COMMENTARY 5/29/14 **DELIVERY RESTIRICTIONS**

**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 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.

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 3

 

St Louis river levels easing  at +17.8 ft today and forecast to be 15.9 by 6/3.

It’s a GREAT time to be a corn plant!  10 days.  Additionally with El Nino forecasts, “ideal summer weather” is in store for the corn belt.  Thursday’s Export Sales will be released Friday due to the Memorial Day Holiday.

The US Prospective Plantings is 88% THIS WEEK, 73% LW, 84% LY, and 88% AVG.   The State of IL is 95% THIS WEEK, 84% LW, 87%LY, and 88% AVG.   US EMERGENCE is 60%THIS WEEK, 34% LW, 49% LY, and64% AVG.  EMERGENCE in The State of IL is 81% THIS WEEK, 60% LW, 61% LY, and67% AVG.   Monday’s Export Inspections were very respectable at 45.7 vs 37 – 47 expected. China is expected to plant 10% fewer beans as corn pencils out more revenue per acre.  High internal demand in Russia may cause a 25% reduction in exports.  China has begun importing small amounts of Brazil corn.

 

BEANS

OLD UP 1   NEW UP 1

Old crop rationing, weather and exports.  Thursday’s Export Sales will be released Friday due to the Memorial Day Holiday.  Oil World fears that Argentina’s big bean crop may be in jeopardy as 6.2 mill ha are still unharvested (only 2.6mill last yr).  Export Inspections were 3.3 vs 3 – 7 with only 4.2 needed. The U.S. Prospective planted report is 59% for this week, 33% LW, 41% LY and 56% AVG. The State of Illinois is planted 64% this week, 33% last week, 37% last year and 50%  average.  EMERGENCE for the US 25% THIS WEEK, 9% LW, 12% LY, and27% AVG.  The State of IL is emerged 32% THIS WEEK, 11% LW, 10% LY, and 26% AVG.

 

WHEAT

DOWN 6

Market perceives that southern rains have lent aid to parched areas.  Thursday’s Export Sales will be released Friday due to the Memorial Day Holiday. Widespread rain from Texas to Wisconsin.  Eqypt is said to be reviewing its import specifications.  That could make French wheat easier to import. Monday’s weekly Export Inspections were decent at 18.7 vs 17 – 21 expected.    Spring wheat was expected to be 70% Planted on Monday’s Planting Progress, up from 49%….and received a 74%!  That compares with 49% LW, 77% LY, and 82% AVG.  Winter Wheat conditions are 30% Good/Excellent, 29% LW, and 31% LY.  KS G/E is a mere 11%, OK G/E is only 5%, and TX G/E is only 12%.  Russian forecasts are still calling for a hot dry summer.

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”