The spot March corn contract is at a bit of a technical cross roads this morning while the entire complex seems to be lacking fundamental direction to start the month.
Soybeans continue to lead rallies and recoveries
South Korea’s NOFI bought an estimated 117,500 tonnes of optional origin feed corn this morning in their international tender for up to 138k tonnes, at $337-338/tonne C&F for early May arrival. They also bought 80k tonnes of Australian feed wheat at $340-355/tonne C&F for June-July shipment.
Egypt’s GASC is seeking corn in a tender today and their lowest offer is believed to be from the U.S., right at $300 per tonne cost plus freight.
Algeria bought an estimated 250-300k tonnes of durum wheat in their nominal tender closing yesterday, though one estimate reached as high at 400k tonnes; prices ranged from $448-459 per tonne C&F, likely mainly from Canada, and with shipment sought from mid February through the end of March.
Ukraine’s deputy economy minister said 2023 grain production is expected at 49.5 MMT, down from 51 MMT in 2022 and a record 86 MMT in 2021, but well above producer group estimates this week in the 35-40 MMT range.
Brazilian grain exporting agency Anec estimated January soybean exports at 1.222 MMT, down from 1.356 MMT forecasted last week; corn exports of 4.991 MMT are down from 5.200 MMT estimated last week, with meal at 1.437 MMT (down from 1.521 MMT LW) and wheat at 784k tonnes (down from 804k projected a week ago.
A USDA attaché in Brasilia yesterday estimated the country’s 2022/23 corn crop at 125.5 MMT, up a half million tonnes from the USDA Jan and 8% above last year’s 116 MMT crop.
A USDA attaché in Buenos Aires yesterday pegged 2022/23 Argentine soy-bean production at 36 MMT, 9.5 MMT below the official USDA estimate.
Argentina’s Ag Ministry reported ‘21/22 farmer soy sales at 81% last week, down from 83% at the same point last season after another slow week of activity. ‘21/22 corn sales of 77% were down two points from last year as well.
Mpls wheat -2
KC wheat -5
Chic wheat -8
Matif wheat -1
Soybean oil -37