Friday’s close was anything but clear for wheat pundits however US agri commodities were all green following Thursday’s all red.
CBOT wheat finished the session +7.25c on WZ, Matif (Z) finished -€1.50/mt on and ASX(F) -$5.550/mt.
The next 4 days look ideal for drying out some waterlogged crops on Australia’s East Coast however the 4 days following show widespread rains of mostly 15-25mm back on the forecast for most/nearly all of VIC and NSW.
In tender news, GASC is back in the mix for wheat following comments they had sufficient stocks, looking for LH Dec – FH Jan shipments. 12 companies submitted offers
BAGE have updated their production forecast for Argie wheat down from 15.2mmt to now only 14mmt which would be the lowest since 2015
JP Morgan (assumed Cargill) took deliver of November futures last week, 7780mt
Open interest is 62 contracts
Wheat is wheat. Argentina wheat crop was lowered due to dryness. Australia wheat quality is in question due to too much rain. US south plains HRW crop rating were lowest on record. Wheat futures could remain in the wide 9.00-10.00 range until more is known about World wheat import demand and north hemisphere 2023 wheat crop
Mpls wheat -1
KC wheat -2
Chic wheat -3
Matif wheat -1
Soybean oil +24