The Wheat Market Finally Found Some Support…

The wheat market finally found some support on Friday after 5 consecutive lower closes driven by a heavy US corn balance sheet.  On September, Chicago finished +23.75c, Kansas +20.50c, Minneapolis +15.00c and Matif +€5.00.

Rumours are that Russia is setting up a deal with Turkey and Qatar that will facilitate the trade of Russian grain to poorer countries.  The new agreement was supposedly seen by a German newspaper citing official correspondence.

The first vessel to leave Odesa since Russia’s exit from the grain deal has cleared the Bosphorus Strait on Friday which was an important first small step for Ukraine in opening up a shipping corridor to their deep sea ports.

Cheapest Sep/Oct wheat offers into SEA late last week out of Bulg/Rom for 11.5 were low $280s.

Argie new crop 11.5 was reportedly offered around $280 for Dec shipment and FW traded in to Thailand around $270.

Aussie prices remain uncompetitive for old and new crop with APW1 in the high $290s

Russian wheat is offered at $260 / $263 FOB deep water ports for Sept / Oct


Wheat futures are lower as some estimate US 2023/24 wheat carryout up 20 mil bu from USDA due to lower domestic use.


Mpls wheat -6

KC wheat -10

Chic wheat -4

Matif wheat -4

Canola +11

Rapeseed +2

Soybeans +22

Soybean oil +89

Crude +56

Corn +3

CAD +17