Daily market report - China buys again

[CRM AgriCommodities]

Wheat US winter wheat has reached 38% headed, falling behind average. The condition of US winter wheat has recorded marginal improvement. Rated 49% good and excellent, the proportion of wheat rated excellent is up 1 percentage point week on week. Spring wheat planting in the US has reached 70% complete, well ahead of the 51% long-term average, 29% of spring wheat has emerged, ahead of average. Read the full report here. Corn Daily US export sales of 680KT of corn for delivery to China have been made for the 2021/2022 marketing year. AgRural reduced its outlook for the Safrina Brazilian corn crop to 65MT, down from the previous 73MT estimate, as the crop continues to deteriorate amid minimal rainfall. US corn planting progress reached 67%, up from 46% last week and well ahead of the 52% long-term average. 20% of US corn has new emerged, inline with the long term average. Oilseeds US soybean planting progress reached 42%, making good progress and 20 percentage points ahead of the long-term average. 10% of US soybeans have emerged, slightly ahead of average, needed given how tight US ending stocks are going to be. Chicago soybeans breached $16 for the first time since September 2012. The May WASDE, being released tomorrow is likely to reflect US stocks remaining tight in 2022. Arrange a call to find out more about our subscriptions and services​ ​ ​ We are pleased to announce that our online grain market academy is now LIVE following high demand from the industry to maintain and develop knowledge with volatility increasing. We hope you find it useful. Arrange a call to find out more about what we offer​ ​ ​ ​