MORNING GRAINS 6/13/13
Exports: So.Korea buys 110,000t So. American.
Comments: Weekly export sales 81,500t old crop and 68,000t new crop….1) who says we are not rationing? And 2) why are importers not concerned about our traders “weeping and gnashing of teeth” over flooded/unplanted acres? China crop weather favorable northeast and north China plain; China to sample nations soil for pollution after rice supply tainted by toxic cadmium metal; Asia report says U.S. corn supplies to be tight into August on an expected lighter early harvest; open interest rose 11,200 even as July falls 15,800 amid strong volume (the battle continues).
Exports: None Visible.
Comments: Weekly export sales old crop 33,500t, no major changes just slow; new crop 447,100t (China 407,200t); meal sales light at dn. 27% to 97,700t; soyoil light 13,200t; “less rains” in 6-10 day forecasts; market now gearing up for the June 28th planting/quarterly stocks report; China futures a bit lower on poor economic data, Shanghai at 6-month low; open interest rose 1420, of note seems like rolling: July off 12,300 and Nov. up 13,575, volume strong. The enigma that is July beans continues to rule the roost.
Exports: Japan buys 157,439t opt/org.; Taiwan in 85,500***
Comments: ***Taiwan demands a guarantee of NO GMO in tender including western white wheat; SovEcon revised grain crop up 2mln.m/t’s to 52mln. on rains, exports 14-15mln. vs. 10mln. year; heavy rains in parts of northern wheat areas here causing some concerns; open interest rose 3,700 even as July falls 6400 amid very good volume. No opinion change.
NOTE: Corrections on week ago weekly meat export sales: beef s/b vs. 12,800t; pork s/b vs. 6,600t, both neutral/slightly friendly then.