• Quick Editorial: fund liquidation continued to weigh on soybeans and hold down the grain complex in general overnight, and it remains by and large a bearish anticipation of the USDA’s initial new-crop tables tomorrow…

• South Korea’s MFG bought 70k tonnes of optional-origin corn for just under $273/tonne, for arrival by Nov 25; that’s the lowest they’ve paid so far in 2012, and under $1/tonne above the price they paid for wheat yesterday.

• Taiwan is seeking 48,700 tonnes of U.S. wheat, for late June-early July shipment, while Japan is looking for 120k tonnes of feed wheat and 200k tonnes of feed barley by the end of August, in a tender closing a week from now.

• India’s food ministry officials reported the country’s food grain stocks as of May 1 at 71.1 MMT, more than three times the buffer amount required, with that number expected to rise to 80 MMT. India’s grain storage capacity is only 63 MMT. ‘11/12 wheat output seen at an all-time high of 90.23 MMT.

• Australia exported 2.06 million tonnes of wheat in March, down 13% from February but still up 23% from March 2011, and the third-largest single month total in nine years. Cumulative Oct-March wheat exports stand at 11.58 MMT, up 28% from last year’s 9.08 MMT pace through six months.

• China is planning to sell about 3 MMT of soybeans from state reserves by the end of this month, with those supplies harvested back in 2008/09…

• May CBOT Deliveries: beans 337 contracts, with next trade date 5/1/12; bean oil 641 contracts and 5/8/12; wheat 170 contracts and 4/26/12.

• May USDA ’11/12 Carryout (bln bu): Avg Est / Est Range / April USDA Corn: 0.758 / 0.660-0.801 / 0.801 Beans: 0.221 / 0.200-0.250 / 0.250 Wheat: 0.781 / 0.756-0.800 / 0.793

• May USDA ’12/13 Carryout (bln bu): Average Estimate / Estimate Range Corn: 1.704 / 1.209-2.072 Beans: 0.170 / 0.100-0.250 Wheat: 0.805 / 0.609-0.963

• May USDA ARG Prod (MMT): Avg Est / Est Range / April USDA Corn: 20.7 / 19.0-22.0 / 21.5 Beans: 42.0 / 40.0-43.0 / 45.0

• May USDA BRZ Prod (MMT): Avg Est / Est Range / April USDA Corn: 62.7 / 61.0-66.0 / 62.0 Beans: 65.5 / 65.0-66.0 / 66.0

WEATHER UPDATE:
• The Midwest will remain completely dry for a couple days before a quick light system moves through over the weekend; the southern Plains will see better rains from this than the corn belt, as the belt looks mostly dry for next week and leading up into the 6-10 day forecast as well. The 11-15 day stretch
should bring the next real rain chance, as temps warm up throughout as well.