As the climate conditions of late planted areas of soybeans in Brazil became more favorable, Curitiba consultancy AgRural increased its estimate for Brazilian production to 111.6 million metric tons. The yields forecast have improved in all states, except for Pará, Roraima and Mato Grosso.
Ideas of global soybean stocks for the end of 2016-17 were lifted by a hefty 4.6m tonnes, to 87.4m tonnes, reflecting higher South American production.
The USDA also lifted its idea for wheat stocks at the end of next season, thanks largely to an upgrade in carryover stocks from the 2015-16.
China’s state-owned company COFCO – responsible for the import and distribution of cereal – expects to import between one and two million tons of Russian wheat every year, COFCO president Yu Xubo said.
The train carrying the first cargo of wheat arrived on Saturday in the city of Manzhouli in northern China’s Inner Mongolia Autonomous Region.
According to the first forecasts of APK-Inform analysts, in the current year the planted areas under corn in Ukraine will slightly increase (up 2%) and reached 4.35 mln ha, against 4.26 mln ha last year.
Source: APK Inform
Grain receival companies have noticed the portion of the wheat crop testing under 10.5 per cent protein changing from 30 per cent in 2015 to 65 to 70 per cent in 2016.
Accordingly, stockfeed manufacturers have needed to increase their levels of protein sources to compensate for the lower grain proteins. Demand for canola meal has impressed oilseed crushers and sales have quickly tightened supplies, with some mills rumoured to have sold out.
Analyst Strategie Grains only slightly trimmed its estimate for the 2017-18 EU wheat crop, by 100,000 tonnes to 143.8m tonnes, leaving production up some 6% year-on-year.
But the analyst warned that production could be hurt if rains do not arrive in areas where soil moisture is low from a dry winter, even after some helpful March showers.
In its new estimate, the Cereal Exchange has not change its soybean production forecast, which was at 56.5 million metric tons as the harvest has advanced to 7.8 percent of the surface.
For corn, the harvest is at 18.2 percent of the area. The projection for output of the cereal is at 37 million metric tons. Great potential of yields is seen in most regions.
On average, export prices for Russian milling wheat closed the week down another $1 at $188-191/MT FOB for wheat with 12.5% protein and $183-186/MT FOB for wheat with 11.5% protein in Novorossiysk port for April-May delivery, reports UkrAgroConsult.