GRAIN MARKETING FOR PRODUCERS IN SOUTHWEST SASKATCHEWAN

While The Fund Selling On US Wheat Futures Resumed…

 

While the fund selling on US wheat futures resumed in the absence of further Russian attacks on the Danube, Matif settled slightly firmer for the day.

For the day on September contract Chicago closed -8.50c, Kansas -2.00c, Minneapolis -9.75c and Matif +€2.75.

Sovecon reported overnight Russia is set to harvest its 2nd largest wheat crop on record at 92.1MMT.  Despite this Russia is still pushing a higher price floor which was seen in the recent GASC tender where Egypt looked to push back by only booking 1 cargo from Romania and seemingly making a point they will not accept the price floor.

 

Corn and wheat are still lingering near lows with soybeans strong again this morning and retesting Monday’s high

“Pro” Farmer estimates disappointed as expected yesterday in Iowa and Minnesota, but still showed a crop disaster generally averted.  Filling out those soybean pods remains the major question amid a hot and dry stretch to end the month of Aug.

Japan bought 91k tonnes of milling wheat in their regular weekly tender as scheduled, including 25k from the U.S. and 66k from Canada.

Taiwan bought 104k tonnes of U.S. milling wheat this morning, of various types, ranging from $310-392/tonne C&F for Oct-Nov shipment.

Bulgaria, Hungary, Poland, Romania, and Slovakia are seeking to extended an E.U. ban on Ukrainian grain imports through the end of the calendar year; the measure still allows transit of UKR cargoes for export elsewhere,

Ukraine’s Ag Ministry reported the end of the 2023 wheat harvest at 21.94 MMT, from 4.6 million hectares (11.4 mln acres), for an average yield at 4.72 tonnes per hectare (70.2 bushels per acre).  The Ministry had the crop pegged at 20.9 MMT earlier this month. 28.8 MMT of total grain has been harvested, including 5.8 MMT of barley.  Total grain production is estimated at 56.4 MMT in 2023, up from 55.3 MMT in 2022.

The European Commission yesterday cut their 2023/24 soft wheat production estimate from 126.4 to 126.1 million tonnes, with exports steady at 32 MMT this month while ending stocks fell from 17.4 to 16.3 MMT.  E.U. corn production fell from 63.0 to 61.7 MMT, with imports steady at 17 MMT.

Day four of the Pro Farmer Crop Tour estimated Iowa corn yields at 182.8 bushels per acre, down from 183.8 bpa last year and the 184.1 bpa three year average; soybean pod counts averaged 1,190, up from 1,174 last year and the 1,180-pod 3YA.  Minnesota corn yields came in at 181.3 bpa, down from 190.4 bpa last year and the 187.6 bpa 3YA figure; soybean pod counts aver-aged 984, down from 1,101 last season and the 1,071-pod 3YA count.

 

Mpls wheat +7

KC wheat +7

Chic wheat +3

Matif wheat -1

Canola +4

Rapeseed -1

Soybeans +9

Soybean oil +129

Crude +94

Corn +0

CAD -10