Bottom Line: The EU is the world’s second largest wheat exporter. Last week, the USDA lowered their projection for EU wheat exports by 1 MMT to 28.5 MMT. Last year’s exports are estimated to have been 27.3 MMT. The EU exported a record 35.5 MMT in 2014/15. The Former Soviet Union (FSU) is projected to…
Bottom Line: US soybean export commitments are 20% below last year but the USDA projects final annual exports will be a record and up 5% from last year. Last year, China accounted for 62% of all US soybean exports. US soybean export commitments to China are 16% below last year. However, a large portion of…
Bottom Line: China crush margins have swung above and below breakeven for the past month. This week, the “spot” margin is below breakeven and the “forward” margin still shows a loss. The “spot” crush margin fell 54 Yuan and is now below break-even at -19 Yuan/MT. The “forward” margin dropped 47 Yuan to -71…
Bottom Line: Brazil’s corn export “commitments” were estimated to be 18.35 MMT as of Sep 15. That’s up 105% from a year ago and is a record (for this week). Ship lineups indicate that 6.21 MMT could be shipped in September vs last year’s shipments of 2.33 MMT and Brazil’s SECEX “official” September 2016 shipments…
Bottom Line: Egypt’s GASC bought 175,000 MT today. Not surprisingly, Russian wheat captured all the business. On a FOB basis, the average price paid was $196.66/MT, up $9.66/MT from the last tender (Aug 29). USDA is projecting that Egypt’s total wheat and flour imports will be a record 12 MMT, up over 750,000 MT from last…
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