There were no deliveries against the May canola futures contract yesterday, open interest is 557 contracts, yesterday’s open interest at 59 was a reporting error
Even though and Indian Food Industry official denied the rumours of halting exports, the wheat market continued to rally due to extreme heat hurting India’s new crop production and the ongoing infrastructure damage in Ukraine.
Dry wheat areas in the HRW belt are forecast for moisture followed up with above normal temps
Overnight grain volume remained slow and was fairly evenly split across the grain complex, with wheat still leading gains on global S&D uncertainty.
Corn and soybeans are more than willing to follow with U.S. spring planting windows still few and far between, though better into next week
India expects a 5% decline in wheat production this year due to a severe heat wave, but they are “not planning on putting restrictions on wheat exports”. They have finalized contracts to ship 10 MMT of wheat since the war began. Total output is seen at 105 MMT, down from 111 MMT forecast in February.
Ukraine accused Russia yesterday of stealing 400,000 tonnes of grain from occupied southern and southeastern crop areas, believed to account for around one third of all grain reserves in those regions. Around 4.5 MMT of grain is estimated to be sitting in closed Ukrainian port facilities. The country’s deputy agriculture minister said they still have enough domestic stocks to feed its own population, as well as enough fuel and fertilizer for farmers this spring, and exports are expected to pick up further this month.
Private consultancy Agrinvest Commodities yesterday estimated a 1.5% increase in Brazilian soybean plantings next season, after 40.8 million hectares (100.8 mln acres) represented a 4.1% expansion in the current 2021/22 year.
Argentine farmers have sold 23.7 MMT of the ‘21/22 corn crop thus far, including 1.1 MMT this past week; versus 1.9 MMT on the same week last year
Mpls wheat +13
KC wheat +28
Chic wheat +24
Matif wheat +7
Soybean oil -23