Corn (Source: CME)
Corn futures finish little changed as the fall harvest continues at quick pace, due in part to mild weather. Quick sales are helping farmers refill grain bins and keep users well supplied. But futures were weighed down by a selloff in soybeans as outside markets add to the negative tone with returning fears about Europe's debt crisis. Corn futures have pulled back 20% since June on easing inventory concerns and economic worries. CBOT December corn fell 1/2c to $6.40 1/2 a bushel while November soybeans dropped 1.5% to $12.51.
Wheat (Source: CME)
At the Kansas City Board of Trade, hard red winter wheat for December delivery rose 1% to $7.14 1/4 a bushel amid concerns about dryness hurting the crop that will be harvested next spring. Hard red spring wheat for December delivery edged up 0.4% to $8.95 3/4 a bushel at MGEX in Minneapolis
Rice (Source: CME)
US rice futures finish down as buyers moved to the sidelines as harvest winds down. It's unusual that buyers are scarce as they would normally make purchases in the cash market as prices drop on the influx of new supplies, analysts say. CBOT November rice falls 10c to $16.52 1/2 per hundredweight.
Canada Will Introduce Wheat Board Legislation Tuesday (Source: CME)
The Canadian government will introduce legislation Tuesday to dismantle the Canadian Wheat Board's monopoly, and aims to pass the law by the end of the year. Agriculture Minister Gerry Ritz made the announcement in a speech at a farm in Acme, Alta. earlier. "The Canadian Wheat Board monopoly, born in a different time to meet different needs, has cast a chill on key parts of the grain sector in Western Canada," he said. "The six-decade-old Canadian Wheat Board monopoly is yesterday's solution to yesterday's problems." Ritz said the legislation, when passed, will give farmers marketing freedom that "will unlock new value-added investment, new jobs, and new growth for Canada's economy."
Record Yields Seen For Some Australian Wheat Crops (Source: CME)
Northern areas of Western Australia's wheat belt are on track for record production, barring the unlikely chance of heavy rainfall at harvest, which is already under way, Duncan Gay, the manager of the northern Geraldton port zone for Cooperative Bulk Handling Ltd., said. CBH, which markets grain and dominates storage and export logistics in the state, estimates total production this crop year ending March 31 at 12.5 million metric tons, if achieved the second-highest on record but still down from a range 13 million-14 million tons estimated a week ago by the state government's Department of Agriculture. Typically, 70% of grain produced in the state is wheat, which based on these figures suggests wheat production this crop year in a range 8.8 million-9.8 million tons, nearly all of which is available for export, doubling from drought-reduced output in 2010-11 of 4.7 million.
Seasonal conditions this year in the northern wheat belt have "set this crop up beautifully and farmers are just starting to reap the rewards now," Gay said in a telephone interview. Rain during the harvest could result in a downgrading of quality, "they're going to have some exceptional yields," he said. Similar conditions for crops can be seen in northern areas of the Kwinana port zone, but not in the zone's southern half, while the southern Albany port zone's crops are above-average and southeastern Esperance port zone crops are below-average, he said. Exports of wheat, barley and canola through CBH's four export terminals, including at Geraldton, suffered costly delays in late 2008 as sustained rainfall delayed harvest and played havoc with shipping schedules. Gay said he doesn't believe this will recur this year given CBH's new system for allocating loading of exports and a strong shipping program booked mostly by CBH"s grain marketing unit through the company's ports.
Kazakh state grain trader plans return to exports
ASTANA, Oct 17 (Reuters) - Kazakhstan's state-owned grain trader will return to the export market this season, shipping up to 1.5 million tonnes of what promises to be the country's biggest post-Soviet grain crop, the head of the company said.
Beibitkhan Kabdrakhmanov, chairman of the management board at the Food Contract Corporation, forecast that Kazakhstan would have an exportable grain surplus of around 13 million tonnes in the current marketing year.
Brazil 2011/12 soy crop could expand 5 pct
SAO PAULO, Oct 14 (Reuters) - World No. 2 soy producer and exporter Brazil could top this year's record harvest by 5 percent in the 2011/12 crop through higher yields and expanded planting, the head of grain crushing industry association Abiove told Reuters on Friday.
Carlo Lovatelli, president of Abiove, Brazil's Association of Vegetable Oil Industries, said he believed investments in the sector had risen, helped by higher prices for the oilseed and that this would help keep output on an upward trajectory.
US soy falls on seeding estimate; wheat, corn steady
SINGAPORE, Oct 17 (Reuters) - Chicago soybean futures slid 0.8 percent as a forecast of higher acreage in the United States prompted investors to book profit, after last week's gains that were the highest in more than 2 years.
"Soybeans rose sharply last week and there could be some profit taking now as Chinese buyers are absent from the market," said Ker Chung Yang, a commodities analyst at Phillip Futures in Singapore.
Rains boost Argentine 2011/12 wheat outlook-gov't
BUENOS AIRES, Oct 14 (Reuters) - Heavy rain in Argentina this week helped improve most of the 2011/12 wheat crop, which was badly hurt by dryness last month, the Agriculture Ministry said on Friday.
The rain, however, came too late to avert yield losses in some wheat areas, the ministry said in its weekly report, adding that new showers in other areas will be needed to guarantee good plant development.
Informa trims U.S. 2012 corn plantings forecast
CHICAGO, Oct 14 (Reuters) - Analytical firm Informa Economics lowered its forecast of U.S. 2012 corn plantings to 93.1 million acres (37.7 million hectares) from its previous forecast of 94.3 million, trade sources said on Friday.
However, if realized, the forecast still would represent the most acres planted to corn since 2007 and the second-most since 1944.
Ukraine sows 85% winter grain despite poor weather
KIEV, Oct 14 (Reuters) - Ukrainian farms have sown 6.9 million hectares of winter grains for the 2012 harvest, or 85 percent of the expected area, even while cold weather has followed severe drought, the Agriculture Ministry said on Friday.
The ministry said in a report farms had sown 5.9 million hectares for winter wheat, or 90 percent of the total targeted area of 6.6 million hectares.
Light rains cause brief snafu for U.S. harvest
CHICAGO, Oct 14 (Reuters) - Light rainfall late this week and some modest showers early next week will cause a brief slowdown in harvesting the U.S. corn and soybean crops, an agricultural meteorologist said on Friday.
"A few instances of rain, nothing real important and no major delays," said Andy Karst, meteorologist for World Weather Inc.
Ukraine grain exports at a record low - lobby
KIEV, Oct 14 (Reuters) - Ukraine's grain exports totalled 400,000 tonnes in the first 13 days of October or just a half of the export volume in the same period in September, the Ukrainian Agrarian Confederation said on Friday.
Ukraine's parliament last week cancelled export duties for wheat and maize but kept in place the levy on exports of barley.
EU sees stable wheat supply, lower exports this year
PARIS, Oct 14 (Reuters) - Wheat production and stocks in the European Union will be little changed in 2011/12 compared with last season, data released by the EU's executive showed on Friday.
The data came in a first-ever short-term agricultural outlook published by the EU's executive, following its pledge to provide regular estimates as part of a plan by G20 countries to raise transparency in agricultural markets.
Russia Medvedev sees '11 grain harvest at 95 mln T
MOSCOW, Oct 14 (Reuters) - President Dmitry Medvedev said on Friday that Russia is expected to harvest 95 million tonnes of grain this year.
"The grain harvest reached 90 mln tonnes, we have plans in mind (to harvest) 95 mln tonnes," Medvedev said at a meeting with agricultural sector workers at his Gorky residence.
Rubber may gain on concern about Thai floods
KUALA LUMPUR, Oct 17 (Reuters) - Tokyo rubber futures may gain this week, prompted by concern that flooding in Thailand, the world's largest rubber producer, will disrupt transportation of the commodity to ports and factories.
"Thailand's floods are raising concern that there will be major disruptions to the delivery of rubber," said Ker Chung Yang, an investment analyst at Phillip Futures in Singapore.
India's Sept sugar stocks up 38 pct y/y-sources
NEW DELHI, Oct 17 (Reuters) - India's Sept. 1 sugar stocks were at 8.83 million tonnes, up from 6.4 million tonnes in the previous year, industry sources said on Monday, equivalent to some four months of domestic demand.
On Aug. 1, sugar inventory was at 10.47 million tonnes against 7.6 million tonnes in the previous year.
Thai floods delay sugar crushing, unlikely to hit rubber
BANGKOK, Oct 17 (Reuters) - Thailand's worst flooding in five decades is expected to delay the 2011/12 cane-crushing season by a few weeks to late November but crop damage is likely to be limited, senior industry officials said on Monday.
Crushing had been expected to start by late October or early November.
Colombia 2012 secondary coffee crop at risk from rains
BOGOTA, Oct 14 (Reuters) - Some of Colombia's coffee provinces soaked up sunnier weather in a key flowering period, but there are dark clouds on the horizon threatening the 2012 secondary crop with higher-than-normal rains, farmers said this week.
Key regions in the world's biggest producer of high-quality Arabica beans may get 30 percent more rainfall than average in the critical flowering months of October and November, retarding bean development and raising the risk of disease.
Brazil coffee belt in bloom, lingering rain helps
BRASILIA, Oct 14 (Reuters) - Coffee fields in parts of Brazil's southeastern coffee belt are awash with white blossoms, boding well for the 2012 crop with the protection of wet weather to avoid losing flowers at this critical phase.
The 2012 harvest is almost certain to be larger than last year's, occurring in an on-year in the biennial cycle but agronomists do not expect to be able to estimate its the size of the world's largest coffee crop until around December.
India sugar mills want quick export clearance
MUMBAI, Oct 14 (Reuters) - India's expected sugar surplus in the 2011/12 season could make room for exports of 4 million tonnes and the government should allow exports quickly so millers can take advantage of supply delays from flood-hit Thailand, a senior industry official said.
India competes with Thailand in shipping white sugar to Middle East and Asian countries.
Nigeria cocoa grinder eyes Asia, Latam markets
LAGOS, Oct 14 (Reuters) - Nigerian cocoa grinder, FTN Cocoa Processors , has doubled its capacity to 20,000 tonnes ahead of its plans to explore Asian and Latin American markets after a slump in demand from Europe, its executive director said on Friday.
Akin Laoye told Reuters the expansion was initially planned to take advantage of growing demand from Western markets, but the economic slowdown prompted the company to look elsewhere.
Vietnam raises 2011 rubber exports forecast
HO CHI MINH CITY, Oct 17 (Reuters) - Vietnam, the world's fourth largest natural rubber exporter, has raised its rubber export forecast for this year to 780,000-800,000 tonnes from a prior projection of 770,000 tonnes due to higher output, an industry official said on Monday.
"The output is rising as the planting area has been expanded," General Secretary Tran Thi Thuy Hoa of the Vietnam Rubber Association said.
Coal fundamentals to take a back seat in 2012
LONDON, Oct 13 (Reuters) - Coal supply is likely to be in surplus next year, even while Chinese demand rises, but these factors may have only a limited impact on prices, which have been barely twitching in a market hampered by a sharp drop in trading volumes.
When traders, utilities and miners gather in Madrid for the coal industry's biggest annual event next week, fundamentals of supply and demand may take a back seat to the search for lucrative market niches and the likelihood of disappointing bonuses.
S.Korea Sept LNG imports jump 59 pct y/y; coal imports up 30 pct
SEOUL, Oct 15 (Reuters) - South Korea's imports of liquefied natural gas (LNG) rose 59 percent in September from a year earlier, customs data showed on Saturday.
South Korea, the world's second-largest LNG buyer after Japan, imported 3.67 million tonnes of LNG last month, compared with 2.31 million tonnes in September 2010, Korea Customs Service data showed.
US coal consumption up 3 pct last week - Genscape
Oct 14 (Reuters) - U.S. coal consumption rose 3 percent last week but was down 6 percent from the same week a year ago, according to power industry data monitor Genscape on Friday.
Coal use swings up and down seasonally, and varies from week to week and region to region, depending on electricity demand to run air-conditioners or power heaters.
Euro Coal-Dec DES ARA trades at $117/T, down $6
LONDON, Oct 14 (Reuters) - Prompt physical coal prices fell again on Friday although few fresh trades were reported, but in contrast, oil and gas prices rose.
Many coal market players were already travelling to Madrid for an industry event.
Oil Trades Near Two-Day Low on U.S. Supply Forecast, Europe Crisis Outlook (Source: Bloomberg)
Oil traded near the lowest close in two days in New York on speculation that U.S. crude supplies rose last week and Europe’s consumption may falter as it struggles to contain its debt crisis. Futures were little changed, after slipping 0.5 percent yesterday. German Chancellor Angela Merkel said expectation that rescue plans to be announced at an Oct. 23 summit will speedily solve Europe’s problems were “dreams.” China may say today its economy grew more than 9 percent last quarter while an Energy Department report tomorrow may show U.S. stockpiles climbed for a second week, according to a Bloomberg News survey. “A negative dose of reality regarding a fast solution to Europe’s debt crisis weighed on sentiment,” Mark Pervan, Melbourne-based head of commodity research at Australia & New Zealand Banking Group Ltd., said in a note today. “Today, China’s data dump for September will be closely watched.”
Bullish iron ore miners collide with price reality: Clyde Russell
SINGAPORE, Oct 17 (Reuters) - It may just be bravado but iron ore producers seem remarkably sanguine about the recent precipitous drop in the price of the steel-making ingredient.
It could be that the miners remain confident because they have yet to see cargoes being cancelled, or that China, the buyer of two-thirds of seaborne iron ore, imported the most since January last month.
Iron Ore-Shanghai rebar at contract low, ore to extend losses
SINGAPORE, Oct 17 (Reuters) - Spot iron ore prices may extend losses this week after sliding to their lowest in more than 11 months as key steel prices in top consumer China, which fell to a contract low on Monday, continue to restrain buying interest.
Supply of iron ore in the spot market has risen sharply with cargoes meant for long-term, or three-month, contracts being sold at spot rates because Chinese mills were not keen on buying the material at contract rates that are far higher than spot.
China seeks iron ore contract tweaks as prices fall
SINGAPORE, Oct 13 (Reuters) - Chinese steel mills are seeking to postpone iron ore shipments or renegotiate fourth-quarter contracts as spot prices fall to their lowest level since November 2010, traders said on Thursday.
China is the world's biggest buyer of iron ore, a major money maker for miners Vale , Rio Tinto and BHP Billiton which together control around two thirds of the global seaborne market.
Gold Falls From Three-Week High After Dollar Rebounds; Silver Declines (Source: Bloomberg)
Gold futures fell from a three-week high as the dollar’s rally reduced demand for the precious metal as an alternative asset. Silver also dropped. The greenback climbed as much as 0.8 percent against a basket of six major currencies as Germany damped expectations for a fast resolution to Europe’s debt crisis. The dollar jumped 6 percent last month, while gold slumped 11 percent. “The dollar’s strength is weighing on gold,” Frank Lesh, a trader at FuturePath Trading in Chicago, said in a telephone interview. “Also, some people are waiting on the sidelines because of the volatility in prices.” Gold futures for December delivery declined 0.4 percent to settle at $1,676.60 an ounce at 1:41 p.m. on the Comex in New York. Earlier, the price reached $1,696.80, the highest for a most-active contract since Sept. 23. Last week, the metal gained 2.9 percent, the most in more than a month.
Baltic index up for 8th day, bounce seen short-term
LONDON, Oct 14 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, rose to its highest in over ten months on Friday although the pace of gains slowed.
Brokers said growing vessel supply, which was outpacing commodity demand, was set to cap dry bulk freight rate gains in the coming months with economic uncertainty adding to headwinds.
No comments:
Post a Comment