Corn prices have traded above the crucial support of US$3.60. March 16 CBOT corn futures settled the week at US$3.684 per bushel.
Argentine maize production is forecast to hit record highs this season, according to the latest estimates from the Argentine government on Wednesday. At 37 million mt, the latest estimate is well above the current USDA forecast of 27million mt and much more than the Buenos Aires Grain Exchange’s estimate of 25 million mt. The government have put the step change in maize production expectations down to a surge in late maize planting
China, which has been a key market for barley over the past two years, continues to display a trend of ever decreasing grain imports. China imported 261,000 mt of barley in February, the lowest monthly barley imports in 15 months.
Chicago May-16 soybean rallied and settled at 905.2 US¢/bu on Thursday, the sharp rise owing to stronger trade data.
Canola followed the oilseed market and ICE Canola March 16 finishing at CA$470 up CA$4.52/t for the week.
Argentine soyabean output was pegged at 60.9 million mt by its government in the first official estimates of the season. This is above both the latest estimates from the Buenos Aries Grain Exchange at 58 million mt and USDA at 58.5 million mt. Harvesting has just begun in the country, with 1% cut by 23 March.
Chinese imports of soyabeans are running ahead of current forecasts this season, with further growth predicted for 2016/17. So far this season (Oct-Feb), China has imported 32.2 million mt, up 8% on the same period last season and ahead of the 5% growth rate the USDA expects in 2015/16 as a whole. Imports are predicted to grow by a further 3Mt in 2016/17 by US attachés – read more here. Higher Chinese demand could help soak up some of the global record crops expected this season.
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