Mixed trade for wheat overnight
Better than expected inflation data saw pressure heaped on the USD which saw CBOT trade in to negative territory and took most of the gains out of KC and MGEX which both ended in slightly positive territory. Matif closed only slightly lower, where as ASX finished another session higher with the Jan contract settling just shy of $400 at $398.
In cash markets, Philippines Import Group booked 2 x 55k FW cargoes from Australia for Mar/Apr shipment at a price of USD330-335/mt CFR.
Algeria’s tender results are expected later today after tendering for MW11.5 for Feb shipment.
Tunisia has tendered for 100k tonnes of optional origin durum wheat for Jan- Feb shipment, with a deadline set for tomorrow.
Brazil’s wheat harvest is nearly complete with 98.5% already harvested
Wheat, corn lower as Odesa disruption fears ease since Russian bombing power grid
China bought 40 soybean cargoes last week, some estimate China now 70-75 pct covered for Jan-Feb.
Canola is slightly weaker overnight. Yesterday nearby canola months pushed to new highs for the move, with January leading the charge on late short covering/short rolling. March rallied with the short covering strength in January due to scale-up Jan/March selling to $20.00 over with spec short covering and fresh trend following fund buying added to the supportive tone in March.
Soybeans dominated what there was of a weak overnight trade volume, back on the downside after two separate swings so far this week. Soybeans continue to fare better than the feed grains in general, thanks to ongoing overall demand, with corn and wheat still lingering near move lows.
Tunisia has tendered for 100k tonnes of optional origin durum wheat for Jan- Feb shipment, with a deadline set for tomorrow.
Russia’s Interfax news agency said that the country could increase their remaining 2022/23 grain export quota, from the current 25.5 MMT level.
Brazilian government data showed cumulative soybean exports to China over the first 11 months of 2022 at 52.5 MMT, down 13% from last year’s 60.5 MMT, with Spain the second largest buyer at 3.3 MMT (-9% YoY).
Brazilian exporting agency Anec sees December soybean exports reaching 1.77 MMT, up from their previous 1.7 MMT projection last week; corn is seen at 6.70 MMT, up from 5.43 MMT expected previously, with meal up from 1.54 to 1.60 MMT as well, and wheat up from 659 to 670k tonnes.
FranceAgriMer raised their estimate for 2022/23 French soft wheat exports outside the European Union, from 10.0 to 10.3 MMT (a new three year high), with exports inside the Union falling from 6.94 to 6.73 MMT this month.
Mpls wheat -8
KC wheat -12
Chic wheat -8
Matif wheat -3
Canola -1
Rapeseed -6
Soybeans -8
Soybean oil -27
Crude +139
Corn -4
CAD -10