GRAIN MARKETING FOR PRODUCERS IN SOUTHWEST SASKATCHEWAN

Wheat Rallied Yesterday…

Wheat rallied yesterday on news the Iraq bought 50kmt HRW from the US Gulf and 50kmt HRS from the US PNW

Black Sea FOB values continue to keep a lid on prices for the time being

 

Wheat bounced to nearly a six week high overnight on fighting words from Russia’s Putin

Corn looks more than willing to follow, though, rising to its highest level since June with U.S. yield estimates falling.

Vladimir Putin wants to discuss reopening the Ukraine export deal, accusing Ukraine of sending most exports to the E.U. and not aiding poorer African countries.  Only two cargoes have come under the U.N. World Food Program.

South Korea’s MFG bought an estimated 135k tonnes of optional origin corn yesterday for December-January arrival; the country’s NOFI bought 55k tonnes of Australian feed wheat in a private deal at $349/tonne C&F.

Jordan bought 60k tonnes of wheat in an international tender at $347/tonne C&F, for late February shipment, and they are seeking another 120k for March-April that closes next Tuesday (9/13).

Chinese customs reported August soybean exports at 7.17 MM, down almost one quarter from last year’s 9.49 MMT, and the lowest Aug since 2014.

Private analysts IHS Markit (Informa) yesterday pegged 2022 U.S. corn yields at 171.6 bushels per acre, down from 176.9 bpa last month, with corn production at 14.040 billion bushels, 319 million below the USDA August figure.  Soybean yields fell by half a bushel this month to 51.3 bpa, with out put there at 4.471 bln bu, 60 million below the working government guess.

The USDA said they would review 2022 planted and harvested acreage estimates for corn and soybeans (along with other crops) prior to the September S&D Report, saying adjustment data was “sufficiently complete” already

The Rosario grains exchange yesterday reported its highest soybean trading volume since early 2017, after the government announced a preferential exchange rate to boost exports on Sunday.

 

Mpls wheat +21

KC wheat +28

Chic wheat +30

Matif wheat +9

Canola -3

Rapeseed +3

Soybeans +5

Soybean oil -53

Crude -280

Corn +6

CAD -28