Did anyone else see this in the Good Morning Prairies" email?
The Argentine crop failure is even more severe than expected, says Oil World. “With harvesting completed on about 71% of the area on April 29, it is now evident that the damage from heat and drought was more severe than expected. We have made another downward revision of 2 million tonnes this week, cutting South American soybean production to only 98 million tonnes, a five-year low and down steeply by 17 million tonnes from last year.”
Due to tight supplies, world exports of soybeans will be limited to around 31 million tonnes in April/Aug 2009, down by about million tonnes from last year, says Oil World.
Soybean stocks in the 4 major exporting countries are likely to plunge to a 5-year low of 45.1 million tonnes as of end-Aug 2009, according to Oil World’s revised estimates. This is down steeply by 10 million tonnes from one year and by even 21 million tonnes from two years earlier...
Yes you read that right, less beans than 2006 & 2007 which caused soybeans to rally over $16.25 and canola to over $700.00/t
Oh ya, planting isn't going so well in the midwest!
The Argentine crop failure is even more severe than expected, says Oil World. “With harvesting completed on about 71% of the area on April 29, it is now evident that the damage from heat and drought was more severe than expected. We have made another downward revision of 2 million tonnes this week, cutting South American soybean production to only 98 million tonnes, a five-year low and down steeply by 17 million tonnes from last year.”
Due to tight supplies, world exports of soybeans will be limited to around 31 million tonnes in April/Aug 2009, down by about million tonnes from last year, says Oil World.
Soybean stocks in the 4 major exporting countries are likely to plunge to a 5-year low of 45.1 million tonnes as of end-Aug 2009, according to Oil World’s revised estimates. This is down steeply by 10 million tonnes from one year and by even 21 million tonnes from two years earlier...
Yes you read that right, less beans than 2006 & 2007 which caused soybeans to rally over $16.25 and canola to over $700.00/t
Oh ya, planting isn't going so well in the midwest!
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