WHEAT – Up 10 to 15 cents per bushel.
Boosted by drought in Europe that was trimming crop
prospects and by a larger-than-expected U.S. wheat export sales
number in USDA’s weekly export sales report released on
Thursday.
* IGC cuts forecast for 2010/11 world wheat crop by 13
million tonnes to 651 million but noted it would still be the
third highest crop on record. IGC wheat ending stocks cut to
192 million from previous 201 million tonnes.
* IGC cuts forecast of Russia wheat exports in 2010/11 to
15.3 million tonnes from 18.0 million and raises forecast for
U.S. wheat exports to 26.0 million from 24.1 million.
* USDA on Thursday said export sales of U.S. wheat last
week totaled 919,900 tonnes, above trade estimates for 300,000
to 400,000 tonnes.
* Extreme heat and drought continues to impact large areas
of Russia and western Kazakh and may expand to include the
eastern Ukraine as well during the next 10 days.
Spillover support from wheat and support from cuts in crop
production forecasts in Europe amid drought and heat. Further
support from a big number for U.S. corn in USDA’s weekly export
sales report released on Thursday.
* CBOT September <CU0> last up 5-1/2 cents per bushel at
$3.81-3/4 in Globex trade.
* IGC cuts forecast for 2010/11 world maize crop by 1
million tonnes to 823 million.
* USDA on Thursday said export sales of U.S. corn last week
totaled 960,500 tonnes, within trade estimates for 800,000 to
1,000,000 tonnes.
* Exporters sell 146,000 tonnes U.S. corn to Mexico –
* Mostly favorable crop weather in the U.S. Midwest with
showers and cooler temperatures enhancing the late pollinating
corn and early pod-setting soybeans.
Brisk U.S. export sales of soy, soaring wheat and concerns
about cuts in canola and rapeseed production due to harsh
weather this year in Canada and Europe combine to lift soybean
futures.
* CBOT August <SQ0> last up 6-1/2 cents per bushel at
$10.17 in Globex trade.
* USDA on Thursday said export sales of U.S. soy last week
totaled 1,483,300 tonnes, above trade estimates for 900,000 to
1,050,000 tonnes.
* Satisfactory crop weather seen in most of the U.S.
Midwest while some hot temperatures up to 97-103F in the U.S.
Delta and southeast are expected over the next 5-7 days,
leading to concern about the fate of soy plants in that area.