Brazil Beans Arrive in US Gulf
Apr 07, 2014
Grains started the week on a quiet note with wheat and beans advancing 6 and 3 cents a bushel while corn slipped 2 cents a bushel.
Over the weekend, A bulk shipment of Brazilian soybeans arrived at the U.S. Gulf Coast on Saturday, one of several South American cargoes that will be imported this season to alleviate tight supplies in the world's top soy producing country. The Ocean Life, a 75,000-tonne capacity vessel that was loaded at Brazil's Santos port in mid-March, entered the Southwest Pass shipping channel at the mouth of the Mississippi River early on Saturday morning, according to Reuters shipping data. USDA’s FAS shows US export sales so far this marketing year a MMT, much larger than what the USDA’s WASDE report shows as the annual export expectation of 41.6 MMT.
For wheat, traders will be looking forward to the first USDA crop progress report for all key growing states to get a sense of crop conditions. In Oklahoma, Texas and Kansas the state offices there have shown poor conditions over much of the region. Over the weekend, very light showers were reported in the Western Plains, which will provide only limited relief to the wheat crop there, where the drought has been severe.
In corn, China has still not approved a gene-modified strain of corn known as MIR162, the government said on Friday, prolonging a ban that has seen nearly 1 MMT of the U.S. grain turned away from Chinese ports since November. Asked if its biosafety panel had made a final decision, the agriculture ministry said it was still evaluating materials related to the strain that had been submitted late last year by developer Syngenta. In the US, Midwest weather looks to see warmer and drier patterns starting on Tuesday and into the weekend which could help get some seeding going in the Southern reaches of the Midwest. Even as far north as Minneapolis, temperatures are expected to reach 70 degrees by Wednesday.