April 10, 2019

WASDE does little to excite markets!


Markets mostly shrugged off Arpil’s WASDE report despite wheat and corn stocks being above expectations:
World wheat stocks – 275.61MT (271MT expected)
World corn stocks – 314MT (311.16MT expected)
Brazil corn crop came in above estimates at 96MT vs 94.83MT expected.
EU wheat values show little reaction to the report with CBOT wheat losing around 1% on front months.
Heavy snowfall and rains are forecast to persist over the next 5 days across the US Midwest.
Ukrainian wheat should benefit from rains over the next 10 days.
FranceAgriMer has put spring barley sowings at 7.65Mha which would be the largest area in 7 years.

French Ag Ministry see the rapeseed area down 18.5% at 1.32Mha.
USDA estimates World soybean stocks at 107.36MT vs 108.04 market expectations.
Brazil soybean crop seen at 117MT by USDA, slightly higher than 116.19MT estimate.



April 10, 2019