Market Snippets

The Russian grain harvest has produced 81.4 MMT so far this season, say the Ag Ministry. Confusingly they say that that came off 73% of the planted area, yet they are still only forecasting a total grain crop of only 85 MMT. Of that total 51 MMT was wheat, they add.

Russian wheat exports were 5.2% lower during the first two months of the marketing year (July/August) at 2.751 MMT, compared to 2.903 MMT in 2008/09.

Grain and oilseed production in Poland is seen higher than expected earlier in the year due to a favourable winter and decent rains in May. The Polish rapeseed crop came in at 2.4 MMT this year according to the local Statistics Office, that's a 20% increase on last season's 2.0 MMT. Wheat production will be 9.7 MMT and corn output 1.7 MMT, they say.

China only manged to sell 14,800 MT of soybeans out of the 500,000 MT up for grabs in it's weekly auction today.

Indian wheat futures hit a one month high yesterday, as the government steadfastly hangs onto state-owned stocks, despite strong festive demand and lack of wheat in private hands.

North Korea's corn crop this year is expected to fall by 40 per cent due to a fertilizer shortage and bad weather.

Heavy rainfall of up to 45 millimetres across the north-west of the Australian state of Victoria earlier in the week has boosted wheat crops in the area.