News Snippets

12/06/12 -- UkrAgroConsult say that Ukraine will harvest 45.5 MMT of grain this summer (from their previous estimate of 46.3 MMT and 56.7 MMT in 2011), including 21.25 MMT of corn (22.7 MMT in 2011), 14.2 MMT of wheat (22.3 MMT in 2011) and 7.32 MMT of barley (9.1 MMT in 2011).

Despite the lower output this year they see Ukraine's total grain exports rising 20% to 24.3 MMT on the strength of there being no export restrictions in place in 2012/13.

Brazil exported a record 7.3 MMT of soybeans in May, according to customs data. Celeres report that old crop soybean sales are currently running at 89%, compared to 70% normally. New crop 2012/13 sales are already 29% committed, normally at this early juncture forward sales would be negligible, they say.

India says that it has shipped 1.2 MMT of it's mountain of surplus wheat stocks since a government ban on exports was lifted in September.

Safras e Mercado peg the 2011/12 Brazilian soybean crop at 66.331 MMT, with Argentine production estimated at 41.0 MMT.

The Argentine farmers strike is scheduled to end at midnight local time tonight.

NYMEX crude is down again today, currently standing at USD82.17/barrel, 23% down since 1st May.