Markets closed sharply higher on Friday, they got rolling higher after the WASDE report with a slight bullish stance on world wheat numbers
Wheat led overnight gains to open the week while corn dominated trade volume
Corn will likely have a hair trigger this year thanks to that USDA acreage mix, needing to see an early planted, bumper 2022 U.S. crop
Algeria issued an international tender for a nominal 50k tonnes of soft milling wheat yesterday, for May-June shipment to two ports only.
Bangladesh is seeking 50k tonnes of international wheat in a tender closing today, with the lowest offer coming in at just over $399 per tonne C&F.
Ukraine’s grain traders union UGA said the country is only able to export 600k tonnes of grains and oilseeds at this point, but “may increase capacity” to 2 MMT; that compares to 6 MMT per month pre-war. In March, the country only exported 300k tonnes combined. They see 2021/22 wheat exports at 10 MMT with corn at 20 MMT, down from 19 MMT and 23 MMT estimated by the USDA. The UGA sees 2022 wheat output at 18.2 MMT, down from 30.3 MMT in 2021, with corn at 23.1 MMT, compared with 37.6 MMT LY.
Russia’s SovEcon estimated April grain exports at 2.10 MMT, down from 2.65 MMT in March, with wheat at 1.9 MMT versus 2.2 MMT last month.
China sold 528k tonnes of wheat from state reserves in their latest auction, or more than 95% of the total offered, with prices at their lowest since mid-Feb.
Mpls wheat +12
KC wheat +18
Chic wheat +17
Matif wheat +2
Soybean oil -90