Just another normal day in the wheat market Friday posting a +30 cent range. We needed a bit of a breather so we closed lower
Egypt has agreed to accept India as a source for wheat imports; the country was not previously on the list of importers, but India is looking for export 3 MMT to Egypt in 2022/23. Egypt imported 6.1 MMT of wheat in 2021.
A cargo of Indian wheat is unloading in Vietnam, always a phyto concern in Vietnam on unload inspection, containers into Vietnam are the preferred execution for that reason. Generally rejections are handled with a financial penalty, rather than turned away, still painful though
The grain markets opened the week strong again and have varied since the evening start, but the same onslaught of issues remain for bullish fundamental traders and eager speculators in the commodity space.
Chinese customs showed March corn imports at 2.41 MMT, up 25% from last March, with cumulative Jan-March imports up 5.5% YoY to 7.1 MMT. March wheat imports of 870k tonnes were almost double last year, with Jan- March imports of 3.05 MMT up just short of 5% from last season’s pace.
Ukraine’s Ag Ministry reported that spring grain planting advanced 3% from April 11-14, to stand at two million hectares (4.9 mln acres), or just over 11% of the area projected to be planted. Corn planting rose from 1.3% to 2.2% done last week, with most sowing so far coming in lower cost crops. They also said around 1.25 MMT of grains and oilseeds are currently stuck on ships in the country’s seaports due to the war, and at risk of spoilage at some point.
Mpls wheat +27
KC wheat +20
Chic wheat +21
Matif wheat -3
Soybean oil +70