Wheat markets had a disappointing close even though they were 20 cents higher during the overnight session as we saw accelerated buying after news that the Russian controlled Nova Kakhovka dam was destroyed leading to sever flooding. Later the market seemed to shrug off the new escalation as Funds too the opportunity to sell into the rally as there are no change in fundamentals
Algeria is seeking up to 140k tonnes of optional origin corn for July-Aug shipment, as well as 35k tonnes of meal for July 1-15, all closing tomorrow.
Taiwan millers are seeking 56k tonnes of U.S. milling wheat for July-Aug.
Egypt purchased 55kmt of Russian milling wheat at USD 229 FOB while all other Russian offers were offered at USD 240, the “new” floor level.
Russian news reported that Black Sea grain export deal talks will be held in Geneva on Friday, including officials from the United Nations.
Chinese customs data reported a record 12.02 MMT of soybean imports in May, up 24% from last year and up from 7.26 MMT in April. The previous record for any month was 11.2 MMT in June 2020, though some traders are seeing another potential record month in June. Cumulative Jan-May soybean imports stand at 42.31 MMT, up 11.2% from last year’s pace.
Brazilian exporting association Anec is estimating June soybean exports at 13.11 MMT, up from 9.95 MMT last year, with corn at 1.66 MMT, up from 1.5 MMT a year ago. Soybean meal exports are seen at 2.227 MMT this month, up from 2.16 MMT in the same month last season.
European Commission data showed cumulative soft wheat exports since July 1 at 28.88 MMT, up 11% from last year’s 25.93 MMT pace; corn imports of 24.61 MMT are up 60% from last year’s 15.35 MMT pace through June 4, with soybean imports of 12.03 MMT down 11.5% from 13.6 MMT LY.
Mpls wheat -3
KC wheat -3
Chic wheat +1
Matif wheat +1
Soybean oil -14