Wheat futures are trading 4 to 8 cents lower this morning after higher closes on Tuesday. According to the USDA, abnormal rains in February and March hurt yields for the crop in India. The new unofficial estimate for 2013-14 India production is 87 MMT, which is 5 MMT lower than the USDA estimate in the May WASDE report. The attaché reports are not considered official, and do not have to be adopted by WAOB (World Ag Outlook Board). The average pre-report trade guess is for US 2012/13 ending stocks of 734 million bushels(mbu). Estimates range from 715 to 757 mbu. The average guess for 2013/14 ending stocks is 655 and the guesses ranged from 532-713. World wheat ending stocks are expected (on average) to be 180.10 MMT for 2012/13, and 185.80 MMT for 2013/14. Japan is tendering for 157,000 MT of wheat in the Thursday weekly tender, with 94 TMT from US. Japan suspended feed wheat imports from the Pacific Northwest, now only accepting feed wheat shipments from the Gulf coast, and it must be SRW wheat.
Posted on: Wed, 12 Jun 2013 13:06:07 +0000
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