Soybeans led what there was for overnight trade volume, off evening highs but finding technical support and holding up the grain complex at this point.
Fundamental news is likely to be light this week but we should start to get anecdotal yield reports as combines ease into the fields.
Wheat is the anchor to start the week with Russian production and exports rolling.
Saudi Arabia bought 556k tonnes of wheat in their international tender that closed on Friday, at an average price of $372/tonne C&F for Nov-Feb arrival from EU, BS, NA, SA and Aus.
Pakistan has issued an international tender for 300k tonnes of wheat for Oct.
Bangladesh cancelled their international tender for 50k tonnes of wheat.
Russian consultancy IKAR once again raised their 2022 wheat production estimate, to 99 MMT, with up to 47.5 MMT potentially available for export.
Russia’s SovEcon estimated September grain exports at 4.85 MMT, up from 4.20 MMT in August, with wheat at 4.3 MMT versus 3.5 MMT last month.
Ukraine’s Ag Ministry this weekend reported a total of 165 ships containing 3.7 MMT of agricultural products have left Ukraine under the joint agreement with the U.N. and Turkey as of Saturday, with another ten ships at 169k tonnes set to leave yesterday. Cumulative grain exports since July 1 stand at 6.36 MMT, down 46% from last year’s pace, and including 3.72 MMT of corn, 2.06 MMT of wheat, and 557k tonnes of barley. The Ag Min expects September grain exports to hit 5.4-5.5 MMT, up from 4.5 MMT in August. They left their 2022 grain production estimate unchanged this month at 50-52 MMT, down from 86 MMT last year.
Mpls wheat -17
KC wheat -22
Chic wheat -23
Matif wheat -5
Soybean oil -61