Bearish Price Outlook for Oilseeds & Products in July/June 2013/14

摘要

The current rally in US soybean and corn futures appears overdone because subsoil moisture supplies are generally sufficient to allow crops to withstand a brief period of hot and dry weather in the Midwest. The situation would change, however, if hot and dry conditions are experienced for a comparatively long period in the key phases of development, viz. for soybeans in August and for corn at the end of July and early August. Corn futures have been supported also by reports that China may be forced to double corn imports to about 5.5 Mn T in 2013/14 and that also wheat imports will have to be stepped up significantly to supplement domestic supplies.