Dec 2015 CBOT corn futures fell by 12.4USc/Bu and settled at US$3.745 per bushel.
Global corn demand was forecast to decrease by 9 MMT and the negative change to the China’s demand profile by 5 MMT was a big contributor to the change. Corn demand was reduced in part due to being substituted with sorghum. The end result was a significant increase in global forecast corn carryout of more than 20MMT.
Aussie barley remains competitive into Asian homes with Western Australian FOB pricing around the US$185 level, Our barley is currently $5 – $10 over working into Saudi at replacement and while some offshore barley interest is coming to the market, no firm numbers have been shown.
Soybean November 15 CBOT futures were unchanged for the week at 878.60USc/bu.
ICE Canola remained unchanged for the week at CA$460.6t
USDA decreased world bean stocks by 2.2 million mt, but increased US production by 2.5 million mt!!
US beans now reported 95% harvested vs. 92% last week. Brazil’s Conab raised its forecast for a the 15/16 bean crop to between 101.2 million and 102.8 million mt – up from 100.1-101.9 million estimated last month.
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