Corn/ Soybean/Cotton/Maize/Wheat
Estimates for grain supplies show minor upward revisions for Southern hemisphere crops. With planting pace in corn reaching bursting point in the US, farmers are less inclined to dedicate 97 million plus acres to the crop. For soya bean, the 2013 acreage is 77.1 million.
The repeated hard freezes in Kansas have resulted in the most severe freeze injury to wheat crop in southwest Kansas. Dry land wheat and the early maturing varieties are the worst hit. Argentina’s 2012-13 maize output is seen at a record of 24.8 MTs and its soybean production is forecasted at 48.5 MTs. Wheat production in western Canada has started to slow down as some farmers are eager to get started on seeding and have shifted their focus to other projects.
Dairy
A U.S. dairy industry leader claims the New Zealand-based dairy giant Fonterra is undermining U.S. Dairy Exports.
The 2001 EU ban on Turkish milk products due to EU concern that they did not meet EU food standards requirements, has been lifted and six companies will shortly resume export to the EU.
Coffee
Expectations that Brazil will produce large amounts of coffee this year weighed on values according to analysts, moving coffee contracts to a fresh 5 week low. ASIAN cocoa grindings tumbled 11% in the first quarter of 2013 to their lowest level in more than two years. Grindings sank to 140,062 tonnes in the first quarter from 157,000 tonnes in the same period last year.