No deliveries against the March canola contract Friday, open interest is unchanged at 3,283 contracts, volume light at 8 contracts in the Mar/May spread closed unchanged at +25
Mixed wheat trade on Friday on concerns of the UN brokered grain corridor extension but could not hold the gains
The Iran business is thought to be near 1 MMT. This was a bit of a surprise with new crop harvest coming up and payment and counter party issues. The smart guys are saying it is a government to government trade and appears to be a transfer of goods for Iranian weapons. Russia has an aggressive export March through June program. Or it maybe that they just renegotiating Russian cargos idling near ports of Iran, unpaid but promised to be paid. Could be either.
Corn and soybeans only briefly traded higher last night before quickly shifting to the low side
Ukraine’s Ag Ministry reported cumulative 2022/23 grain exports at 32.9 MMT, down 26.6% from last year’s pace, with March exports so far at 641k tonnes, down from 1.33 MMT over the same span last season. The country’s government scientists reported the “vast majority, 92% to 97%” of winter wheat as being in relatively good condition leading into spring.
Brazil’s biosecurity agency approved the use of a genetically modified wheat variety on Friday, making the country the second in the world, after Argentina, to grant permission for GMO wheat. Also, the country’s Ag Ministry on Friday said that an additional 90 local firms have been cleared to export corn to China in the first two months of the year, bringing the total to almost 450.
Private analysts Safras & Mercado on Friday cut their 2022/23 Brazilian soybean production estimate, from 153.4 to 152.4 million tonnes.
Wheat lower today on optimism on getting an extension of the export corridor
Mpls wheat -8
KC wheat -17
Chic wheat -11
Matif wheat -5
Soybean oil -63