Wheat found sellers overnight with KC wheat giving back some of the impressive gains over the past few days while corn and soybeans were mostly unchanged.
Crop scouts on the first day of an annual three-day tour of Kansas hard red winter wheat fields projected an average yield of 43.0 bushels per acre in the northern portion of the state, slightly above the average of the previous five years but lower than a year earlier of 47.1. However, agronomists said it was still too early to determine the extent of any damage from heavy snow falls in parts of Kansas, something which could take two weeks. The tour moves south to Wichita, KS heading through western and southwestern Kansas, the heart of hard-red country. Scouts should expect to see worsening conditions as more plants were headed in southern counties and in Oklahoma.
Taiwan's feed industry procurement association MFIG on Wednesday purchased about 65,000 MT of corn expected to be sourced from Argentina. China fails to sell any of the 92,620 MT of imported wheat made available at auction of state reserves on Wednesday.
China will start selling corn from its huge state reserves on May 5, the National Grain Trade Center said, aiming to sell up to 2 million tonnes at its first auction. Beijing has about 230 million tonnes of corn in its state reserves, equal to about a year of demand. It was expected to auction the grain at attractive prices this year amid growing pressure to get rid of its ageing stocks.
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