Tuesday’s trade gives back Monday’s gains
Tuesday’s trade late in the day gave back most of Monday’s gains to settle -21.50c lower on the May CBOT contract.
India’s first trade to Egypt has reportedly been made for May/June shipment through private channels after Indian origin wheat was approved for export to Egypt. FOB prices are currently around $340-350/mt.
Aussie FOB prices were mildly higher yesterday after the long weekend holiday with ASW reportedly at $385 ex WA, APW $405-410 and H2 +15 for Aug load.
Russia’s offensive in the Donbas region continues as they aim to take control of Eastern Ukraine, although in a boost to Ukraine, several countries have committed to supplying more military help and the West are looking at tightening sanctions on Russia even further.
Soybeans are fighting back this morning with a decent portion of the overnight trade volume and the spot May contract receiving a push back towards Feb-March continuous highs
Values for all major North America grains and oilseeds remain elevated as a disastrous spring continues.
Early corn and spring wheat seeding prospects are wiped out and the trade is looking for any seeding window. Temps are better into this weekend but multiple rounds of rains are expected, followed by a return to cold conditions again next week and beyond (below-normal temps now last into the first week of May). Farmers will have time to get the crops in in May, but the ideal start has gone by the wayside.
The war in Ukraine rages on, and speculative interest in the grains and commodities in general remains during these chaotic times.
Jordan again made no purchase in their tender for 120k tonnes of milling wheat this morning, despite receiving offers rom three trading companies this time around.
European Commission data showed cumulative soft wheat exports since July 1 at 21.26 MMT, down from 22.08 MMT through the same week last season. Corn imports of 12.77 MMT through 4/17 were up from 12.61 MMT last year.
Brazilian grain exporting association Anec estimated April soybean exports at 11.98 MMT, down from 12.02 MMT last week; corn exports of 850k tonnes were even with their prior estimate; soybean meal exports of 1.956 MMT were down from 2.070 MMT last week, while April wheat exports were pegged at 155k tonnes, down slightly from 156k tonnes estimated previously.
Mpls wheat +8
KC wheat +7
Chic wheat +1
Matif wheat +1
Soybean oil +1