From the GrainBoard desk
Our reading of grain and oilseed markets. Every figure comes from GrainBoard; every note is reviewed and signed.
Latest
After two months of falling crop ratings, the USDA lifted the US corn yield to 181.2 bushels an acre, against an average trade estimate of 177.7. The crop is now larger than the USDA's first projection in May, and the question has moved to who buys it.
French cash wheat and corn hold firm against futures in the middle of harvest, while US wheat and corn export sales cover a smaller share of the USDA programme than in any recent season. We are bullish on Euronext milling wheat, Euronext corn and CBOT soybean oil, bearish on CBOT SRW wheat, CBOT corn, soybean meal and Euronext rapeseed, and neutral on HRW wheat, soybeans and canola.
US soybeans are a week behind and Saskatchewan canola two and a half, yet cash markets trade as if the harvest were on time. With bins this full, the delay postpones the selling rather than cancelling it.
