Kazakhstan will boost grain exports to Iran and China this 2013 to ’14 marketing year as it seeks to diversify regions of supply and reduce dependence on Russian and Ukrainian ports, the country’s state grain trader says.
Two Brazilian soybean cargoes initially sold to China have been switched to the United States, according to port and shipping data updated on Tuesday, the first clear evidence that the U.S. is absorbing some of China’s excess Brazilian purchases that were at risk of default.
The recent announcement that construction for the proposed CHS nitrogen plant near Jamestown, N.D., had been delayed certainly wasn’t what many in the community were hoping for. We hope the process of negotiations and planning continues, the project moves ahead and building begins.
WINNIPEG, Manitoba — Old crop canaryseed prices have perked up a bit in a few locations, although bids generally remain thin and spotty. Demand has been fairly good, with exports on pace to hit our target for the year. Sales into Mexico and the U.S. are on track, while European purchases are well ahead of last year’s pace.
Wheat traded with gains during the Easter shortened week. Declining crop condition ratings and another flare up in the Russia and Ukraine saga helped support wheat. As of 9:30 a.m. April 17, May Minneapolis was up 39 cents, September Minneapolis was 40 cents higher, July Chicago was 37 cents higher and July Kansas City gained 49 cents.RELATED CONTENT
Chinese buyers might default on a further 1.2 million metric tons (1.32 million tons) of soybeans worth about $900 million being shipped from the U.S. and South America, to avoid incurring huge losses in a depressed local market, the country’s top soy buyer says.
A group of traders has sued CME Group Inc., accusing the operator of the world’s largest derivatives exchange of selling market data to high-frequency traders, cheating other investors who lacked such access.RELATED CONTENT
U.S. wheat ending stocks for 2013 to ’14 are projected 25 million bushels higher, with lower imports more than offset by a reduction in feed and residual use. Imports are projected 5 million bushels lower based on available shipment data.
WINNIPEG, Manitoba — There isn’t a lot of news from the pea market. Trade is steady and mostly flat. Exports continue at a pace equivalent to just fewer than 3 million metric tons per year, largely to China, India and the U.S. Although exports are moving well, domestic use is lower and the carryover is building.
Wheat started last week with gains, but slipped into negative territory the second half of the week. Early support came from another week of decreasing crop condition ratings, while late session pressure came from a negative U.S. Department of Agriculture crop production report. For the week ending April 10, May Minneapolis lost 20.25 cents, September Minneapolis dropped 11.5 cents, July Chicago lost 6.5 cents and July Kansas City lost 9.5 cents.RELATED CONTENT
John H. Miller, vice president of agricultural products for Burlington Northern Santa Fe Railway, answered lots of questions on April 9 in a meeting of the North Dakota Ag Rail Business Council in Fargo. Among the efforts Miller mentioned are more passing lanes, double-tracking between Minot, N.D., and Glasgow, Mont., and new side tracks for passingRELATED CONTENT
The March index, at 95, increased 2.2 percent from February but is 15 percent below March 2013. The index increase for oilseeds and grains more than offset the index decrease for fruit and tree nut production.
WINNIPEG, Manitoba — Reds lentils are the hot commodity. The Indian winter crop, by far the world’s largest, suffered from a lot of rain right at, or just before, harvest.
Wheat struggled last week with reports of moisture opportunities for the Southern Plains causing traders to head for the sidelines. The U.S. Department of Agriculture’s acreage report was friendly to wheat, but that was offset by a neutral stocks estimate. For the week ending April 3, May Minneapolis dropped 9.25 cents, September Minneapolis dropped 8.5 cents, July Chicago dropped 17.5 cents and July Kansas City lost 16 cents.RELATED CONTENT
Japan’s Ministry of Agriculture skipped buying food quality wheat via a regular tender this week because of a custom of not conducting tenders in the first week of the new fiscal year starting April, as well as in the first week of a calender year.