<\/p>\n<\/a>Grains<\/u> –
\nAdmittedly the below information will be stale immediately upon the release of this morning\u2019s sales report, but I still thought it might be worth a quick look (and with nothing else going on).<\/p>\n
This shows a breakdown of MYTD commitments to key destinations and in total.\u00a0 Looking at soybeans first, the demand growth in China has been solid so far this year but everywhere else seems relatively flat.\u00a0 Note that the current commitment total is roughly 11 mmt larger than at this point last year.\u00a0 At this point last year WASDE was behind the curve, clearly not expecting the late-season surge in shipments.\u00a0 With no such surge likely this year thanks to solid SAM crops, one can\u2019t argue too aggressively with the WASDE projection here.<\/p>\n
Basically the same can be noted in corn.\u00a0 WASDE was obviously way behind the curve at this point last year showing only a 1,650 when it actually turned out to be close to 1,900.\u00a0 It appears WASDE is more on top of things this time around.\u00a0 Keep in mind Brazil\u2019s presumably large safrinha crop won\u2019t compete with US exports until 17\/18, so I\u2019d suppose there is still an argument for some upside to current WASDE projection.<\/p>\n
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