Turkey bot some off quality EU wheat, and Egypt has indicated a willingness to do the same and lower standards to reduce costs. This whole old crop wheat thing could ‘collapse’ quicker than we were expecting. There is also talk now that Japan may follow SK lead and accept GMO corn as early as this summer…SK was BIG, Japan would be HUGE, and perhaps pave the way for GMO wheat. Brazilian gov’t has approved GMO corn for production. IGC (Int’l Grain Council) has increased wheat production estimates to 646 myn mt, which is up 4 myn mt from last month.

Late winter storms have dumped literally tons of moisture across the corn belt. This is important for a couple things: 1 there will be talk of ‘late plantings’ for corn. I would discount these unless we see a whole string of spring storms. Remember the growers of today have the ability to plant 70-80% of the US corn acres in 1 week (we saw last year). As summer approaches, market will be expecting talk of drought. Remember all this snow will go a LONG way to build deep subsoil moisture, which MAY be important later. The North Dakota mill that said they may need to import wheat from Canada to continue running, has been able to gimp along. They are now saying stocks look adequate and they may not need to import any wheat.

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