We have a mixed morning in the grains with corn trading down 2 ½ cents, soybeans increasing 3 ¾ cents and wheat trading up a penny as we go into the morning pause in trading.
This morning the Taiwan Flour Millers Association rejected all offers for U.S wheat for a 99,410 metric ton tender which closed on Wednesday. The rejection came on the basis that prices were too high. Yesterday, the Russian Agriculture Ministry stated that they expect the 2014/15 grains exports to be at a record-high 27.5-30 million metric tons, up around 3 million metric tons from their previous forecast. GASC awarded the 175,000 metric ton wheat tender to Russia and Romania.
On Tuesday China’s state soybean auction sold 34% of the state reserves that were made available for sale, which was better than last week’s 24% sold when a similar volume of soybeans was offered by the state. This week’s Soybeans sold for an average of 24 yuan per metric ton more than last week.
There has been increased observation of SDS (Sudden Death Syndrome) spotted in fields throughout Illinois, South East Iowa, Northern Missouri and North East Kansas. In the Indiana crop progress report it was mentioned that "While soybeans setting pods received much needed moisture, excess water and humidity in the fields contributed increased SDS and foliar lesions in certain counties." SDS seems to be appearing rather quickly and will likely be mentioned in next week’s crop progress report. This will be an issue to monitor closely going forward.