Grains were lower overnight while in outside markets stock indices and crude oil gave up some of yesterday’s sharp gains.
Brazil’s government sees 2015/16 soybean crop 98.98 MMT versus last month’s forecast of 101.18 MMT. For corn, they peg the crop AT 84.66 versus 83.52 as the forecast in March.
In export news, South Korea bought some Australian wheat, while Egypt’s GASC tendered for wheat overnight with the lowest price coming in at $183/MT and no US interests were submitted for the tender.
Yesterday, Monsanto CEO Hugh Grant said his company seed sales suggest a corn acreage number lower than USDA’s forecast of 93.6 million acres. Although he did not give a specific forecast, Grant suggested a number greater than 90 million acres based on year-on-year company seed sales.
WEEKLY EXPORT SALES
OC Actual OC Expected NC Actual NC Expected
Corn 945.2 800-1,000 175.1 0-200
Soybeans 420.4 150-350 1.5 0-200
Wheat -58.1 150-350 159.3 50-150
EIA crude stocks were down sharply on Wednesday as the government agency estimated US crude inventories were off nearly 5 million barrels. Analysts had been expecting a 3.15 million barrel build in stocks for the week.
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