US Corn, Wheat Supplies to Rise as Exports Wane

Posted by Eric Haun
Tuesday, February 09, 2016
U.S. corn and wheat ending stocks will be higher than previously expected at the end of the marketing year due to cuts to already weak demand for U.S. supplies on the export market, the government said on Tuesday.
 
The U.S. Agriculture Department in its monthly supply and demand report also raised its soybean ending stocks outlook due to a slowdown in the pace of crushing at domestic processors.
 
The new domestic supply view for all three commodities came in above the average of analysts' estimates, near the high end of market forecasts.
 
On the global front, wheat ending stocks were raised above the high end of trade expectations, largely due to a 4.0-million tonne cut to usage by China, reflecting that country's policy shift that favors other grains.
 
The market had been dialing in a bearish stocks view, with many analysts citing weak demand and huge supplies as corn and soybean futures fell for four straight days heading into the report. Wheat had fallen for three days in a row, with the front-month Chicago Board of Trade futures contract hitting its lowest in more than a month.
 
USDA pegged global wheat ending stocks for the 2015/16 crop year at 238.87 million tonnes, up from its January forecast of 232.04 million tonnes. Global corn ending stocks were seen at 208.81 million tonnes and soybean ending stocks at 80.42 million tonnes.
 
U.S. wheat ending stocks were raised to a six-year high of 966 million bushels, reflecting a 25 million cut to exports. USDA said increased competition from Canada was hindering U.S. sales. Canadian exports were raised to 22 million tonnes, up 1.5 million from the USDA's January view and above the forecast for U.S. exports.
 
U.S. corn ending stocks were pegged at 1.837 million bushels, with a 50 million bushel cut to exports mitigated by a 25 million bushel increase in usage by the ethanol sector.
 
U.S. 2015/16 soybean end stocks were raised by 10 million bushels to 450 million due to the reduced crush.
 
The USDA also surprisingly raised its forecast for Argentine soybean production to 58.50 million tonnes, up 1.5 million from January and above the high end of the range of analysts' estimates. It left its outlook for Brazil soybean production unchanged at 100 million tonnes compared to the average analyst forecast of 99.43 million.
 
The corn production outlook was raised for both Argentina and Brazil.
 
 
(Reporting by Mark Weinraub; Editing by Andrea Ricci)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

Lower Large Dry Bulk Rates drag Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday dragged down by lower demand for larger vessel segments.

Asia Dry Bulk-Capesize Rates Could Climb

More coal cargoes, rising oil prices could support rates. Freight rates for large capesize dry cargo ships on key Asian routes are likely to rise next week on

Baltic Index Down on Lower Demand for Larger Vessels

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday hurt by sluggish demand for large vessel sizes.

Ports

Port of Caen Orders Damen ASD Tug 2810

The Port of Caen/Chamber of Commerce & Industry Caen Normandy (Chambre de Commerce et d’industrie de Caen Normandie) has placed an order for a Damen ASD Tug 2810.

Fos Tanker Queue Grows as Strike Impacts Refinery Ops

Nearly two dozen vessels were queued outside the French oil import terminal in Fos, southern France on Thursday, held up by a strike organised by the hardline CGT

Aquino: China Breaks South China Sea Deal

Philippine President Benigno Aquino on Thursday accused China of breaking a U.S.-brokered deal between the two nations on the Scarborough Shoal, an uninhabited rocky outcrop in the South China Sea.

News

Bay Shipbuilding Delivers ATB to Moran

Fincantieri Marine Group’s Fincantieri Bay Shipbuilding (FBS) has delivered the Articulated Tug Barge unit (ATB) Barbara Carol Ann Moran and the 110,000-barrel

Conrad Shipyard Christens Woods Hole Ferry

M/V Woods Hole, a 235-foot long passenger ferry built for the Steamship Authority of Woods Hole, Mass., was christened on May 20 at Conrad Aluminum in Amelia, La.

Ferry Crew-member Missing off Pembroke Coast

HM Coastguard is coordinating the search for a missing crew-member from a ferry, who it is believed may have gone overboard off the Pembroke coast.   The Coastguard

Logistics

Lower Large Dry Bulk Rates drag Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday dragged down by lower demand for larger vessel segments.

EGAS: Egypt to tender for 10 LNG Cargoes

Egypt will tender next week to import 10 cargoes of liquefied natural gas (LNG) for delivery in July and August, an official from the state gas company, EGAS, said on Thursday.

Asia Dry Bulk-Capesize Rates Could Climb

More coal cargoes, rising oil prices could support rates. Freight rates for large capesize dry cargo ships on key Asian routes are likely to rise next week on

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0831 sec (12 req/sec)