US wheat futures ended the day higher despite the January WASDE increasing world ending stocks and production for 2022/23.
US ending stocks were reduced only marginally on higher domestic feed usage and production left unchanged.
A weaker USD provided support to agri stocks across the board as the USD index dropped by nearly 1% to its lowest point since May last year.
South Korea booked 2 US wheat cargoes totalling 80k for Feb/Mar shipment with prices ranging $308-388/mt pending quality.
South Korea’s MFG bought 68k tonnes of corn from the U.S. or S.A., at just under $339/tonne C&F for shipment between late Feb and mid March.
Turkey’s TMO booked 565k of MW12.0 for Feb/Mar shipments with 410k booked CFR at USD326.74/mt. The remaining 155k was booked EXW at $331.8/mt.
Taiwan millers bought 45k tonnes of U.S. milling wheat this morning.
Egypt was also reportedly in the market looking for MW11.5 at $329/mt.
The AUD continues to surge against a weakening greenback and is currently just shy of 70c at 69.7 – its highest level since August last year.
The grains and oilseeds mostly followed through on yesterday’s post USDA rally but have cooled a bit this morning
Soybeans continue to hold the most bullish fundamental picture through the winter months
Brazilian grain exporting agency Anec yesterday confirmed “atypical” soybean sales to Argentina, estimated at 200-300k tonnes for February-March.
The IGC raised their ‘22/23 world wheat production estimate by 5 MMT, to 796 MMT; world corn output fell by 5 MMT to 1.161 billion tonnes.
Mpls wheat -1
KC wheat +4
Chic wheat -1
Matif wheat -2
Soybean oil -100