Friday, May 29, 2009
Terrible Outlook For 2009 Global Wheat Output snip: Argentine Soybean Crop Revised Down Again, Wheat Acreage Seen 20 Pct lower
In what is becoming a familiar weekly ritual the Buenos Aires Grain Exchange has revised down its 2009 soybean crop estimate for Argentina to 32.0 MMT from 32.2 MMT a week earlier.
That's a reduction of 30.7% on last year and 36% down on the 50 MMT originally hoped for this season.
Even so there could still be more downward revisions to come yet. The Argentine Rural Confederation, or CRA, last week estimated production at just 30.5 MMT, 34% down on last season.
snip:
1) Romania = output wheat down -30%
2) Ukraine = output wheat down -27%
3) Hungary = output wheat down -28.5%
4) Czech = output wheat down -20%
5) Bulgaria = output wheat down -30%
6) Poland = output wheat down -10%
7) Spain = output wheat down -42%

Australia = output down -10-35%
9) Argentina = output down -34%
10) China = output down -20% or more
11) US = output down -20% or more
12) Canada = output down -12%
13) Russia = output wheat down -21.5%
Conclusion: Nothing has changed. Estimates for agricultural production are being continuously downgraded every month. Droughts, under planting, and lack of credit have devastated global agricultural output. The world is still facing food shortages in 2009.
Link:
http://www.marketskeptics.com/2009/05/t ... -weat.html
"The era of procrastination, of half-measures, of soothing and baffling expedients, of delays, is coming to a close. In its place we are entering a period of consequences…"
Sir Winston Churchill
Beliefs are what people fall back on when the facts make them uncomfortable.