Reminder to Participate in FBN’s Planted Area Poll
Participate in FBN’s Planted Area Poll! To complete the acreage poll, click here.
Thank you to those members who already have completed the poll.
There are several reasons why participation is encouraged.
USDA’s June Acreage report will be closely watched by the trade.
With tight old-crop stocks for corn and soybeans, there could be big swings in futures values.
Our 25,000 FBN farmers are in a unique position to share their acreage intentions for their own benefit, which is a key tenant of FBN’s mission - helping farmers; we want to use your data to benefit you.
Results will be provided several days prior to USDA’s report, giving you time to make pricing decisions.
The report will include guidance on any marketing strategies based on the results of the poll as well as our opinions on fundamentals.
FBN’s Take On What It Means: We encourage all members to participate. This will give FBN key insights ahead of USDA’s report on June 30, which likely will be market moving. In essence, the more participation we have the better our results will be and the better positioned you can be ahead of June 30.
Wheat Buying Interest Surfaces
The recent price decline has prompted an increase in wheat buying interest from importers, Egypt, the Philippines and South Korea
Philippines tendered for 205,000 tonnes of wheat for August-September shipment.
South Korea bought 65,000 tonnes of feed wheat after tendering for 140,000 tonnes.
High corn prices continue to encourage Asian importers to purchase wheat as an alternative feed source.
Egypt received aggressive offers from Russia, Ukraine and Romania as nearly 1.2 million tonnes were offered in total.
Egypt cancelled the tender citing high freight costs which were as much as $10 higher than the last tender on May 24.
FBN’s Take On What It Means: Russian export prices for the summer's new wheat crop fell slightly last week following an improved outlook for the upcoming harvest. Russia's wheat export tax, which started setting each week from June, is gradually rising but remains low compared with the level in May. This is expected to support Russian exports in June, and lead to increased competition which will likely limit prices.
FBN Market Advisory services are offered by FBN BR LLC, dba FBN Brokerage, FBN BR and FBN Market Advisory (NFA ID: 0508695)
The risk of trading futures and options can be substantial and may not be suitable for all investors. Past performance is not necessarily indicative of future results.
This is not an offer or solicitation in any jurisdiction where we are not authorized to do business or where such offer or solicitation would be contrary to the local laws and regulations of that jurisdiction, including, but not limited to, persons residing in Australia and Canada.
