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Date Added: 10/02/2012

Usda proves to be a damp squib


Apparently a damp squib is a term for a failure named after a dud 19th century explosive mining device, and there were certainly no fireworks after this Thursday’s USDA report. All the numbers came pretty much up to expectation with a reduction in the South American soya crop and a continuing increase in world wheat stocks.


As regards oilseed rape the important numbers were a reduction in the Argentine soya crop to 48 million tonnes and a reduction in the Brazilian soya crop to 72 million. Whilst these numbers came within expectations the market seems to have lost its bullish enthusiasm with prices falling on the Friday after the report.  There is a general consensus that prices may yet improve again if the South American soya crop is further downgraded and also if the extreme cold weather in Eastern Europe causes winter kill to the already poorly established rape crops.





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