Wheat markets rallied on Friday over concerns the conflict in Ukraine waged by Russia could flare as reports of Russian missiles in Romanian airspace started doing the rounds. This coupled with dry conditions in Russia’s south and nervous wheat shorts without CFTC data the past couple of weeks sent US and Matif markets up considerably.
Importers from the Philippines bought around 110k tonnes of feed wheat in an international tender closing Friday, at $332-335 per tonne C&F for June- July; most was expected from Australia, though the U.S. was also rumored.
Algeria wound up buying as much as 500k tonnes of wheat in their tender last week, with prices ranging from $329-338/tonne C&F for March-April.
Brazilian consultancy AgRural estimated the country’s 2022/23 soybean harvest at 17% complete through last Thursday, down from 24% last year.
China’s government has issued their rural policy document for 2023, and it included a new round of efforts to raise grain and oilseed production, reduce soybean meal in animal feed rations, and increase minimum purchase prices for domestic wheat, along with plenty other measures.
Ukraine’s Ag Ministry reported cumulative grain exports since July 1 at 29.2 MMT, down almost 29% from last year’s pace, and including 10.4 MMT of wheat, 16.7 MMT of corn, and 1.9 MMT of barley. Total grain exports during Feb 1-13 reached 2.2 MMT, down from 2.4 MMT over the same span LY.
British customs data on Friday showed December wheat imports at 155k tonnes, up from 68k tonnes in November and the highest so far this marketing year; cumulative imports since July 1 stand at 708k tonnes, still down from 1.08 MMT over the same span last season. Canada was their largest wheat supplier in December at 97k tonnes, with cumulative imports from Canada at 288k tonnes. Total British wheat exports in Dec came in at 144k tonnes, leaving the cumulative number there at 576k tonnes, up from 240k last year.
Mpls wheat -7
KC wheat -12
Chic wheat -10
Matif wheat -2
Soybean oil -70