New reports from the UN Food and Agriculture Organization (FAO) forecast strong cereal production this year with a new record expected for coarse grains.
The FAO Food Price Index averaged 215.5 points in April 2013, up two points (1.0 per cent) from its revised March value of 213.2 points and from April last year.
In the first forecast for the 2013-14 marketing year, US corn carryover on Sept. 1, 2014, was projected at 2,004 million bushels, up 1,245 million bushels, or 164 percent, from an upwardly revised 759 million bushels in 2013.
The U.S. Department of Agriculture projected U.S. sugar carryover on Oct. 1, 2014, at 2,245,000 short tons, raw value, up 77,000 tons, or 4%, from 2,168,000 tons forecast as the carryover on Oct. 1, 2013.
Excessive rain and snow in Northeast China — the country's main grain-growing area — has delayed spring plowing by about 10 days, with some doubting that the country will achieve yet another increase in its grain harvest this year.
May Corn finished down 1 1/2 at 675, 4 1/2 off the high and 6 up from the low. July Corn closed down 7 at 633. This was 6 1/2 up from the low and 10 off the high.
Favorable winter-weather conditions in parts of China this past year may produce a higher grain crop and cut the country's grain imports by almost 20 percent, according to a United Nation report.
Lawmakers are preparing to writing the new U.S. farm law that ended in a stalemate in 2012, and the biggest obstacle is not likely to be soil conservation or crop subsidies, but the billions spent mostly in cities and towns.
Echoing sentiments expressed last fall at the US Grains Council's Export Exchange 2012, the Taiwanese feed industry reaffirmed their preference for US corn during meetings held in Taiwan late last month.
The preliminary national average price received by farmers for all wheat in April was $7.52 per bu, down 26c from $7.78 in March but up 41c from $7.11 in April 2012.
Corn futures prices recovered some overnight after the U.S. Department of Agriculture said late May 6 corn planting in the 18-major states stood at 12% completed as of May 5.
Amira Nature Foods has signed a $48m contract to supply third party branded basmati rice to a key repeat customer in the Europe, Middle East, and Africa (EMEA) region.
