Matif wheat up yesterday on Chinese buying 300kmt French wheat
KC joining the Chic party as it widens out vs Mpls
Optimism over the grain deal extension were justified as confirmation of the deal was announced yesterday that the grain corridor and Russia’s participation would be extended by 120 days. CBOT wheat traded lower immediately, down -10.75c however it held above $8/bu at the close.
In cash markets, GASC booked 300k of Russian MW for Dec/Jan shipment at a price of USD362/mt.
Pakistan’s TCP is expected to announce a tender for 500k MW today which will close 28 Nov.
Yesterday it was rumoured that 2-3 cargoes of EU12.5 pro (Baltic milling wheat) traded INTO the southeastern US, likely for Florida mills. Let’s see how this pans out next week.
Really points to the fact that North American flat price is too expensive.
Mpls wheat +0
KC wheat -2
Chic wheat +3
Matif wheat +4
Soybean oil +7