Grain Market Snippets
22/10/13 -- The overnight Globex grains are mostly red, with the soy complex leading the way. Front month Nov 13 beans are currently 10 1/4 cents lower, with meal down around USD2.50 and wheat shedding a 2-3 cents. Corn is narrowly mixed.
Russia's grain harvest is now 90.2% complete at 88 MMT, according to the Ministry. A year ago it stood at 71.9 MMT.
The wheat harvest is said to be 94.5% complete at 52.9 MMT. A year ago that was only 39.6 MMT.
They've harvested 90.6% of the barley crop, producing 15.6 MMT, 39.8% of the corn crop producing 5.1 MMT and 44.1% of the sunflower crop producing 5.7 MMT.
Russian winter plantings are now said to be complete on 13 million hectares, or 79.5% of the original target. A year ago at this time it was 15.5 million hectares, and it was 14.9 million at this point in 2011.
The Ukraine harvest now stands at 47.1 MMT, off 84% of the planned area. A year ago at this time it was only 39.7 MMT.
The Ukraine corn harvest is now said to be 50% complete, producing a crop of 13.8 MMT to date.
South Korea's NOFI are tendering for 140,000 MT of corn for arrival by Mar 15 and Mar 25 along 60,000 MT of feed wheat for arrival by Feb 10.
World corn prices: FOB NOLA $210; Argentina $207; Brazil $183; Black Sea $200 (vs. Black Sea feed wheat at $245).
World soymeal prices: NOLA $545; Argentina $532; Brazil $522.
NYMEX crude oil now trades below $99/barrel for the first time in 3 1/2 months, although Brent holds above $110/barrel. The relaxed attitude to shale gas expansion in the US, relative to that in Europe, is the reason for the widening gap.
Oil World forecast the world soybean crop up 5.4% from 267.0 MMT in 2012/13 to 281.3 MMT in 2013/14. They have the world rapeseed crop rising 5.6% from 63.9 MMT to 66.5 MMT and global sunflower output up by 11.2% from 35.6 MMT to 39.6 MMT.
