World: Large corn and soybean harvests underway in Mercosur

Very large corn and soybean harvests are underway in Mercosur this year, H. M. Gauger GmbH said in their March report.

Brazil expects corn output to reach 86.5 mln tonnes (+ 19.5 mln tonnes y/y), soybeans 107.8 mln tonnes (+ 11.4 y/y); Argentina corn 36.5 mln tonnes (+7.5 y/y).

At the annual Ag Conference in Washington, the USDA published their estimates of U.S. acreages in 2017: wheat down 46.0 mln acres (50.2 mln last year), corn down 90.0 mln acres (94.0 mln acres last year), soybeans up 88.0 mln acres (83.4).

Analysts Oil World estimate world supply of 7 major oilseeds at 537.3 mln tonnes in 2016/17, up 36 mln tonnes from the year before.

While grain and oilseed supplies are more than abundant on paper, physical markets of wheat and barley look a bit friendlier. Sales of wheat to Egypt, Saudi Arabia and India, of barley to Saudi Arabia have stressed supplies in Europe and logistics in Australia and at the U.S. Pacific coast.

Futures markets have done their usual roller coaster performance, but are still firmer than at the beginning of 2017. A few analysts and bankers speculate that markets have formed a (volatile) bottom since some time and are due for an upswing.

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