Grain volume exploded overnight, particularly in front end corn, while spot soybeans remain perched near move highs pre-USDA
South Korea’s FLC bought around 65k tonnes of feed wheat in a private deal with no tender, at $331/tonne C&F for May 20 arrival; the country’s MFG bought 68k tonnes of feed corn in an international tender for up to 140k tonnes, at $342/tonne C&F for April-May; and Korea’s KFA rejected all offers and made no purchase in their tender for up to 68k tonnes of corn.
Agricensus reported an 18k-tonne soybean sale from Argentina to Paraguay yesterday, the first-ever booking between the two countries in that direction.
Brazilian exporting agency Anec estimated February soybean exports at 7.5 MMT, down from 9.92 MMT expected last week, with corn exports seen at 521k tonnes, up from 447k tonnes forecasted a week ago.
The European Commission reported cumulative soft wheat exports since July 1 at 16.92 MMT, up from 16.22 MMT over the same span last year; corn imports through Feb 6 stand at 9.79 MMT, down from 10.28 MMT last year.
Statistics Canada’s all-wheat stocks number came in at 15.6 MMT as of Dec 31, well below the 17.3 MMT estimate and below 25.1 MMT last year; du-rum stocks came in at 2.1 MMT, just above the 2.0 MMT guess but down from 4.8 MMT LY, with canola inventories at 7.6 MMT, slightly above the 7.5 MMT expectation but below 13.3 MMT LY. Corn stocks at the end of 2021 totaled 11.5 MMT, up from 11.1 MMT LY and the 10.7 MMT in 2019.
WADSE estimates
• ‘21/22 U.S. Carryout Estimates (bln bu):
Avg Est / Est Range / Jan USDA
Corn: 1.512 / 1.420-1.560 / 1.540
Soybeans: 0.310 / 0.182-0.350 / 0.350
Wheat: 0.629 / 0.596-0.655 / 0.628
• ‘21/22 World Carryout (000 tonnes):
Avg Est / Est Range / Jan USDA
Corn: 300.3 / 294.3-303.0 / 303.1
Soybeans: 91.5 / 86.0-94.0 / 95.2
Wheat: 279.9 / 275.9-282.4 / 279.95
• ‘21/22 S.A. Production (000 tonnes):
Avg Est / Est Range / Jan USDA
ARG Corn: 52.1 / 51.0-53.5 / 54.0
ARG Soy: 44.5 / 43.0-46.0 / 46.5
BRZ Corn: 113.6 / 111.0-116.1 / 115.0
BRZ Soy: 133.7 / 126.5-137.5 / 139.0
Mpls wheat -1
KC wheat -3
Chic wheat -4
Matif wheat -2
Canola +2
Rapeseed +5
Soybeans +7
Soybean oil +35
Crude +32
Corn +3
CAD +14