UK Usage Data - 34 weeks to 25 February 2012 - UK flour millers (Inc. starch and bioethanol producers) used 3.971Mt of wheat, down 8.1% from the same period last season. Usage of imported wheat fell 13.2% to 0.461Mt. Bread flour production was up 1.7% at 1.929Mt with biscuit flour down 1.5% to 0.392Mt. Brewers, Maltsters and Distillers used 1.202Mt of barley, up 6.7% and the highest level since 2003/04.
World Market News
US - Informa Economics has increased its forecast for US maize plantings to 96.4M acres from a previous estimate of 95.5M acres (USDA: 95.9). The soyabean estimate was also increased, to 74.2M acres (USDA: 73.9).
Brazil - Local crop analyst Agroconsult has reduced its soyabean harvest estimate to 65.2Mt (67.1Mt last month).
Argentina - The Rosario Grain Exchange has decreased Argentina's expected soyabean harvest to 43.1Mt from 44.5Mt forecasted earlier as the affects of the drought become clear, particularly in the Northern provinces.
Russia - According to the First Deputy Prime Minister, Russia is set to become the second largest wheat exporter. It is expected that Russia will export 26-27Mt of grain this season and the proportion of wheat exported will make it the number two wheat exporter after the US.
Australia - Wheat exports reached 2.4Mt in February, the Australian Bureau of statistics said. This was a nine-year high and around twice the exports seen a year ago, facilitated by heavy rains which increased crop yields. However, flooding in New South Wales and Victoria halted shipping in March.