Wheat futures managed a double digit higher close after 4 consecutive lower closes to finish the week down -34/c on the Chic December contract.
In tender news, GASC booked 280k of MW with most to be shipped from Russia at an average price of USD362.50/mt for Dec shipment.
South Korea’s MFG booked 55k of Aussie FW at a price of 354.70/mt CFR Korea for Mar/Apr shipment.
The grains are cutting losses a bit this morning but still mostly trading safely lower to start out the work week, and the USD switch set to “headwinds” so far today after its largest two session loss in 13 years Thurs / Friday.
We’re into a thin fundamental stretch for the grains here with export paces the key driver.
Solid soybean crush numbers are expected to continue in tomorrow’s NOPA report
Saudi Arabia said thy bought just over a million tonnes of wheat in an international tender this morning, at an average price of $382.56 per tonne C&F for April through June shipment.
The Kremlin this morning said talks with the U.S. regarding the continuation of the Black Sea grain export deal were “fairly constructive”, with the November 19 deadline approaching, though no deal has yet been reached.
Russia’s Economic Ministry said they’d support a deal to increase their grain export quota from Feb 15 to June 30 to 25.5 MMT.
SovEcon estimated November Russian grain exports at 4.9 MMT, up from 4.7 MMT in October, with wheat at 4.4 MMT versus 4.3 MMT last month.
FranceAgriMer reported the French soft wheat planting campaign at 92% complete with winter barley 97% done, with emergence of both crops running about a week ahead of last year (at 76% and 88%, respectively). The country’s corn harvest is complete, around 18 days ahead of the five-year harvest pace after crop conditions ended at their lowest dating back to 2011.
India’s farm ministry reported wheat planting at 4.5 million hectares (11.1 mln acres) since the current season began on October 1, up almost 10% from last year’s pace, with rapeseed planting progress also well ahead of last year.
Mpls wheat +10
KC wheat +7
Chic wheat -3
Matif wheat -2
Canola ++2
Rapeseed -3
Soybeans -5
Soybean oil -77
Crude -126
Corn -4
CAD -19