Category Archives: GWC News

Heavy rainfall end dryness concerns

Heavy rainfall end dryness concerns in southern Alberta, some concerns still present in southern Saskatchewan
Soybeans are regaining ground this morning after a four day losing streak while corn pushes up against recent highs and technical resistance
Crude oil and the outside marketplace in general are helping cap gains with U.S. inflation raging and Fed moves ringing in the trade’s ears
Japan bought 186k tonnes of milling wheat as planned in their regular weekly tender, including 99k from the U.S., 64k from Canada, and 23k from Australia, for August loading from AUS and Oct loading from the U.S. and Canada.
Bangladesh cancelled and withdrew their international tender for a nominal 50k tonnes of wheat, which was scheduled to close on June 22.
Russia’s ambassador to the U.N. said the country can “provide safe passage” to Ukraine grain shipments via the Black Sea, but is not responsible for establishing corridors, as those underwater mines were placed by Ukraine, who doesn’t want to remove them and leave themselves vulnerable to Russian naval attacks. Meanwhile, governments of the E.U. and the U.S. are looking into providing temporary grain storage at the ports and at the Polish border
Private analysts IHS Markit yesterday raised their 2022 U.S. corn plantings estimate to 90.965 mln ac, up 455k from their previous estimate and above the USDA’s 89.5 mln ac forecast.
Soybean plantings fell 280k tonnes this month to 88.375 mln ac, below the USDA’s 90.955 mln acres.
All wheat plantings of 46.44 mln ac stand below the 47.4 mln ac USDA, with spring wheat at 10.5 mln ac, up 340k this month but below the 11.2 mln USDA.
European Commission data yesterday showed cumulative soft wheat exports for 2021/22 at 25.94 MMT, up from 25.27 MMT on the comparable date last year, with corn imports through 6/12 at 15.60 MMT, up from 14.54 MMT LY

Mpls wheat +10
KC wheat +6
Chic wheat +6
Matif wheat +1
Canola -9
Rapeseed +2
Soybeans +9
Soybean oil -29
Crude -112
Corn +4

Wheat markets were led lower…

Wheat markets were led lower by the reversal in Matif wheat on the news that UK would send warships to defend Ukraine grain shipments; and lower con on the China / Brazil new protocols
Corn and wheat volume picked up overnight with the former touching a six week spot low
Global food security needs remain but most importers are looking for alternatives at these high price levels.
China has opened up BRZ corn exports and Russia is willing to open up “humanitarian corridors” for food shipments from Ukraine through the Black Sea.
Current U.S. rains may aid wheat a bit but slow down corn and soybean planting.
Pakistan is seeking 500k tonnes of international wheat, with their lowest offer coming in at $515.49 per tonne cost plus freight.
Jordan made no purchase in their tender for 120k tonnes of international milling wheat closing yesterday, with only one trading house participating; a new tender is expected to be set for next Thursday, June 2.
China has finally signed a phytosanitary agreement with Brazil to import the country’s corn, following record Chinese corn imports last year and in the face of reduced supplies from Ukraine China is also rumored to have bought anywhere from 250-400k tonnes of corn from Brazil for Sept/Oct shipment. That jives with the schedule set forth by exporting association Anec, who said that it would take around three months for Brazil to revise its requirements and allow shipments to begin.
Brazilian exporting agency Anec estimated May soybean exports at 11.278 MMT, down from 11.483 MMT previously, with corn pegged at 1.243 MMT, down from 1.264 MMT last week. Soybean Meal exports were down this week as well, from 2.009 to 1.903 MMT, with wheat up a bit from 105k to 109k tonnes.
APK-Inform reported that Ukraine exported 28k tonnes of grain by truck during the first three weeks of May, mostly via border crossings with Poland. That and rail exports continue to increase but are falling well short of making up the nearly 6 MMT of grain exports per month from Ukraine pre-war.

Mpls wheat -29
KC wheat -34
Chic wheat -30
Matif wheat -5
Canola -17
Rapeseed -12
Soybeans -22
Soybean oil -95
Crude +75
Corn -14
CAD -14