15th September 2015
The USDA report released on Friday 11th September (US time) had some bearish news for wheat with both global ending stocks and global wheat production up by 5 million metric tonnes (mt). Canada, Argentina and India all had decreased wheat supplies however this was not enough to counter supply increases from Europe, Russia and the Black Sea.
Global wheat consumption was the shining light, up by 1.6 million mt due in part to increased feed use from Russia, the EU and the Philippines.
A bullish outlook for corn unfolded on the back of a global production cut of 7 million mt and ending stocks down 5.4 million mt.
US Corn yields down by 20% compared to last year.
Chinese corn production down by 3 million mt to 229 million mt.
Global bean stocks were down by around 2 million mt from last month’s report, the estimate now stands at 527 million mt.
Canadian canola producers are battling cold and wet start to their harvest, the weather interrupted start has the potential to effect production and/or quality in the area.
MONDAY 14th September;
CBOT Wheat Dec 15 – 485c/bu (+7)
CBOT Corn Dec 15 – 387c/bu (+12.8)
CBOT Beans Nov 15 – 872.4c/bu (+.2)
ICE Canola Nov 15 – $469.8 Canadian (+2.9)
Australian dollar against US Dollar- $0.7101