In this file:
· Corn from where?
… the first corn from Paraguay to make its way into the United States since 2015 and at 61,000 MT will be the largest ever import from that country. The most likely purchaser is Smithfield Foods (Shuanghui Int. Holdings)…
· Grain Markets Trying to Bounce Higher Going into the Morning Break
· China to work off corn stockpile in three to five years
Corn from where?
By: Dan Hueber, AgWeb.com
Apr 20, 2017
Grain and soy markets are attempting to climb a bit further up and possibly even out from the hole they have been pushed into during the past few weeks. Granted one would have to suspect that the majority of the buying takes the form of short-covering but regardless, it would appear that we have stabilized once again at levels of value and with a growing season looming just ahead, the bear probably senses that there is greater upside risk than down for the time being.
From what I have seen so far, the buying would not appear to have been stimulated by any positive news. It was reported that there is currently a vessel loading at the Brazilian port of Paranagua with Paraguayan corn (say that fast three times) that will ultimately be unloaded at Wilmington, North Carolina in late May. This will be the first corn from Paraguay to make its way into the United States since 2015 and at 61,000 MT will be the largest ever import from that country. The most likely purchaser is Smithfield Foods (Shuanghui Int. Holdings) and one trader noted that in addition to price, there was little concern of vomitoxin, which has been found in some US corn. While I recognize that vomitoxin is a concern for hog operations, particularly for sow rations but that sounds like a bit of a stretch to me. I suspect it is primarily price. It was also noted this morning that analysts are expecting the South African Crop Estimate Committee (CEC) to lower slightly the estimate for this years’ crop when they release the numbers next week but at an expected 14.175 MMT, it would be nearly double last year’s drought ravaged production.
Weekly export sales have been released this morning, but we find nothing really exciting in these figures either..
Grain Markets Trying to Bounce Higher Going into the Morning Break
By: Kevin McNew, AgWeb.com
Apr 20, 2017
Grain markets were trying to bounce higher going into the morning break with soybeans leading the complex on a 4-cent advance.
News stories were reported yesterday that a shipment of corn from Paraguay was due to arrive next month at the U.S. port of Wilmington, North Carolina. The vessel Nord Bering was moored at the Brazilian port of Paranagua, was scheduled to arrive in Wilmington by May 20. The grain was shipped to Brazil from land-locked Paraguay before being loaded onto the U.S.-bound vessel. If loaded to its 61,000 MT capacity, the shipment would be the biggest-ever U.S. import of Paraguayan corn.
In weather, a storm system will impact central portions of the HRW Wheat area east through northern portions of the Delta which will moves to the East Coast by Sunday...
more, including table
China to work off corn stockpile in three to five years
via Canadian Cattlemen - April 19, 2017
Beijing/Reuters – China will work off its corn stockpile in the next three to five years, said an executive at one of the country’s top corn processing firms on Wednesday, as firms ramp up processing capacity to use up the old stocks of grain.
COFCO Biochemical, a listed subsidiary of the state-owned Chinese grains trader COFCO, for example, will boost its annual corn processing capacity to more than 10 million tonnes by 2020, up from six million tonnes a year now, said general manager Tong Yi on the sidelines of a conference.
China’s total corn processing capacity will hit 70 million tonnes a year by the end of 2018, up from more than 50 million tonnes currently, Tong said, as processors work through the mass of state corn reserves.
Beijing is sitting on close to 250 million tonnes of corn, according to experts, equal to more than a year of consumption, a legacy of its almost decade-long stockpiling system that ended last year...