Market Titbits
The Indian government are still looking for the key to the warehouse with all their millions of tonnes of wheat in it. They thought that they put it in the drawer over there with the knives and forks, but it seems to have disappeared. They now think that they must have left it in their trouser pocket before the missus took them down to the Ganges for a wash. They are confident that it will turn up next week though. In all the confusion they are hoping that everyone will have forgotten that they originally said that they were going to let 3 MMT go, talk now is that just one million tonnes will be released.
Things are getting "desperate" in Northern Ireland, not that ADAS will be too bothered, it's their own fault. Only 10% of spring barley and 20% of the winter wheat has been cut, according to the Farmer's Weekly, as incessant rain sweeps in from the Atlantic.
There's a bit of talk of some Australian wheat estimates getting trimmed back to the 18-21 MMT mark, with serious lack of rain in parts of NSW and Queensland. Some reports mention fields that aren't going to make it being turned over to livestock. There doesn't seem to be any problem in West Australia though, which accounts for more of the nation's wheat than any other state.
Anecdotal reports suggest sharply higher OSR plantings in the UK for the 2010 crop. With growers generally very unchuffed with wheat prices for the second harvest in succession, it's no great surprise that they should be carefully weighing up their alternatives. There are of course also rotational benefits to be had from sowing rape after a couple of years of wheat.
Informa are forecasting a US corn crop of 13.304 billion bushels and a soybean crop of 3.372 billion bushels, if the weather holds. The latest government maps continue to show no imminent freezes (32F or below) for the Corn Belt. As previous studies have shown, there is no correlation relating a “cold summer” to an “early frost” Allen Motew of QT Weather reminds us. However, despite a near term warm-up, growing degree-day units will “run out of time” he warns. He says that he'll be keeping his eyes glued to the maps into the first few days of October, as it will take a near miracle not to have a freeze by then.
Things are getting "desperate" in Northern Ireland, not that ADAS will be too bothered, it's their own fault. Only 10% of spring barley and 20% of the winter wheat has been cut, according to the Farmer's Weekly, as incessant rain sweeps in from the Atlantic.
There's a bit of talk of some Australian wheat estimates getting trimmed back to the 18-21 MMT mark, with serious lack of rain in parts of NSW and Queensland. Some reports mention fields that aren't going to make it being turned over to livestock. There doesn't seem to be any problem in West Australia though, which accounts for more of the nation's wheat than any other state.
Anecdotal reports suggest sharply higher OSR plantings in the UK for the 2010 crop. With growers generally very unchuffed with wheat prices for the second harvest in succession, it's no great surprise that they should be carefully weighing up their alternatives. There are of course also rotational benefits to be had from sowing rape after a couple of years of wheat.
Informa are forecasting a US corn crop of 13.304 billion bushels and a soybean crop of 3.372 billion bushels, if the weather holds. The latest government maps continue to show no imminent freezes (32F or below) for the Corn Belt. As previous studies have shown, there is no correlation relating a “cold summer” to an “early frost” Allen Motew of QT Weather reminds us. However, despite a near term warm-up, growing degree-day units will “run out of time” he warns. He says that he'll be keeping his eyes glued to the maps into the first few days of October, as it will take a near miracle not to have a freeze by then.