USDA peg corn yield lower as expected....

CRM AgriCommodities

Member
Arable Farmer
Location
UK
USDA WASDE in a nutshell
  • US Soybean yield was estimated at 50.6bu/ac v 48.9 LM and hence prod. up to 114.33MlnT v 110.5 LM. US 2015/16 ending stocks fell to 5.32MlnT from 6.95 LM. The 2016/17 World production saw a 2MlnT decrease to Brazilian prod.
  • US Corn yield was estimated at 174.4bu/ac v 175.1 LM, prod. up to 383.38 MlnT v 384.92 LM. Brazilian production was raised 2.5MlnT and EU lowered 1MlnT.
  • Very little change on the wheat front with increase in prod. in FSU and decrease in EU and ending stocks down a touch.
  • Please contact us for further analysis!
Cereals
  • UK grain markets were trading mostly higher alongside the European counterparts on improving demand. Post the USDA's World Agricultural Supply & Demand estimates report, the market reacted negatively although the grains side of the report was a big non-event but traders bought the US corn yield.
  • The new CME EU Wheat contract traded over 400 lots on its first day!
  • French farm ministry estimates:
    • Lowers Maize prod. to 12.5MlnT from 13.5 LM.
    • Lowers Soft Wheat to 28.2MlnT from 29.1 LM (lowest yields since 1983).
    • Lowers sugar beet to 33.1MlnT from 33.5 LM.
  • Australia's ABARES estimate 2016/17 wheat prod. at 28.08MlnT v 24.51 in June.
  • Russia seeks explanations from Egypt and want to open some dialogue over wheat supply delays.
Oilseeds
  • Early weakness on the OSR market was erased pre-report but the higher headline soybean yield caused the soybeans to sharply fall and the oilseed sector to retreat into the European close (see chart of the day).
  • French farm ministry raised OSR prod. to 4.7MlnT from 4.5 LM.
  • Australia's ABARES estimate 2016/17 canola prod. at 3.63MlnT v 3.2 in June.
Macros
  • The pound strengthened a touch against the US$ and Euro today but all eyes are focussed on FED's Brainard comments later today.
  • BoE to start buying corporate debt from the 27th September.
  • Crude oil firmed up a touch today.
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Red Tractor drops launch of green farming scheme amid anger from farmers

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As reported in Independent


quote: “Red Tractor has confirmed it is dropping plans to launch its green farming assurance standard in April“

read the TFF thread here: https://thefarmingforum.co.uk/index.php?threads/gfc-was-to-go-ahead-now-not-going-ahead.405234/
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