While export sales were not terribly exciting yesterday, it is encouraging to see decent numbers show up in the daily system. This morning the USDA reported 273,800 MT of corn sold to Unknown destinations and 250,000 MT of beans also sold to Unknown.
Stats Canada released crop updates this morning and not surprisingly most are reflecting reduced production for the year. Corn for grain is projected to total 13,788,800 MT, which is just a touch more than 2% lower than last year. Bean output is expected to be 7,010,200 MT, down 9.2% and all wheat at 28,987,300 MT is down 3.3%. It would appear the biggest short-fall was in Canola coming in at 19,192,100 MT, down just over 10%. Obviously, Canadian farmers went in for Chickpeas in a big way this year though as total production is estimated to reach 261,100 MT, which is up 276% on the year. Hummus anyone?