US futures markets were closed yesterday, for the Thanksgiving holiday.
European and Canadian markets moved little.
Unsurprisingly, Egypt bought only 175 000 t of wheat, sourced from Russia at ~US$275/t C&F (including GASC costings, a bit under ten bucks implied).
There was one French offer in the mix, about ten dollars out of the money – pretty much as expected with the recent weakness in Black Sea markets.
Considering the small volume purchased, it is likely to see the first world importer coming back soon on the market.
Elsewhere, South Korea and Taiwan bought respectively 80 000 t and 82 000 t of milling wheat all sourced from USA.
The European Commission said that the wheat production in the EU for 2020 amounted to 115.8 Mt and sees the exports to third countries to 24 Mt, unchanged from last month.
The corn production is also left unchanged while the imports are lowered from 22 Mt seen last month to 21 Mt.
Barley and rapeseed productions are estimated at respectively 54.2 Mt and 15.9 Mt.
IGC on its side has cut its world production estimation of corn to 1.146 billion t, i.e. -10 Mt less than last month.
The body sees the US output at 368.5 Mt, an equivalent level as USDA.
The world wheat production has been revised up by +1 Mt at 765 Mt.
Brazilian Ag. estimates soybean production for Brazil at 133.2 Mt and maize production at 108.8 Mt.
These estimates are lower than the government’s prediction for soybeans but higher for maize.
In India, the authorities cut the import tax for the palm from 37.5% to 27.5%. This is bringing some support to the Kuala Lumpur market.
This morning the Dollar is dealing slightly lower at 1.1925 vs. Euro and 75.60 vs. Rouble.
The crude oil is steady at 44.80 $/b on the WTI.
Australian harvest continues to push along with impressive wheat yields coming across the east coast.
Local markets were off $3-4/t yesterday on wheat after the global break, with canola and barley seeing limited change.
NSW receival sites are continuing to fill up quickly with the large volumes coming in and the focus is shifting more towards the export program execution.
Aussie wheat remains competitive into ASEAN homes, despite the recent (small) weakness in the Black Sea region markets, and it’s mostly a question of how capacity flows will work.
Australia weather maps remain mild thr ough the next week, and should see a good share of harvest finish up.
