Wheat Down Again…

Wheat down again

Apart from 1 marginally higher close last Thursday, it’s been all red for wheat markets since the start of 2023 which has seen the CBOT(H) contract down -61c so far

Australia’s harvest is around 88% complete now.  CBH’s latest production estimates came in at 37MMT for wheat although this looks low compared to most others with the highest around 42MMT.

Trade estimates for US wheat plantings ahead of tomorrow’s Jan WASDE came in at 34.485 MA which would be up on 2022 planting of 33.271 MA.  Planted acres may be quite different to harvested acres this season with currently 64% of the winter wheat crop in drought conditions.


Corn and soybeans look to be digging in ahead of the USDA data dump tomorrow, while wheat holds near yesterday’s low

Foreign buyers did log a few sales this morning despite generally overpriced U.S. supplies

South Korean millers issued an international tender for 50k tonnes of U.S. milling wheat, for March-April shipment; the country’s MFG bought up to 65k tonnes of feed wheat from either the U.S. or Australia without issuing a tender, at $346/tonne C&F for May-June shipment.

Taiwan’s MFIG bought 65k tonnes of U.S. corn for March-April shipment.

Egypt’s GASC provisionally booked 60k tonnes of wheat in their World Bank funded tender yesterday, at $337/tonne C&F for Feb shipment, with another 60k tonnes potentially purchased depending on financials.

European Commission data yesterday showed cumulative grain exports since July 1 at 16.97 MMT, up from 16.13 MMT at this point last year; corn imports of 15.12 MMT are up from 7.89 MMT through January 6 last season.

Brazilian exporting agency Anec yesterday estimated January soybean exports at 1.969 MMT, up from 1.314 MMT last week; corn exports of 5.024 MMT are up from 4.326 MMT last week, with wheat up from 281k to 446k tonnes and meal up from 1.337 to 1.403 MMT.  The group reported that more than a million tonnes of corn has already been booked by China this month.


Mpls wheat -1

KC wheat -1

Chic wheat +1

Matif wheat -1

Canola +5

Rapeseed +5

Soybeans +11

Soybean oil +79

Crude +150

Corn +3

CAD -3