Things You Might Have Missed Over The Weekend
The Indian government have decided, in their infinite wisdom, that they won't be dropping the price of their wheat to local flour millers after all.
That leaves millers forced to stump up the equivalent of around USD292-USD365/tonne to what is pretty much the only seller in town. They aren't going to be very happy about that, with the price of wheat on the global market around USD100/tonne less than that.
Of course the Indian government also set the ridiculously tight phyto-sanitary and quarantine rules, which effectively prevent local millers from importing cheap foreign wheat in bulk.
Argentina's Ag Ministry, remember them? They've not published any crop estimates since February, so you'd be forgiven for thinking that they'd shut up shop, but no they're still going.
They came out with some production and acreage numbers late on Friday, pegging this season's wheat crop at just 7 MMT, that's a million less than the USDA's latest guess and the smallest crop since 1977.
They didn't put a number on next season's soybean crop yet, but they did peg planted area at a record 18.5 million hectares, saying that the crop is currently 27% sown.
Production estimates for next year still vary widely, with the Rosario Grain Exchange and Oil World at 47 MMT and 48 MMT respectively, yet the USDA saying 53 MMT and some private analysts going even higher than that.
The Ministry estimate that corn plantings will total 3 million hectares, 12% down on last year, whereas the Buenos Aires Grain Exchange see a much steeper decline - saying that only 1.875 million hectares will go into corn production this year. So far 61% of planned area has been planted, say the Ministry.
The Ministry pegged sunflower area at 1.79 million hectares, saying that just over half of that had been planted so far. That would be a reduction of 8.5% from last season. Again the Buenos Aires Grain Exchange see a much steeper decline - down by a third to 1.49 million hectares.
That leaves millers forced to stump up the equivalent of around USD292-USD365/tonne to what is pretty much the only seller in town. They aren't going to be very happy about that, with the price of wheat on the global market around USD100/tonne less than that.
Of course the Indian government also set the ridiculously tight phyto-sanitary and quarantine rules, which effectively prevent local millers from importing cheap foreign wheat in bulk.
Argentina's Ag Ministry, remember them? They've not published any crop estimates since February, so you'd be forgiven for thinking that they'd shut up shop, but no they're still going.
They came out with some production and acreage numbers late on Friday, pegging this season's wheat crop at just 7 MMT, that's a million less than the USDA's latest guess and the smallest crop since 1977.
They didn't put a number on next season's soybean crop yet, but they did peg planted area at a record 18.5 million hectares, saying that the crop is currently 27% sown.
Production estimates for next year still vary widely, with the Rosario Grain Exchange and Oil World at 47 MMT and 48 MMT respectively, yet the USDA saying 53 MMT and some private analysts going even higher than that.
The Ministry estimate that corn plantings will total 3 million hectares, 12% down on last year, whereas the Buenos Aires Grain Exchange see a much steeper decline - saying that only 1.875 million hectares will go into corn production this year. So far 61% of planned area has been planted, say the Ministry.
The Ministry pegged sunflower area at 1.79 million hectares, saying that just over half of that had been planted so far. That would be a reduction of 8.5% from last season. Again the Buenos Aires Grain Exchange see a much steeper decline - down by a third to 1.49 million hectares.
