Seems that Russia sabre rattling have cooled down a bit this morning
Soybeans led another strong overnight session of volume and popped off early last night, but the spot March contract couldn’t clear the $16/ bushel mark and lost momentum as the overnight session progressed. Soybean bulls remained quite persistent into the end of last week but will that continue, especially with an outside reversal potentially looming already today?
Paraguay’s soybean harvest could fall by as much as 50% to some 5 million tons in what would be its lowest level in the last decade due to a drought affecting the region, Paraguay’s Agriculture and Livestock minister, Santiago Bertoni, told Reuters on Friday. Paraguay, the world’s fourth largest exporter of soybeans, produced close to 10 million tons in the previous cycle. But yields in the 2021/2022 season fell in most crop areas to about 1 ton per hectare, far below the average of 2.8 tons per hectare.
Taiwan millers are seeking 55k tonnes of U.S. milling wheat in a range of different types, for April shipment from the Pacific Northwest.
Bangladesh is seeking a nominal 50k tonnes of wheat in a tender closing today, with their lowest offer coming in at $391/tonne C&F for shipment during the next 40 days. Offers ranged up to $412/tonne C&F.
China sold 520k tonnes of wheat from state reserves this week, or 99% of the total offered, at an average price of $407 per tonne. They’ve sold a total of just under 2.9 MMT from state reserves since auctions began in late October.
SovEcon reported February Russian grain exports at 2.9 MMT, up from 2.8 MMT in January, with wheat at 2.6 MMT versus 2.4 MMT last month.
Egypt’s government is reportedly working on measures to protect its wheat imports, including diversifying origins and overhauling food subsidy programs, given the potential Russia-Ukraine conflict; the country buys around 50% of its wheat imports from the former and 30% from the latter.
Mpls wheat -5
KC wheat -8
Chic wheat -11
Matif wheat 1
Soybean oil -35