GRAIN MARKETING FOR PRODUCERS IN SOUTHWEST SASKATCHEWAN

Fresh News Is Still Limited On The Fundamental Side…

Fresh news is still limited on the fundamental side but continuing stories of a major offensive by Russia will keep prices from tanking for the short term

Overnight volume was robust with the grains in interesting chart situations heading into this morning’s USDA, aided by tech support but having consolidated from highs so far this month.  We’re set up for a breakout but massive surprises are generally few and far between in the Feb edition

Algeria yesterday started buying milling wheat in their international tender, with initial purchases at $329/tonne C&F, and volumes unclear.

Japan will seek 70k tonnes of feed wheat and 40k tonnes of feed barley via an SBS (simultaneous buy-and-sell) auction for arrival by the end of July.

Brazil’s Conab this morning cut their official second-crop corn production estimate from 96.2 to 94.9 MMT due to a slow early soybean harvest and subsequent corn planting delays.  Corn planting progress stands at 12%

Statistics Canada yesterday reported December 31 all-wheat stocks at 22.3 million tonnes, up about one third rom last year’s 16.8 MMT; canola stocks of 11.4 MMT were up 29% from last year’s 8.8 MMT, with corn up 3% YoY to 11.9 MMT, and soybeans up 14% YoY to 3.65 million tonnes.

European Commission data yesterday showed cumulative soft wheat exports since July 1 at 19.05 MMT, up 7% from 17.85 MMT last year, with Morocco and Algeria topping that destination list at 2.75 and 2.59 MMT, respectively.  France is the leading exporting country at 7.79 MMT.  Cumulative corn imports through Feb 5 stand at 16.69 MMT, up 69% from 9.87 MMT last year; Ukraine and Brazil account for the majority of sources at 7.89 and 7.42 MMT

Mpls wheat +3

KC wheat +5

Chic wheat +2

Matif wheat -1

Canola -7

Rapeseed +1

Soybeans +10

Soybean oil -4

Crude +93

Corn +1

CAD -2