The Grains Are Mostly Range Bound But Favoring…

There were no deliveries yesterday against the March canola contract, open interest is 3268 contracts (65,360mt) down 7, the March/May spread closed down 3 at +22 on 6 contracts volume.  Looks more and more to be large deliveries against the March contract


Mpls May made new contract lows.

Matif wheat futures are near 13 month lows.

Chic May has gone from a recent high near 8.07 a low near 6.89 on lower demand for North Ameican exports and record high Russia export supply and lower Russia export prices.

Russia reported wheat stocks near 30 MMT vs USDA 16.

There is some talking on Ukraine export corridor extension but no progress is reported.


The grains are mostly range bound but favoring the low side ahead of the USDA later this morning.  Acreage needs and stocks uncertainty could provide a bit more bullish slant after this one and pre March 31 report

South Korea’s NOFI bought 117k tonnes of optional origin corn at $325-326/ tonne C&F for mid-July, while the country’s MFG bought 68k tonnes of South American corn at $340/tonne C&F for late July arrival.

Taiwan’s MFIG bought 52k tonnes of South African corn for April-May.

Tunisia bought 100k tonnes of durum wheat in an international tender for the same volume this morning, at the lowest price of $446/t C&F for April-May, hearing Canada

Jordan issued an international tender for up to 120k tonnes of milling wheat for Aug-Sept, in addition to their existing tender for 120k tonnes of barley.

Chinese customs data showed cumulative Jan-Feb soybean imports at 16.17 MMT, up over 16% from last year’s pace and likely the strongest two month start on record.  February imports were strong on U.S. supplies but March shipments are set to decline because of continued harvest delays in Brazil.

European Commission data showed cumulative soft wheat exports through March 5 at 21.02 MMT, up from 19.52 MMT over the same span last year, with corn imports since July 1 at 18.57 MMT, up from 11.61 MMT LY. 9.33 MMT of that (just over 50%) was sourced from Ukraine, up from 6.32 MMT LY, with 7.64 MMT from Brazil, up from 3.3 MMT last season.

A Brazilian trade group said that the country would produce six billion liters of corn ethanol in 2023/24 (April-March), up 37% from last year.  That would represent 19% of all ethanol produced, up from 14% in the current season.


Mpls wheat -1

KC wheat -1

Chic wheat -4

Matif wheat -3

Canola -2

Rapeseed -3

Soybeans +3

Soybean oil +27

Crude -100

Corn +2

CAD -5