Headlines
Corn pauses in the overnight with soybeans and wheat lower.
Kansas tour releases day 1 yield estimates well below last year.
FCStone revised Brazil corn production estimates lower.
FC Stone Revises Brazil Estimates
INTL FC Stone revised Brazil soybean production estimates up to 117 MMT from 115.9 MMT last month. The company revised its corn estimates lower to 83.9 MMT from 86.46 last month.
Kansas Wheat Tour Day One
The Wheat Quality Council’s annual Kansas wheat tour started yesterday and toured 317 fields between Manhattan and Colby. The tour will continue today and finish on Thursday when they release their final yield forecast. Day one wheat yield was estimated at 38.2 bpa compared to 43 bpa in 2017. Justin Gilpin, CEO of the Kansas Wheat Commission expressed that yield calculations are tough because the crop is 2-3 weeks behind and the tour happened a bit earlier.
Oklahoma Grain and Feed Association Meeting
In the annual meeting held on Tuesday, estimates are that Oklahoma could harvest 25.6 bpa with total production around 63.32 million bu. The association estimated OK wheat production at 100 mbu in 2017. Crop scouts across the state are concerned that many wheat acres will be grazed out and thousands of acres will be shifted into cotton. Crop scouts that toured the panhandle were the most pessimistic.
Dry planting conditions in Australia
Australian wheat farmers are dealing with extremely dry soils as they plant wheat. Australian wheat production in 2017/18 fell to 21.2 MMT from 35.13 MMT in 2016/17 due to dry conditions.
Australian Bureau of Agriculture’s March wheat production estimate for this year was 23.7 MMT. April provided little moisture for farmers looking to plant wheat. The weather forecast is for drier than average conditions from May through July.
March Oilseed Crushings
USDA March soy crush numbers were released on Tuesday after the close of trade. USDA reported 5.47 million tons of U.S. soybeans were crushed in March, just below the average trade guess of 5.497 million tons. March 2018 soy crush was well above 4.82 million tons crushed in March 2017.
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