Wheat futures are higher. Dry US south plains weather supports KC futures. Some est US 2022/23 wheat carryout near 595 mil bu vs USDA 568 due to lower exports. USDA April report is Tuesday. Same group est US 2023 wheat acres near 49.9 vs 45.7 ly, US crop near 1,885 vs 1,650 ly, total demand near 1,942 vs 1,900 ly and end stocks near 650 vs USDA 568. Some est US HRW crop at 680 mil bu vs 531 ly and end stocks at 228 vs 265 ly. Same group est US HRS crop at 450 mil bu vs 446 ly and end stocks at 110 vs 139 ly. Russia and EU supply is adequate vs potential for lower US, Canada and Australia 2023 supplies.
Russian officials are again raising concerns over the Black Sea grain export deal, continually making sure the rest of the parties never get too comfortable.
Corn rallies will likely be held in check with Midwest planting likely firing up in a big way during a warm and dry week.
Egypt’s GASC on Thursday bought 600k tonnes of Russian wheat in their international tender for May 10-31 shipment, all priced at $293-294/t C&F.
Private consultancy Safras & Mercado on Thursday raised their 2022/23 Brazilian soybean production estimate, from 152.4 to 155.1 MMT, with forward sales of the crop at 44%, down from almost a 60% five year average.
Ukraine’s Ag Ministry reported cumulative grain exports through April 10 at 38.8 MMT, down from 45.3 MMT on the comparable date last year, and including 13.3 MMT of wheat, 22.8 MMT of corn, and 2.3 MMT of barley.
Mpls wheat +7
KC wheat +6
Chic wheat +1
Matif wheat closed today
Rapeseed closed today
Soybean oil +20