CAD up 132 points since Monday night close weighing on CWRS bids today. The weak CAD has been the only factor for high CWRS prices.
OK could see rains but most of US HRW crop areas are dry.
While interest in World buyers tendering for wheat is up, US wheat prices remain a steep premium to Russian prices.
Status of Ukraine export corridor is key with managed funds short Chicago wheat futures.
Wheat price discovery remains tricky and volatile, some feel 8.30 Chic Dec may be good support at 833
The most bearish aspect of the market is the decline in Russian FOB values trading at USD 305 for 12.5% protein, 11.5% protein at 295 and feed wheat at 260
Soybeans are leading the charge this morning after a weak start to the overnight grain session, with SX back up to challenge the deferred contracts near $14/bu. Soybean export inspections finally surged this past week, with river levels filling back up slowly and the USD slowly regressing.
South Korean millers tendered for 128k tonnes of milling wheat from the U.S., Australia, and Canada, with a deadline set for tomorrow.
Pakistan is seeking half a million tonnes of wheat in a tender closing today, with their lowest offer believed to stand at $373/tonne C&F for Nov-Dec shipment, and eight trading houses reportedly participating.
Algeria started buying optional origin milling wheat in an international tender closing yesterday, at $381/tonne C&F, though just 80k tonnes were initially bought compared to the nominal 50k amount (for Nov-Dec shipment).
Jordan bought 60k tonnes of optional origin hard milling wheat in a tender closing yesterday morning, at $373/tonne C&F for early Jan shipment. They also issued another tender for 120k tonnes of milling wheat for March-April.
A USDA attaché in Buenos Aires estimated 2022/23 Argentine wheat production at 15.5 million tonnes, down two million from the October USDA S&D figure, with exports also pegged 2 MMT below the working government guess at 10 MMT. 2022/23 Argentine corn exports were estimated at 37.5 MMT, 3.5 MMT below the USDA Oct projection.
Brazilian exporting agency Anec estimated October soybean exports at 3.77 MMT, roughly even with last week’s expectation, while corn exports of 6.45 MMT are down from their previous 7.18 MMT projection.
Mpls wheat +1
KC wheat -3
Chic wheat -2
Matif wheat -1
Soybean oil +70