Only a few minor tweaks are expected to old- and new-crop soybean balance sheets when the U.S. Department of Agriculture releases its June supply and demand report Thursday.
China’s corn production this year may increase 2.5 percent from 2009 to 168 million metric tons as farmers boost plantings, the China National Grain & Oils Information Center said.
In May 2010, grain export from Ukraine amounted to 850,000 MT or twice as less than in May 2009. In particular, there were exported 230,000 MT of wheat, 340,000 MT barley, and nearly 280,000 MT of corn.
Corn futures rose after yesterday’s slump to the lowest in more than two weeks may have attracted importers and investors.
The U.S. corn crop is expected to continue getting larger as farmers produce less wheat and soybeans, the U.S. Department of Agriculture said Tuesday.
Brazilian farmers harvested 99% of the upcoming 2009-10 soy crop as of May 7, local agricultural consultancy Celeres said in a weekly report.
U.S. wheat farmers are expected to produce a smaller crop this year, but they are also forecast to start out the 2010-11 marketing year with large beginning stocks and finish with even larger ending stocks, the U.S. Department of Agriculture said Tuesday.
Ukraine planted spring grains on 6.35 million hectares, or 83% of the planned total area, to May 7, the agriculture ministry reported Tuesday.
Cash premiums for soybeans and corn shipped to export terminals near New Orleans widened relative to futures as U.S. farmers halted sales to wait for higher prices on optimism that demand will improve.
Corn futures rose, extending yesterday’s advance, after the U.S. government lowered its estimate of the nation’s inventory as demand expands faster than expected. Wheat also rose.