Market reaction to yesterdays USDA S&D report was initially muted – USDA plans to further revise these figures to account for acreage changes owing to the severly delayed spring plantings. Traders have therefore largely ignored the US Figures. From a global perspective, wheat production expectations in Canada / Russia / Aus / Ukr has been lowered due to adverse weather affecting anticipated yield. Thus seen as supportive to CBOT values.
China imported 6.51 million tonnes of soybeans in June, down from 7.36 million tonnes in May according to the latest figs from their customs agency. This fall of 11.5% is put down to the impact of Swine Flu on domestic pork production in China.