Soybeans Firm in a Light Rebound after a Two Session Sell Off
May 31, 2018
Brazil still Grappling with Trucker Strike
Commodity exporters and processors are still reeling from the effects of last week’s truckers strike. Terminal operators at Santos port said on Wednesday that truckers had not yet resumed loading and unloading goods. Paranaguá port administrators, Brazil's second busiest hub for exports of commodities like soybeans, estimated 643,000 MT of products had not been shipped during the protests, which started on May 21. The port said 280,000 MT of soybeans and soymeal that should have been loaded onto six vessels during the last days had not arrived at the terminals.
Some 63 soy crushing units had ground to a halt as a result of the protests and remained shut pending deliveries of raw materials, said Abiove, the trade group representing processors and grain handlers.
South Korea feed group KOCOPIA bought 120,000 MT of corn. The first 60,000 MT load is expected to be sourced from the US while the 2nd load would be optional origin of United States, Eastern Europe, South America or South Africa. South Korea’s MFG feed group bought 139,000 MT of corn. It was thought the exports would originate from South America.
Dry Weather Impacting Ukraine Wheat
Ukraine's 2018 winter wheat harvest is likely to fall to 24 MMT from 25.4 million tonnes in 2017 due to extremely dry weather this spring which will reduce the yield, the head of the state weather forecasting department said on Thursday. The winter wheat yield was likely to fall to 3.8 tonnes per hectare this year compared with 4.1 tonnes in 2017 due to drought in southern regions of the country.
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