COMMENTARY 5/19/14 **DELIVERY RESTRICTIONS**

WHAT YOU SHOULD DO BEFORE PLANTING:

WE STRONGLY RECOMMEND that producers verify that their seed varieties ARE approved for MAJOR EXPORT MARKETS.  The STL River markets ARE planning to test loads delivered.  They RESERVE the right to reject loads with unapproved traits.  If you have seed that is NOT APPROVED FOR MAJOR EXPORT MARKETS, we encourage you to check with your seed representative to exchange for seed that IS APPROVED for GLOBAL USE.

**ADDITIONAL DELIVERY RESTRICTIONS!**

BUNGE will not accept delivery of produced from the following seed:

CORN: Agrisure Viptera MIR 162 (Syngenta), Bayer/Genective -Event VCO-01981-5, Agrisure Duracade – Event 5307 (Syngenta), Stine Maize – Event HCEM485, DuPont/Pioneer – Event 4114-3, Monsanto – MON 87427

SOYBEAN: Vistive Gold – MON 87705 (Monsanto), Soymega – MON 87769 (Monsanto), Plenish (DuPont/Pioneer), Bayer – Event FG72

WHAT YOU SHOULD KNOW: 

China’s rejections of a banned variety of genetically modified U.S. corn have now cost the U.S. agriculture industry up to $2.9 billion, a grain group said, on losses from trade disruptions. The National Grain and Feed Association (NGFA) estimated in a report, that rejections of shipments containing Syngenta AG’s Agrisure Viptera corn resulted in losses of at least $1 billion.  This is based on economic analysis that included data supplied by top global grain exporters. The largest estimates of losses are based on the loss in corn price, which  translated to producer losses. – JSA

 

ATTN SPECIALTY CORN GROWERS:

Ask your seed company what/how they are testing the NGMO purity on the seed you are going to plant.  Ensure what they are selling you IS pure (by lab testing your seed) BEFORE planting .  There are some contaminated seed issues out there.

 

COMMENTARY

CORN

DOWN 6 

St Louis river levels crested and easing  at +20.1 ft today and forecast to be 18.6 by 5/24.

A repeat from Friday as the weather forecast looks decent for much of the corn belt.  Export Inspections are 41.7.  Today’s planting report out this afternoon is just shy of 75% planted at 73%, 59% LW, 65% LY, and 76% AVG.  (some estimates on plantings were as high as 85%.)  The State of IL is 84% planted this week, 78%LW, 66%LY, and 73% AVG.    Next week’s weather forecast looks warmer and drier!  For the US, Emergence is 34% this week, 18%LW, 17%LY, and 42% AVG.  The State of IL is Emerged 60% this week, 36%LW, 14% LY, and45% AVG.

 

BEANS

OLD UP 20   NEW UP 17

Old Crop volatility!  How about some Fund buying on a Monday?  Funds bot about 8,000 contracts today despite the fact that weather looks conducive for planting.  Export Inspections were 2 mill higher than what is needed per week at 6.2.  Today’s Plantings report is at the low end of expectations at 33% planted this week, 20% LW, 21%LY, and 38% AVG.  The State of IL is 36%planted this week, 26% LW, 16% LY, and 32% AVG.   For the US, Emergence this week is 9%, 3%LY, and 11% AVG.  South American beans are still coming UP the MISS.  We may still need MORE SA beans to take care of our domestic needs.  A larger South American crop:  Rosario boosts Argentina’s bean crop to 55.7 with harvest pace lagging 68% which is 12 %behind their 3 yr avg.  ABIOVE increases 400 K to 86.5, Celeres up 1.3 to 86.2, Cordonnier maintains Brazil at 86.5.

WHEAT

STEADY

Export Inspections were 20.3 which was in range of 19 – 23.  Egypt bought 60k MT of Ukraine wheat on Friday.  US Spring Wheat is 49%planted this week, 34% LW, 41% LY, and68% AVG.  Spring Wheat Emergence is 24% this week, 12% LW, 30% LY, and40% AVG.  Winter Wheat headed is 57%this week, 44% LW, 41% LY, and58% AVG.  IL Wheat is 50% headed this week, 16% LW, 44%LY, and 67% AVG.  The BIG ONE:  WINTER WHEAT CONDIDTIONS: 29% G/E this week, 30% LW, and 31% LY.  Market was expecting recent rains to boost ratings.  Good/Excellent by state, IL is 62% this week, and 63% LW.  Texas is 11% G/E this week, and 11% LW.  OK is 5% G/E this week and 6%LW. KS is 12% G/E this week and 13% LW.  Continue to keep an eye peeled on the Black Sea region as turmoil continues with Ukraine and Russia.

ESTL CITY ORDINANCE MAX LOAD WEIGHT 10,000 lbs ~POSTPONED UNIL APRIL 30th.  ~Still reportedly “open for business as usual”