Good afternoon.
We are closing a very difficult week, also from the point of view of the markets.
Our thoughts go out to the Ukrainian civilian population, which is suffering a lot at the moment.
We hope that this conflict will end immediately and that peace can soon be re-established.
Well, while we were evaluating tightening world stocks of grains and oilseeds, Russian forces invaded Ukraine late Wednesday night and shot the commodity markets higher.
The Russian invasion of Ukraine, indeed, could impact availability of up to 20% of world corn trade and 30% of wheat trade.
Thus, in the wee hours of Thursday morning, markets were pushed up, with the result of new highs in corn, soybeans, wheat, crude oil and some others prices.
However, after market had been building in risk premium for weeks, we have seen a big sell-off on Friday.
Indeed, the corn market was 5% to 5.1% weaker on the last trade day of the week.
Friday’s session dropped soybean prices by 3.8% to 4.3%.
Soymeal futures dropped $12.80 to $16.60/ton on the day.
Soy oil prices were also triple digits weaker after dropping 4% to 4.51% on Friday.
The wheat markets sank by their expanded limits ahead of the weekend with CBOT SRW was 83 cents (-8.9%!) weaker in the March.
May and July KC wheat futures also closed lock limit down following their limit gains Thursday.
March KC went home 76 1/4 cents in the red.
Spring wheat futures ended the day with 58 3/4 to 77 3/4 cent losses.
But, what’s happened really? Only time will tell.
Thus, let’s move on to our “Grain & Prices Weekly Report”.
This week was a crazy week for US farm markets.
Despite a 61 cent range for March on the week, corn prices closed just 0.8% above the last Friday close.
On the week, soybeans slipped 0.71% to close back below $16.
However this week the March contract has had a $1.79 ½ cent range.
Soybean meal pulled out only 0.09% gain this week.
Soy oil, meantime, was up 1.75% vs. last Friday.
The wheat complex had an even crazier week, as after posting limit up gains in some winter wheat contracts on Thursday, Friday saw expanded limit down losses.
Still, winter wheat contracts were sharply higher on the week, as CBOT and KC contracts posted gains, up 5.77% and 6.17% respectively.
MPLS, meantime, was down just 0.88% on the week.
Going inside the numbers, corn futures were up 0.5 cents to $6.60/bu.
Soybean futures were down $0.113 at $15.90/bu.
Soymeal rose by $0,4/smt at $448.30 smt.
Soy oil soared by $1.18 cents at $68.75.
CBOT soft red winter (SRW) futures gained 46 cents to close at $8.43/bu.
KCBT hard red winter (HRW) futures were up 51.5 cents to end at $8.87/bu.
MGE hard red spring (HRS) futures eased 0.085 cents to close at
$9.52/bu.
Meantime, as of February 24, 2022, US corn 3YC (Gulf) was at $317/mt (up $18/mt from last week).
US soybean 2Y (Gulf) quoted at $656/mt (up $25/mt from last week).
US wheat No 2 Hard Red Winter (HRW) was valued at $437/mt (up $54/mt from last week).
US wheat No 2 Soft Red Winter (SRW) was at $395/mt (up $49/mt from last week).
Northern Durum offers from the Great Lakes for April/May 2022 was valued at at $595/MT ($16.19/bu) (unchanged from prior week).
USDA’s National Ethanol report showed corn oil prices were another 294 points higher to between 72.75 and 75 cents/lb.
That compares to 71.82 to 73 cents seen regionally last week.
DDGS FOB prices were also higher, with NOLA quotes from $285 LW to $297 and PNW $12 higher to $310/ton.
Past week DDGS FOB export quotes were $275 – $285/ton in NOLA and $298 in the PNW.
Ethanol cash prices were between $2.13 MI to $2.25/gal IO.
Stronger compared to prior week when ranged between $1.96 NB to $2.14/gal EC.
Meanwhile gasoline futures ended the week at $2.7519, that was up from $2.6483/gal posted last week.
USDA’s weekly biofuels report showed B100 prices averaged $6.00/gal.
That was well above last week’s $5.70/gal average price.
USDA’s weekly Crush report showed the estimated processing value of soybeans was $19.56/bu on $15.95 cash beans.
That compared to $18.65/bu reported prior week on $16.08 beans.
In this context, corn basis bids were steady to weak after tilting 4 to 6 cents lower across three Midwestern locations on Friday.
Soybean basis bids were steady to mixed across the central U.S., falling as much as 5 cents lower at two Midwestern processors while trending 4 to 5 cents higher at two other locations.
As for wheat, basis this week was down for all wheat classes in both the Gulf and Pacific Northwest (PNW).
Wheat traders described events this week as uncertain and volatile.
High futures prices and low export demand has slowed purchasing by grain elevators.
In energy market, oil prices slipped Friday after sharp rises early in the session.
On Thursday, Russia’s invasion of Ukraine boosted prices above $100 a barrel for the first time since 2014, with Brent touching $105, before paring gains by the close of trade.
The April Brent crude futures contract fell $1.15, or 1.2%, to settle at $97.93 a barrel, after climbing as high as $101.99.
The more active May contract shed $1.30, or 1.4%, to $94.12.
U.S. West Texas Intermediate (WTI) crude fell $1.22, or 1.3%, to settle at $91.59 a barrel, after hitting a session high of $95.64.
For the week, Brent rose about 4.7%, while WTI was on track to rise about 0.6%.
Despite sanctions, Russia will not have its oil and gas flows specifically targeted by sanctions, a U.S. official said.
“As much as 2.3 million b/d of Russia’s 4.6 million b/d of crude oil exports go to the West”.
OPEC+ oil producers is showing no cracks so far, and the group is likely to stick to a planned output rise of 400,000 barrels a day in April despite crude topping $100 a barrel.
The alliance, which groups the Organization of the Petroleum Exporting Countries and producers including Russia, meets on Wednesday to make the decision.
In an indication of future U.S. supply, the number of oil-directed drilling rigs rose by 2 to 522 in the week to Feb. 25, data from oil services firm Baker Hughes showed on Friday.
Money managers cut their net long U.S. crude futures and options positions in the week to Feb. 22 by 21,204 contracts to 274,132, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
In the freight market, the Baltic Exchange’s dry bulk sea freight index extended losses on Friday, weighed down by lower rates for capesize and panamax vessels as markets assessed the impact of the Ukraine crisis.
The overall index, which factors in rates for capesize, panamax and supramax vessels, indeed, slipped 111 points to 2,076, but gained 5.7% for the week.
The capesize index fell 309 points, or 15.5%, to 1,691.
However for the week the index rose 16 points or 0.96%.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $2,560 to $14,026.
The panamax index eased 31 points, or 1.15%, to 2,658 on Friday, but posted for the week 283 points gains or by 1.91%.
Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, fell $282 to $23,922.
The supramax index gained 2 points to 2,417 on Friday, and went home with 92 points gains or by 3.96% for the week.
On week 8, freight rates did not change in the Azov-Black Sea region, Sea Lines shipbrokers report.
Currently, navigation in the Sea of Azov is suspended.
Prior to this, the rate for a 3K wheat parcel from Azov to Marmara Sea ports was $33 per ton.
According to Sea Lines, on week 8, freight rates for wheat parcels from Azov made $31 to the Black Sea, $33 to Marmara, $51 to Mersin and $54 t.
Freight rates from Rostov AB (after bridge) are $1 above, from Rostov BB (before bridge) the same, from Yeisk and Taganrog $1 below, and from Temryuk $3 below those from the port of Azov.
In the Caspian, freight rates demonstrated a downward trend.
On week 8, freight rates for shipping corn by 3,000 dwt bulkers to Iran make $26 from Aktau, $31 from Makhachkala, and $39 from Astrakhan.
In equities markets, U.S. stock indexes on Friday rallied moderately.
Stocks found support on a report from Interfax that said Russian President Putin is ready to authorize talks with Ukraine on a possible neutral status for the country.
The announcement came as the Russian military is closing in on the Ukrainian capital, Kyiv.
Stocks also garnered support by mostly better-than-expected U.S. economic data.
Particularly, Jan personal spending rose +2.1% m/m, stronger than expectations of +1.6% m/m and the biggest increase in 10 months.
Also, Jan personal income was unchanged m/m, stronger than expectations of -0.3% m/m.
In addition, Jan capital goods orders nondefense ex-aircraft & parts, a proxy for capital spending, rose +0.9% m/m, stronger than expectations of +0.3% m/m and the largest increase in 4 months.
Finally, the University of Michigan U.S. Feb consumer sentiment was revised upward by +1.1 to 62.8, stronger than expectations of no change at 61.7.
On the negative side, Jan pending home sales unexpectedly fell -5.7% m/m, weaker than expectations of +0.2% m/m and the largest decline in 11 months.
Meantime, the Fed released its semiannual report to Congress, and said “it will soon be appropriate to raise the target range for the federal funds rate,” citing inflation well above the 2% target and a “strong” labor market.
Thus, the MSCI World Index closed up 2.43%; for the week it was down 0.7%.
The Dow Jones Industrial Average rose 834.92 points, or 2.51%, to 34,058.75, after closing 0.28% higher on Thursday and registered its biggest daily percentage gain since November 2020.
The S&P 500 gained 95.95 points, or 2.24%, to 4,384.65 after rising 1.5% the previous day.
The Nasdaq Composite added 221.04 points, or 1.64%, to 13,694.62, after rallying 3.3% on Thursday.
For the week, the Dow was down 0.1%, the S&P 500 was up 0.8% and the Nasdaq was up 1.1%.
Russia’s main stock index closed up 20% on after Thursday’s record 33% drop.
Gains pared somewhat in after-hours trading with the index last, up around 15%.
The dollar index on Friday fell -0.499 (-0.51%) to close at 96.619.
However for the week, gained 0.597 points or 0.62%.
On the weather side, dry weather in both the Plains states and PNW are increasingly a concern as winter transitions into spring.
Weather in wheat growing areas was dry this week with only a small pocket of northwestern Texas and southeastern Oklahoma receiving rain.
Soils in the rest of those states remain extremely dry.
Soil moisture also degraded in parts of Kansas and southern Nebraska.
Snowfall in south-central and western Montana improved conditions there.
In the PNW, precipitation was 25 percent below the average in some areas for the time of year.
Dry conditions along the Snake River in Idaho have degraded conditions there to severe drought.
Meantime, the National Agriculture Statistics Service (NASS) released state-based Field Crops Report this week.
In Kansas, the report rated winter wheat conditions as 26% good to excellent, 64% fair to poor, and 10% very poor.
The report noted that as of Feb. 20, topsoil moisture in the state was 45% very short, 34% short, and 20% adequate.
In Oklahoma 9% of winter wheat was reported in good to excellent condition while 54% was in fair to poor condition and 37% rated very poor.
Almost the entire state of Oklahoma, 98%, was abnormally dry while 88% of the state was rated in moderate to exceptional drought.
In Nebraska winter wheat conditions were 36% good to excellent and 46% fair.
In Texas, conditions were rated 52% very poor due to dry weather.
Also, USDA held their annual Agricultural Outlook Forum this week.
For 2022, their early acreage estimates include:
Corn: 92 million acres;
Soybean: 88 million acres;
Wheat: 48 million acres.
As we know, these are not survey-based estimates—those will come March 31.
These are based on economic models historically used by USDA, likely as of prices a couple months ago.
However it’s interesting that there isn’t much of a change from last year.
Meantime, very little rain or snow is expected in the Midwest or Plains until Tuesday, although the Mid-South will see some moderate moisture during this time, per the latest 72-hour cumulative precipitation map from NOAA.
The agency’s 8-to-14-day outlook predicts seasonally cool weather creeping back into the Northern Plains between March 4 and March 10, with widespread wetter-than-normal conditions likely for the entire central U.S..
On the demand side, weekly EIA data tallied ethanol production up another 15,000 barrels per day to 1.024 million.
That increase in output assisted in raising stocks by 24,000 barrels to 25.507 million.
The delayed Export Sales report on Friday showed 1.04 MMT of old crop corn was sold for export.
That was a 3-week high led by sales to Japan.
Corn exports from the week were seen at a MY high – and the most since May last year, at 1.886 MMT.
That left the MYTD export program at 24.22 MMT.
New crop forward sales were 117k MT, pushing the book to 1.683 MMT – up 37% from forward sales at the same point last season.
As for soybean, the report showed 1.232 MMT of soybeans were booked during the week that ended 2/17.
That was above the top end of the expected range with 239k MT previously announced.
For new crop sales, USDA announced 866,500 MT were sold – which was just above the expected range and included 311k MT of previously announced business.
Shipments were seen at 1.26 MMT for the week that ended 2/17. China was the top destination for the week with 393k MT.
As for soymeal, USDA’s FAS reported soymeal bookings were 231.9k MT during the week that ended 2/17.
That was in-line with estimates.
For soybean oil, weekly export sales were 35.47k MT.
That was a 9-week high and at the top end of pre-report estimates.
As for wheat, data showed 516,926 MT of wheat was booked during the week that ended 2/17.
That was above the range of expectations and was a 4-week high. Mexico was the week’s top buyer.
For new crop business, USDA reported 169,218 MT were sold.
That was a MY high for forward sales and left the forward book at 547.6k MT.
That is still 35% below last year’s pace.
Accumulated wheat exports reached 1.78 MMT as of 2/17.
That still 20% below last year.
Meantime, on Friday USDA flashed some large private export sales, as China booked 334k MT of new crop and unknown destinations booked 285k MT (159k old and 126k MT new crop).
On the other hand, CFTC data released after the close reflected a 354,436 contract net long spec fund position as of the 2/22 settle.
That came as 25,286 newly bought contracts met 3,636 fewer shorts compared to last week.
On the commercial side, CFTC showed a 61,517 contract lighter OI wk/wk.
Mainly via long liquidation that extended the commercial net short by 35.5k contracts to the most since May at 702,628.
As for soybean, the report showed soybean spec traders were net buyers of beans through the week that ended 2/22.
That left the group 4,962 contracts more net long to 180,334 contracts – a 60 week high.
Commercial soybean traders reduced OI by 38,400 contracts – mostly via long liquidation.
That extended the commercial net short by 8,332 contracts to 315,154 contracts – the most since December of 2020.
For the products, data showed a 90,417 contract net long for meal spec traders.
That was 1,247 contracts stronger wk/wk and the group’s strongest net long since June of 2018.
For soy oil, the funds were net buyers through the week that ended 2/22 pushing their net long by 8,819 contracts to 79,200.
As for wheat, the report showed managed money firms were still 18,053 contracts net short in SRW futures and options as of 2/22.
That was a 16,605 contract weaker net short.
In the Kansas City wheat, managed money was shown 40,780 contracts net long in wheat futures and options.
That was a 4,730 contract increase form the week prior.
Spring wheat specs were 1,715 contracts more net long wk/wk at the settle on 2/22, with a 6,983 contract net long position.
In Canada, as of February 22, 2022, Canadian wheat prices for FOB delivery West Coast were (Cdn$/mt):
– for the N1 class CWRS 13.5% – $515.71 per tonne, up C$10.27/t from prior week;
– for the N2 class CWRS 13.0% – $503.07/t, up C$5.58 wow;
– for the N3 CWRS – $504.47/t, up C$22.41 from prior week.
As of February 22, 2022, for the N1 CWAD 13% (durum wheat first class) deferred average prices for delivery in April-May ’22 were at C$551.16 unchanged week on week.
Meanwhile, export basis West Coast & Central SK eased from C$ 256.80 to 207.19 per tonne, as delivered FOB price Great Lakes was posted at C$ 758.35, down C$49.41 from prior week.
Meanwhile, as of February 22, 2022, durum wheat (CWAD) FOB price delivered in St. Lawrence, was valued at C$819.84 per tonne, down C$5.79 from prior week.
As of February 25, 2022, for the N1 CWAD 13% (durum wheat first class), average street prices in REGIONAL ZONES were at C$570.61 per tonne, down C$5.59 from prior week.
(1USD=Cnd$1.2810).
In South America, as of February 24, 2022 – Argentina Wheat Grade 2 export price, (Up River) was at $365 310, up $55 from prior week.
Argentina corn feed was up $11/t for the week, closing at $299.
Brazilian corn feed (Paranagua) was valued at $323, up $18 from prior week.
Argentina feed barley, was unchanged at $315.
Argentina soybean was up $27 at $676.
Brazilian soybean rose $33 finishing the week at $671.
Despite higher wheat production in 2021/22, export caps may prevent farmers in Argentina from taking advantage of higher wheat prices said Gustavo Idigoras, head of the CIARA-CEC, a grain processer and exporter professional organization.
Idigoras said farmers had committed 15.5 MMT to export of the 22.1 MMT harvested and another 6 MMT is needed for domestic use.
In Europe, Euronext milling wheat futures soared to a contract high on Thursday rising € 57/MT before falling slightly.
The March contract ended the trading period up € 48/MT from the day before at $355/MT.
However, by Friday Euronext wheat futures fell sharply shedding 8% from their Thursday high.
Thus, the wheat contract rose 18.25 euros for the week, closing to 290.00 euros per tonne.
That represent a weekly gain of 6.71%.
Corn prices soared 35.25 euros for the week, to close at 289.25 euros per tonne, bouncing 13.87% for the week.
In rapeseed, May futures closed this week at 727€/t, up €23.25/t.
That was a 3.3% gain week on week.
March-22 UK feed wheat futures, rose £7 from prior week, closing at £229.5/t.
Meantime, as of February 24, 2022, FOB prices in US dollar for French wheat with 11.5% protein and March delivery, were at $363/mt, up $52 from prior week.
French durum wheat, FOB Port la Nouvelle was not quoted for the fifth consecutive week.
French durum wheat – basis La Pallice, was at $425.26/mt, down $29.14 from prior week.
Spanish durum wheat Sevilla (DepSilo), was at $581.93/mt, down $20.15 from prior week.
Italian durum wheat Bologna (Delivered to first customer), was valued this week at $574.10 per tonne down $18.9 from past week.
German wheat (Depsilo) with 12.5 pro was at $314.46/mt, up $2.07 from last week.
Baltic wheat (Delivery First) quoted this week at $292.08, down $16.91 from past week.
Corn delivered Bordeaux Spot – July 2021 basis was at $314.47 per tonne, up $29.33 from prior week.
FOB Rhin Spot – July 2021 basis was at $325.66 per tonne, up $30.3 week on week.
Feed barley delivered Rouen – July 2021 basis was at 355.87$/t, up $74.14.
Malting barley FOB Creil Spot – July 2021 basis was at $380.49 per tonne, down $0.1/t from prior week.
Rapessed FOB Moselle Spot – Flat – 2021 harvest was at 872.9$/ton, up $61.8 compared to prior week.
Standard sunseed delivered St Nazaire Spot – Flat – 2021 harvest was up 34.45 $ from prior week at $727.42 per tonne.
(Eur/USD = 1.1191 vs last week 1.1360).
From the Black Sea basin, Russian wheat export prices fell for a sixth consecutive week last week.
Indeed, according to IKAR, Russian wheat with 12.5% protein content, loading from Black Sea ports for supply in late Feb-early March stood at $312 a tonne free on board (FOB) last week, down $6 from the previous week.
According to SovEcon wheat export prices and barley were down $3 to $313 a tonne and $295 a tonne, respectively.
Domestic 3rd class wheat, European part of Russia, excluded delivery was at 14,825 roubles/t, down 225 rbls ($193.18 vs $196.00 prior week) (Sovecon);
Sunflower seeds were at 37,000 rbls/t, down 375 rbls (Sovecon);
Domestic sunflower oil was unchanged to 89,500 rbls/t (Sovecon);
Export sunflower oil was at $1,420/t, up $35 (Sovecon);
Export sunflower oil was at $1,415/t, up $40 (IKAR);
Soybeans were at 43,850 rbls/t, down 200 rbls (Sovecon);
White sugar, Russia’s south , was at $646.9/t, down $15.6 (IKAR).
($1 = 76.7425 roubles – as of February 21, 2022).
Meantime, Russian Ag. Min has amended the export tax for wheat, barley and corn for the week of March 3 – 9, 2022.
Particularly, the export duty will be $88.2 on wheat, $72.3 on barley and $52.7 on corn.
Indicative prices will be $326.1 for wheat, $288.4 for barley and $260.3 for corn.
That is compared, with prior week (Feb 24- March 2) when the tax was $91 for wheat, $73.3 for barley and $52.2 for corn, while indicative price were $330.1 for wheat, $289.8 for barley and $259.6 for corn.
In Ukraine, as of February 23, 2022, Ukraine wheat prices were at $295/t, down $4 from prior week.
Corn price was at $294 per tonne, up $5/t week on week.
Barley was valued at 297 $/t, unchanged from last week.
As we know, after weeks of tension Russia invaded Ukraine Thursday.
Reuters reported that Ukraine’s military suspended commercial shipping while Russian ports in the Black Sea remained open for navigation according to government officials and grain industry sources.
Russia closed the Sea of Azov to commercial vessels until further notice.
The Sea of Azov connects to the Black Sea via a narrow straight with Ukraine on the west and Russia on the east.
From the Middle Kingdom, China’s soymeal prices rallied to a record high on Thursday even as the government plans to release soybeans from reserves amid worries over tight supplies in the market.
China’s soymeal futures prices DSMcv1 rose 3.6% to hit 4,006 yuan ($634.10) per tonne, up 10% since the Lunar New Year holiday.
China said this week it would release some soybeans from state reserves to boost supplies but did not give details of volumes.
Soymeal cash prices in Rizhao in Shandong province, a main processing hub in eastern China, rallied to 4,400 yuan per tonne, up 250 yuan just this week, and the highest in almost nine years.
($1 = 6.3176 Chinese yuan renminbi).
From Australia, indicative delivered prices in Australian dollars per tonne were:
Barley Downs: $292 up $4 from Feb 17;
SFW wheat Downs: $313, up $13 from Feb 17;
Sorghum Downs: $286, down $12 from Feb 17;
Barley Melbourne: $325, up $3 from Feb 17;
ASW wheat Melbourne: $360 down $5 from Feb 17.
SFW wheat Melbourne: $355 up $15 from Feb 17.
(AUD/USD=> US$0.7162).
On the international trade scene, Taiwan’s MFIG purchasing group rejected all offers and made no purchase in an international tender for up to 65,000 tonnes of animal feed corn which closed on Friday.
Prices were regarded as too high after the surge in grain markets on Thursday.
The lowest price offered in the tender was for U.S.-origin corn at a premium of 341.00 U.S. cents over the Chicago September 2022 corn contract CU2, believed to have been submitted by trading house Amaggi.
In its last tender on Feb. 10, MFIG bought 65,000 tonnes of corn from Argentina at a premium of 253.42 U.S. cents a bushel c&f over the Chicago July 2022 corn contract CN2.
U.S. corn dominated Friday’s tender, with eight companies including Amaggi each offering 65,000 tonnes.
Three offers of each 65,000 tonnes for Argentine corn were reported, the lowest estimated at 349.13 U.S. cents over Chicago September, believed to have been submitted by trading house Pan Ocean.
No offers for Brazilian or South African corn were reported in the tender.
MFIG had sought shipment between May 1 and May 20 if the corn was sourced from the U.S. Gulf, Brazil or Argentina.
If sourced from the U.S. Pacific Northwest coast or South Africa, shipment was sought between May 16 and June 4.
Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), cancelled its international purchasing tender on Thursday because of a lack of offers.
GASC received only one offer at $399 a tonne for 60,000 tonnes of French wheat on a free-on-board (FOB) basis.
The offer was presented by Viterra at $399 FOB plus $49.55 freight from NNC. Total of $448.55 C&F.
The cancellation came in accordance to a tender book law that requires at least two offers to be presented for a purchase to be made, GASC said.
The state grains buyer was seeking an unspecified quantity of wheat for shipment April 11–21.
In its last tender on Feb. 17, GASC bought 180,000 tonnes of Romanian wheat all at $318 a tonne fob or $338.55 a tonne c&f which includes ocean shipping costs.
Turkey’s state grain board TMO provisionally bought about 6,000 tonnes of crude sunflower oil in an international tender to purchase and import the same volume, traders said. It was said to have been purchased at an estimated $1,474.90 a tonne c&f from trading house Prime.
Bangladesh’s state grains buyer purchased about 50,000 tonnes of milling wheat in an international tender which closed on Feb. 14, officials said in Bangladesh.
Traders said the purchase was made at an estimated $390.92 a tonne CIF liner out from trading house Agrocorp for optional-origin supplies.
Jordan’s state grain buyer is believed to have made no purchase in an international tender to buy 120,000 tonnes of milling wheat which closed on Wednesday.
The only two participants were believed to be CHS and Ameropa.
Envelopes with price offers were not opened, traders said.
A new tender was issued for March 2.
Iranian state-owned animal feed importer SLAL issued international tenders to purchase up to 60,000 tonnes of animal feed barley and 60,000 tonnes of soymeal.
The deadline for submission of price offers in the tender was Feb. 23, and offers were being considered.
A group of importers in Thailand issued an international tender to purchase up to 294,600 tonnes of animal feed wheat.
Offers have been submitted and were being considered.
The wheat can be sourced from any optional origins worldwide except Pakistan.
Jordan’s state grains buyer issued an international tender to purchase 120,000 tonnes of animal feed barley.
The deadline for submission of price offers in the tender is March 1.
Turkey’s state grain board TMO issued an international tender to purchase about 435,000 tonnes of milling wheat.
The deadline for submission of price offers in the wheat tender is March 2.
South Korea’s state-backed Agro-Fisheries & Food Trade Corp issued an international tender to purchase an estimated 72,200 tonnes of rice to be sourced from the United States and Vietnam.
The deadline for registration to participate in the tender was Feb. 25.
Watching next week market, we will get back to a normal weekly schedule, with no holidays.
Cattle traders will begin the week by adjusting any positions following Friday’s Cattle on Feed report.
Monday morning the USDA will release the Export Inspections, with NASS putting out the Annual Cold Storage report, tweaking any monthly numbers from the past 12 months.
Also, Monday will also have February live cattle futures expiring, along with first notice day on the grains.
On Tuesday, the USDA will also release the monthly Grain Crushing, Fats & Oils, and Cotton Systems with the January data.
Skip ahead to Wednesday and EIA will release the weekly ethanol production and stocks report.
On Thursday morning, FAS will put out the Export Sales report.
Make love … not war …
That’s all.
To all of you I wish you a good weekend.
Author: Sandro F. Puglisi
