#Grain #Futures Comments
-Argentine soybean crop ideas continue to move higher - harvest advancing nicely
-Another record Argentine wheat crop possibly for 2019/20
-China March soybean imports below last year - cumulative import decline expanding
-Egypt tenders for wheat - US not competitive
-China pork demand remains in strong focus
* The Buenos Aires Grains Exchange raised their estimate of the Argentine soybean crop to 55 MMT from 53 MMT previously and follows yesterday’s Rosario exchange’s increase to 56 MMT from 54 MMT. There are ideas further increases are being eyed to around 58 MMT as harvest advances and yields continue to run better than expected. The soybean harvest was estimated at 24% complete vs 6% last week, 17% last year and 15% average. The corn harvest was put at 25% complete vs 17% last week, 21% last year and 19% average. The Buenos Aires Exchange’s early ideas on the coming Argentine wheat crop are a record 20.6 MMT, surpassing this year’s USDA-estimated record crop of 19.5 MMT. Their wheat crop planting gets underway in May, but occurs mostly in June-July with harvest Nov-Jan.
* China imported 4.92 MMT of soybeans in March, up slightly from February imports of 4.45 MMT, but below last year’s March imports of 5.66 MMT and put 2018/19 marketing year to date (Oct-Mar) total imports at 16.8 MMT, down 8.9 MMT from the same period last year.
* Yesterday’s Export Sales report reflected pork sales to China of...To continue, Visit http://ccstrade.com/blog
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