Morning News Snippets

30/08/13 -- The overnight Globex grains are mostly red, with beans down 7 3/4 cents on front month Sep 13 (for which first notice day is today), with the rest 10-14 cents easier. Meal is down USD1.40 on the Sep 13 but USD4-5.00 easier on the rest. Corn trades 1/2 down nearby and 4-5 cents down on the rest. Wheat is 3/4 of a cent up to 3 cents lower.

Brussels issued 687 TMT of soft wheat export licences this past week, that takes the 2013/14 marketing year total so far to 3.9 MMT versus only 1.8 MMT this time last year.

EU barley export licenses are also well advanced at 2.2 MMT versus 1.4 MMT in 2012/13.

Egypt say that they will only import 5.0-5.5 MMT of wheat in 2013/14, substantially less than normal.

Jordan are in for 100 TMT of optional origin wheat for Mar/May shipment.

The HGCA say that the UK wheat harvest is 40% done, with yields only slightly below average at 7.6-7.7 MT/ha. Bushel weights are said to be averaging 76 kg/hl and proteins 12.8% but variable.

The winter barley harvest is 99% done and the spring barley harvest 30% complete, yields on both are better than the 5-year average.

Winter OSR is 70% harvested with yields below average at 3.2-3.4 MT/ha, although that is better than was feared.

The German Farm Ministry estimate the wheat crop there at 24.9 MMT, which is significantly more than Toepfer's 24.18 MMT forecast from earlier in the week and last year's 22.3 MMT output.

The Buenos Aires Grain Exchange say that the Argy corn harvest is over, producing a crop of 24.86 MMT, a 3.3 MMT rise on last year.

Oil World estimate the global 2013/14 oilseed crop at a record 478.4 MMT, up 4.8% versus 2012/13. They have the world soybean crop up 6% at 282.5 MMT, the world OSR/canola crop up 3.5% at 64.8 MMT and the world sunflower crop up 13.2% at 40.2 MMT.

The Russian grain harvest now stands just shy of the 60 MMT mark off 53.5% of the cultivated area. Wheat accounts for 39.1 MMT of that with yields averaging 2.84 MT/ha versus 1.99 MT/ha in 2012 and 2.93 MT/ha in 2011.

Winter grains have already been planted on 2.2 million hectares in Russia for the 2014 harvest, versus 1.5 million ha a year ago and 1.2 million in 2011.