Half a million tonnes an hour, just over 7,500 MT/minute, or 125 MT/second just "evaporating" into nowhere.
If the USDA were driving my bus I don't think I'd get on it, even if it had wings.
That's 5 MMT and 28 MMT lower respectively than our mates in Washington chucked into the arena just 72 hours ago.
Quite a lot to lose over a weekend, 33 million tonnes isn't it really? Half a million tonnes an hour, just over 7,500 MT/minute, or 125 MT/second just "evaporating" into nowhere.
If the USDA were driving my bus I don't think I'd get on it, even if it had wings.