Additional News From The Floor

JP Morgan said China’s economy will probably grow 7.6% in 2013 vs. previous estimate of 7.8%

 

Palm oil down 9.

 

Solvent Extractors Association of India – India imports

  • April edible oil imports at 641,327 tons down 28.5% from a year ago
  • May 1st edible oil stocks at 1.82 MMT vs. 1.55 MMT a year ago and down 14% from a month ago
  • Nov – April edible oil imports at 5.14 MMT up 12% a year ago
  • Nov – April palm oil imports down 44% a year ago
  • April palm oil imports at 498,960 tons down 30%
  • April bean oil imports at 50,999 tons up 8.5%
  • Nov – April sunflower oil imports down 32% from a year ago
  • April sunflower oil imports at 88,368 tons down 2.5%

 

Talk from yesterday China eyeing Brazil beans for July shipment, but no purchases were made.

 

CNGOIC estimated ‘13/14 wheat imports at 3.5 MMT up 800K tons from a year ago

 

Rosario Grains Exchange Argentine Crop Estimates

  • Bean harvest about 70% complete
  • Estimated ‘12/13 bean crop at 48.3 MMT vs. previous estimate of 48.0 MMT
  • Estimated ‘12/13 bean planted area at 19.5 MH
  • Estimated ‘12/13 bean average yield at 2.58 TPH
  • Corn harvest about 60% complete
  • Estimated ‘12/13 corn crop at 24.5 MMT vs. previous estimate of 25.3 MMT
  • Estimated average corn yield at 7.05 TPH vs. previous estimate of 7.17 TPH

 

UkrAgroConsult estimated Ukraine’s ‘13/14 wheat exports at 8.55 MMT vs. previous estimate of 8.75 MMT

 

UkrAgroConsult estimated Ukraine’s ‘13/14 wheat crop at 20.16 MMT vs. previous estimate of 20.23 MMT

 

UkrAgroConsult estimated Ukraine’s average spring wheat yield at 2.17 TPH vs. previous estimate of 2.46 TPH

 

Russia sold 41,991 tons of intervention grain . Total amount sold since the program started on Oct 23rd is 3.147 MMT

 

Egypt Ag Min said Egypt hopes their 2014 wheat crop will reach 15.0 MMT which would make them 80% self-sufficient. Egypt Ag Min estimated 2013 wheat crop at 9-10.0 MMT

 

Analysts estimated Algeria’s ‘13/14 wheat crop at 5.0 MMT vs. 5.2 MMT in ‘12/13

 

Vietnam has signed deals to export 1 MMT of rice to China this year

 

There were no beans, corn, or meal deliveries yesterday as expected.

 

Moving averages

  • SN 200 day 1431 ¾
  • CN 50 day 658
  • CZ 50 day 546 ½
  • WN 50 day 709 ½
  • WZ 50 day 731
  • BON 50 day 4968
  • BOZ 50 day 4897
  • SMN 200 day 415.80
  • SMZ 50 day 345.60

 

Weekly US Crop Progress Report from yesterday

 

Corn

  • Planted 28% (slowest on record) vs. 12% a week ago and vs. 65% 5 year average (market was expecting 20-30% complete
    • IL 17% vs. 7% a week ago vs. 94% a year ago and vs. 64% average
    • IN 30% vs. 8% a week ago vs. 92% a year ago and vs. 54% average
    • IA 15% vs. 8% a week ago vs. 86% a year ago and vs. 79% average
    • KA 31% vs. 17% a week ago vs. 88% a year ago and vs. 73% average
    • NE 43% vs. 14% a week ago vs. 89% a year ago and vs. 77% average
  • Emerged 5% vs. 3% a week ago and vs. 28% 5 year average

 

Beans

  • Planted 6% vs. 2% a week ago and vs. 24% 5 year average (market was expecting 5-10% complete)
    • IL 0% vs. 14% a year ago and vs. 19% average
    • IN 6% vs. 0% a week ago vs. 65% a year ago and vs. 26% average
    • IA 1% vs. 0% a week ago  vs. 34% a year ago and vs. 30% average
    • NE 7% vs. 1% a week ago vs. 56% a year ago and vs. 33% average
    • OH 16% vs. 1% a week ago vs. 44% a year ago and vs. 24% average

 

Spring wheat

  • Planted 43% vs. 23% a week ago and vs. 63% 5 year average
  • Emerged 10% vs. 5% a week ago and vs. 32% 5 year average

 

Winter Wheat

  • Condition 32% good to excellent unchanged from a week ago and vs. 60% a year ago (market was expecting steady to 1% lower)
  • Condition 39% poor to very poor unchanged from a week ago and vs. 14% a year ago
    • TX 9% good to excellent up 2% from a week ago. 73% poor to very poor down 1% from a week ago
    • KA 28% good to excellent up 1% from a week ago . 41% poor to very poor up 1% from a week ago
    • OK 21% good to excellent up 1% from a week ago. 47% poor to very poor up 2% from a week ago
  • Headed 29% vs. 20% a week ago and vs. 51% 5 year average

 

Rice

  • Planted 69% complete vs. 55% a week ago and vs. 74% 5 year average
  • Emerged 49% vs. 36% a week ago and vs. 57% 5 year average

 

Cotton

  • Planted 23% vs. 17% a week ago and vs. 38% 5 year average

 

Sorghum

  • Planted 29% vs. 28% a week ago vs. 43% a year ago and vs. 36% 5 year average

 

Oats

  • Planted 70% vs. 57% a week ago vs. 97% a year ago and vs. 85% 5 year average

 

Barley

  • Planted 55% vs. 44% a week ago vs. 91% a year ago and vs. 63% 5 year average

 

Thank you,

 

Kate Rosenberg