Japan, EU halts certain U.S. wheat imports

Jun 03, 2013

Japan, EU halts certain U.S. wheat imports

Japan and the European Union have suspended certain imports of U.S. wheat after an unlicensed strain of Monsanto’s genetically modified wheat was found in an Oregon field.

The U.S. Department of Agriculture announced the discovery May 29th, 2013. To date, there have been no strains of genetically modified wheat approved for U.S. agriculture.

A EU official said it would be enforcing its zero-tolerance genetically modified policy. Japanese officials said Thursday that all orders of western white wheat and feed-grade wheat from the Pacific Northwest have been cancelled until further notice.

Japan is one of the biggest buyers of U.S. wheat and imports 90 per cent of its wheat consumption (3 million metric tones) from the United States. Japan says it will wait until the U.S. Department of Agriculture releases more information from its investigation.

South Korean officials announced that while it would not be suspending wheat imports at this time, it would increase its inspections.

Video: Did Bears Win Thanksgiving, Will Bulls Get Christmas?

Did the bears win Thanksgiving (although this week had green on the screen), and will the bulls get Christmas? Bears won thanksgiving thanks to a USDA Nov crop report dud that stalled the bullish grain momentum for a brief period. But a bullish lower yield surprise in the Dec crop report could reignite the rally.
2026 U.S. winter wheat planting is nearly complete at 97% while crop conditions improved by 3 points to 48% good-to-excellent. US corn & soybean harvest is complete.
High corn demand, which is off the chart, and more Chinese soybean demand could support a Christmas rally.
Nasdaq had it’s worst November since 2011.
A U.S. Fed rate cut in December will help fund flow and sentiment.
Bitcoin held a long-term support at 80,000 and that's positive for fund flow and sentiment. It should help stock prices and Ag as we go into December.
Fertilizer prices continue to climb as we look ahead to 2026. Farmers may rely more on the nutrients that they already have in their soils.
South American Weather remains critical as the soybean reproductive stage starts from late Nov to late Feb depending on planting date.
Will a Russia-Ukraine peace deal happen by year-end?
CFTC data as of showed more managed money fund sell-off as of October 14th.