Mixed wheat close yesterday with Mpls higher on seeding issues while KC and Chic lower with decent moisture in the winter wheat areas
Russia continuing to cause havoc with infrastructure damage and grain / equipment theft
Heavy deliveries against the Chic may wheat contract
There were no deliveries against the May canola contract yesterday, open interest is down to 557 contracts
Germany has announced plans to cut the use of biofuels produced from food and feed crops because of rising food costs.
Overnight volume was less than impressive, with corn taking the majority and holding on to its rebound this morning due to slow U.S. planting and more widespread rains in the forecast at least through this week.
South Korean millers tendered for 50k tonnes of U.S. milling wheat, for shipment between the middle of June and the middle of July.
APK-Inform is forecasting a “significant shortage” in Ukrainian grain storage for 2022/23 due to the reduction in exports, estimating ending stocks this season at a record 21.3 MMT of grains and oilseeds (more than four times LY).
StoneX Brazil yesterday raised their 2021/22 soybean production estimate from 122.0 to 123.4 million tonnes; still down from 135.8 MMT last season. First crop corn production rose from 25.0 to 26.3 MMT, now above 25.8 MMT LY, with second crop output seen at 88.1 MMT, down from 91.9 MMT last month but still well above 59.2 MMT last season. Total corn production of 116.5 MMT is down 2.5 MMT MoM but above 86.6 MMT LY.
US corn planting progress doubled to 14% complete this week, still behind 42% last year and the 33% five year average pace. Emergence rose only from 2% to 3% this week, down from 7% LY and the 6% 5YA.
Soybean planting advanced from 3% to 8% done, behind 22% LY and the 13% 5YA
Spring wheat planting up from 13% to 19% this week, down from 46% LY and the 28% 5YA. Spring wheat emergence rose from 2% to 5% as of Sunday night, behind 13% LY and the 7% 5YA pace. Winter wheat heading went from 11% to 23% this week, behind 26% LY and the 29% 5YA, with condition ratings unchanged at 27% g/ex, vs 49% LY and the 51% 5YA.
Mpls wheat +5
KC wheat +12
Chic wheat +6
Matif wheat +3
Soybean oil +55