The Late Lunch

04/09/12 -- The overnight electronic market is drifting a little easier after Sep 12 beans made a new historic high overnight of USD17.94 3/4 versus the previous all time high of USD17.80 3/4. Front month Sep 12 is currently "only" 13 3/4 cents higher at USD17.78 1/4. Wheat is up 3-5 cents and corn around 5-7 cents higher.

There's speculation that the ECB will announce measures to boost economy this week, although we've seen/heard that one all before.

CNGOIC estimate China’s soybean imports are starting to slip with Sep and Oct shipments forecast at a combined 7.0 MMT, adding that Aug imports were 4.7 MMT.

Allendale estimate the 2012 US corn yield at 118.2 bpa versus the USDA's August estimate of 123.4 bpa. This year's US corn crop is estimated at 10.326 billion bushels compared to 10.779 billion from the USDA.

They put the US soybean yield at 34.9 bpa versus the USDA's August estimate of 36.1 bpa, and place the 2012 US soybean crop at 2.602 billion bushels versus the USDA August estimate of 2.692 billion.

FCStone are expected to release their latest production estimates tomorrow afternoon with Informa due on Friday morning. The USDA are out next Wednesday.

Martell Crop Projections say that "Hurricane Isaac delivered heavy soaking rain to the lower Mississippi Valley and Eastern Midwest, improving soybean prospects, though the rain came too late in the soybean pod filling stage for the maximum yield benefits."

Brazil's soybean exports are slowing, if that is down to dwindling stocks (as it seems to be), then the US is shaping up to have the export market to itself for the remainder of 2012.