Wheat futures have dropped to lowest level since Sep 2021. Most of the drop due to lower demand for US exports and lower Russia export prices.
Turkey bought Russia wheat near $285 fob.
Wheat futures are oversold with Managed funds short 100,000 contracts.
Canola recovered higher overnight after a weaker day yesterday in sympathy with losses in the soybean complex and Euronext rapeseed, especially after canola held independent strength on Monday on rumors that China had bought at least one cargo of canola.
Taiwan bought 50k tonnes of U.S. milling wheat, of various types for April-May shipment from the PNW, at $306-368/tonne C&F.
Thailand importers bought 30k tonnes of feed wheat from Australia, at $336 per tonne C&F for May shipment.
Ukraine continues to appeal to the United Nations and Turkey to start negotiations on extending the grain export agreement; the country’s grain traders union today asked the government to provide transparent rules on how cargo ships should line up before loading at Black Sea ports.
Ukraine’s Ag Min reported Feb grain exports at 5.2 MMT, up from 5.05 MM last year; exports since July 1 stand at 32.3 MMT, now 26% behind LY.
Algeria’s President said the country “must double” wheat production by raising yields by 50%; they produced 3.5 MMT in 2022, and import around 9 MMT per season at an estimated cost of $2.8 billion.
European Commission data showed cumulative soft wheat exports since July 1 at 20.47 MMT, up from 19.10 MMT over the same span last year; ‘22/23 corn imports stand at 17.95 MMT, up from 11.18 MMT last season.
Brazilian grain association Anec yesterday estimated February soybean exports at 7.77 MMT, down from 8.3 MMT seen last week; corn exports of 1.949 MMT are down from last week’s 1.99 MMT estimate, with wheat down from 670k tonnes last week to 549k tonnes this week.
Mpls wheat +1
KC wheat +0
Chic wheat +0
Matif wheat -4
Canola +6
Rapeseed +3
Soybeans +8
Soybean oil +59
Crude -34
Corn -1
CAD -1