Argentina’s port and crusher strike is still under way with no resolution expected for at least a few days.  One estimate had soymeal exports to date at only 25% of committed/sold volumes for the month (with the shutdowns stopping exports).

US export inspections hit 2.5 million tonnes for soybeans, 391,000t for wheat, and 763,000t for corn – no real surprises to be seen in there.  There were also two boats of sorghum loaded to China, again as expected.  Still no flashes, and nothing about the rumored Chinese wheat sales the other week, although the bulls are taking a little hope in the possibility that they did happen, but below flash-reporting levels.

Touching back on last week’s excitement with the export tax in Russia, cash markets across the EU and Ukraine have seen a slow start to the Christmas week, but with little to no easing reported in the real physical side.

Forecasts for the Black Sea have added a little bit more precipitation for central Russia and the northern Volga, but not the south. Forecast temperatures remain very warm into the New Year.

Rain continued across southern Queensland yesterday, with more totals pushing up into 20-30 millimetres.  The Bureau of Meteorology is still calling for another 10-15mm across the next few days.

The World Trade Organization confirmed yesterday that they received the Australian Government’s complaint about China and its barley tariff; there is now a two-month window for discussion before the WTO officially starts a hearing.

Source: Lachstock Consulting