Good morning Farmer Family …
US farm markets were mixed but mostly higher on Friday.
The corn market was back and forth, with Dec printing a 13 cent range for the day.
However, prices were only 0.04% down on the day.
Soybeans failed to follow suit, trending more then 0.2% lower by the close.
Meal prices led the way down, closing 1.13% weaker.
Bean oil prices, in contrast, closed with 2.8% gains, on the day.
The wheat complex fared the best, trading double digits higher.
Particularly, SRW wheat prices ended with 1.75% gains.
KC wheat prices bounced 0.97% higher.
Spring wheats were also up by 1.08%.
For the week, corn prices rallied sharply on Monday following the USDA reports.
Then they spent the rest of the week giving back early gains, with December contract that closed down 1.1% week on week.
Soybean prices also rallied on Monday (more than 70 cents per bushel), but differently by corn, they held on to 2.6% gains for the week, in spite some profit taking eroded the earlier advance.
Meal was up 3.6% for the week, and soy oil rose 3%.
Wheat markets were mixed during the week.
Chicago SRW December contracts were down 1.1%, tracking corn closely.
Meanwhile, KC wheat prices were 0.7% stronger Friday to Friday.
Minneapolis wheat prices fared still better gaining 1.2% on the week.
Going inside the numbers, corn prices closed down $0.077 at $6.77/bu for the week.
Soybean prices finished the week $0.362 firmer at 14.49/bu.
Soymeal gained $14.8/smt, closing at $429.60 smt.
Soy oil, has lifted by $1.98, to close at $68.66.
CBOT soft red winter (SRW) prices eased $0.098 to close at $8.60/bu.
KCBT hard red winter (HRW) prices rose $0.060, ending at $9.35/bu.
MGE hard red spring (HRS) prices gained $0.112 to close at $9.39/bu.
Meantime, corn basis bids were mostly steady to weak across the central U.S. after trending 3 to 35 cents lower at seven Midwestern locations on Friday.
An Illinois river terminal had bucked the overall trend after inching 2 cents higher.
Soybean basis bids fell 10 to 30 cents lower at three Midwestern processors and dropped 17 cents at an Ohio elevator while holding steady elsewhere across the central U.S..
As for wheat, basis was mixed in both the Gulf and Pacific Northwest (PNW) this week.
In the Gulf, HRS basis rallied while SRW and HRW basis was down slightly.
In the PNW, HRW basis was down while HRS basis was flat in the nearby.
Soft white prices were also flat.
Basis momentum was relieved by the last-minute agreement between U.S. railroads and union leaders.
The dollar’s rally this week has coupled with slow farmer engagement to make U.S. wheat expensive subsequently curbing export demand.
After four weeks of absence, USDA’s Foreign Agricultural Service (FAS) resumed their weekly commercial sales publications this week.
Particularly, USDA reported 583k MT of corn was sold during the week that ended 9/15.
That was within the range of estimates.
The 21/22 MY finished, with USDA’s weekly data showing 59.764 MMT for the season’s export.
The new crop’s export program has 463k MT shipped through 9/15.
New crop corn export sales commitments are 12.4 MMT (~488 million bushels) smaller than commitments at the same point a year ago and the lightest since 2019.
As for soybean, USDA reported soybean sales from the week that ended 9/8 were 842,989 MT.
That set the outstanding book as 24.858 MMT.
The weekly data suggested that 57.188 MMT of soybeans were shipped during the 21/22 season.
New crop has 422,510 MT shipped through the first week and day.
New crop commitments are about 2.5 MMT above year ago
Net U.S. wheat commercial sales for delivery in 2022/23 were 217,300 metric tons (MT), in line with trade expectations of 200,000 MT to 550,000 MT.
Year-to-date 2022/23 commercial sales total 10.2 million metric tons (MMT), a 1.4 MMT increase since USDA halted commercial sales reports on August 18.
USDA expects 2022/23 U.S. wheat exports to total 22.45 MMT.
Meantime, EIA reported ethanol production during the week that ended 9/9 averaged 963k barrels per day.
That was down from 989k bpd last week and was a 22wk low.
Ethanol stocks shrank 295k barrels to 22.843 million – a 12 wk low.
NOPA members reported 165.54 mbu of soybeans were processed during August.
That was down from 170.22 in July and was just below the average trade guess.
August ’21’s crush was 158.84 mbu from NOPA members.
The full season crush was 2.074 bbu from NOPA members and at least 2.194 bbu nationally (with non-NOPA members’ August crush yet confirmed by NASS).
The weekly Commitment of Traders report showed on Friday managed money spec funds in corn to add 14,164 contracts to their net long in the week ending September 13.
That left the managed money net long position at 240,643 contracts,, a little over 1.2 billion bushels.
Commercial corn traders added 5,271 contracts of new short hedges but weakened their net short 1.6k contracts to 154.9k.
As for soybean, the report showed soybean spec traders were net buyers during the week that ended 9/13.
That increased their net long 12,498 contracts (12.5%) to 112,127 contracts.
Commercial soybean hedgers increased their open interest 41,317 contracts (7%) during the week.
That extended their net short by 6.8k contracts to 140,469.
As for products, the CFTC reported meal specs as 87,714 contracts net long on 9/13, a 6,093 contract stronger net long via net new buying on top of short covering.
The funds were also closing bean oil shorts and adding bean oil longs through the week for an 11,288 contract stronger net long of 55,270 contracts – a 14-wk high.
As for wheat, CFTC data had SRW spec traders at 20,386 contracts net short on Tuesday evening.
That was 1,045 contracts less bearish than the previous week.
For KC wheat, the specs were 16,992 contracts net long, a build of 5,905 contracts in a week after extensive unwinding of their big long from 46,000+ back in May.
The funds were shown 151 contracts net short in MPLS wheat, an 887 contract weaker net short through the week.
This week was mostly dry in the High Plains states, while hot temperatures across North and South Dakota accelerated soil moisture depletion.
Kansas, Nebraska, and eastern Wyoming recorded temperatures near, to slightly below, normal.
Oklahoma recorded 90-day rain deficits of 3-7 inches, degrading conditions across the state.
Montana and Idaho, affected by short and long-term dryness and declining soil moisture, recorded an increase in drought conditions.
Most areas north of I-70 will see at least some measurable moisture between today and Tuesday, with some places set to gather as much as 1” or more during this time, according to NOAA.
The agency’s new outlook predicts seasonally dry conditions for most of the Corn Belt between September 23 and September 29, with warmer-than-normal conditions likely for the Plains, Mid-South and Southeast during that time.
Weekly crops progress report by NASS found as for past Sunday, 95% of the corn crop was past the dough stage, with 77% dented.
That compares to 63% last week and 79% on average. A quarter of the national crop was mature, up from 15% last week and 5% points behind the average pace.
Harvest progressed 5% through the week and is running 1% point ahead of average.
As for crop conditions, NASS showed a 53% good/ex rating, down 1% from last week.
As for soybean, USDA’s report noted soybeans setting pods are at 97% across the top 18 soybean growing states.
The five-year average for this point in the season is 98%.
Twenty-two percent are dropping leave, behind the five-year average of 28%.
Soybean crop condition was rated 56% good/excellent, down 1% from last week.
Spring wheat was 85% harvested in the top six producing states, behind the five-year average of 89%.
Ten percent of winter wheat was planted, ahead of the five-year average of 7%.
In this context, as of September 15, 2022, FOB prices saw US wheat No 2 Hard Red Winter (HRW) valued at $425/mt (up $33/mt from last week).
US wheat No 2 Soft Red Winter (SRW) was valued at $377/mt (up $26/mt from last week).
Northern Durum offers from the Great Lakes for October 2022 delivery was valued at $11.15/bu, unchanged week on week ($410.00/MT).
As for corn, US corn 3YC (Gulf) was at $324/mt (up $4/mt from last week).
As for soybean, US soybean 2Y (Gulf) quoted at $607/mt (up $15/mt from last week).
The weekly Ag Energy Roundup report from USDA had the week’s cash ethanol markets range $2.36 to $2.72/gal regionally.
Prices were generally 11c/gal firmer ,wk/wk.
USDA reported cash B100 price was unquoted.
Past week were reported at $6.90/gal in IL and $6.83 in MN.
USDA’s weekly Ethanol Report showed corn oil prices averaged 1-3 cents within last week’s quotes from 71c to 77c per pound regionally.
DDGS were $5-$17/ton higher from $225 to $255/ton regionally during the week.
In energy markets, oil prices rose slightly on Friday as a spill at Iraq’s Basra terminal appeared likely to constrain crude supply.
Thus, Brent crude futures settled at $91.35 a barrel, up 51 cents, while U.S. West Texas Intermediate (WTI) crude futures settled at $85.11 a barrel, up 1 cent.
However, prices remained down on the week on fears that hefty interest rate increases will curb global economic growth and demand for fuel.
Both benchmarks, indeed, were down by nearly 2% on the week, hurt partly by the U.S. dollar’s strong run, which makes oil more expensive for buyers using other currencies.
In the third quarter so far, both Brent and WTI are down about 20%.
Investors are bracing for a large increase to U.S. interest rates, which could lead to a recession and reduce fuel demand.
The market also was rattled by the International Energy Agency’s outlook for almost zero growth in oil demand in the fourth quarter owing to a weaker demand outlook in China.
U.S. crude supply appeared headed for an increase, as energy firms this week added oil and natural gas rigs for the first time in three weeks.
However, oil prices could also be supported in the fourth quarter if OPEC+ members cut production.
In ocean freight markets, the Baltic Exchange’s main sea freight index, marked its best week in over seven months, largely driven by a 126% weekly gain in the capesize vessel segment.
The overall index, indeed, recorded its third weekly gain of about 28%, highest since mid-February.
However, the dry index snapped its seven-day long gaining streak, losing 59 points, or about 3.7%, on its worst day in over two weeks, to 1,553.
In detail, the capesize index posted a weekly gain of about 126%, its highest in over two years.
However, it snapped a five-day winning streak, losing 118 points, or about 7.2%, at 1,519 on Friday.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron-ore used in construction, fell $981 to $12,599.
The panamax index posted a 6.7% weekly gain, its second consecutive weekly gain.
However, it fell for the second consecutive session on Friday and was down 100 points, or about 4.8%, at 1,990.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were down $900 at $17,913.
The supramax index rose for the fourth consecutive session by 22 points to 1,551 on Friday.
It has been mixed fortunes as stronger rates were seen in Asia at the beginning of the week.
However, as the week closed some participants said pressure eased a little as limited fresh enquiry entered the market.
Little period activity surfaced but a 63,500-dwt open Black Sea was heard to have been fixed for one year in the low $16,000s.
From the Atlantic, stronger cargo flow saw a 57,000-dwt covering a trip delivery US Gulf redelivery India in the mid $20,000s.
Elsewhere, a 55,000-dwt was heard to have been fixed for a trip from the Mediterranean to the US Gulf in the low $20,000s.
From Asia, a 58,000-dwt open Singapore fixed a trip via Indonesia redelivery Philippines at $20,000.
A 57,000-dwt also open Singapore fixed a trip via Indonesia redelivery China in the low $19,000s.
In equity markets, U.S. stocks ended in the red on Friday, falling to two-month lows.
The Dow Jones Industrial Average fell 139.4 points, or 0.45%, to 30,822.42, the S&P 500 lost 28.02 points, or 0.72%, to 3,873.33 and the Nasdaq Composite dropped 103.95 points, or 0.9%, to 11,448.40.
The Russell 2000 index of smaller companies took the heaviest losses, falling 1.5%.
All three major U.S. stock indexes slid to levels not touched since mid-July.
Both the S&P 500 and the Nasdaq suffered their worst weekly percentage plunges since June.
The S&P sank 4.8% for the week, while the Nasdaq Composite fell 5.48%.
The Dow Jones was firmer but shedded by 4.13% on the week nevertheless.
A deluge of mixed economic data, dominated by a hotter-than-expected inflation report (CPI), cemented an interest rate hike of at least 75 basis points at the conclusion of the Fed’s monetary policy meeting next week.
Technology stocks, banks and energy firms had some of the biggest losses.
Adobe fell 3.1%, Bank of America dropped 1.1% and Chevron slid 2.6%.
FedEx sank 21.4% for its biggest single-day sell-off on record after warning investors that profits for its fiscal first-quarter will likely fall short of forecasts because of a dropoff in business.
The package delivery service is also shuttering storefronts and corporate offices and expects business conditions to further weaken.
Industrial giant General Electric also helped put traders in a selling mood after its chief financial officer said the company is still bogged down by supply chain problems that were raising costs.
GE shares fell 3.7%.
US treasury yields eased a bit Friday after a report showed expectations for inflation among U.S. households are falling to their lowest levels since last year.
Particularly, the yield on the 2-year Treasury, which tends to follow expectations for Fed action, fell to 3.85% from 3.92% shortly before the report’s release.
The 10-year yield fell to 3.45% from 3.49%.
In currency trading, expectations for a more aggressive Fed have helped the dollar add to its already strong gains for this year.
The U.S. Dollar Index, indeed, on Tuesday, rose nearly 1600 points to 109.81 it is just 98 points off the high.
That was the largest single day upswing in the dollar since Covid.
Then the index was down slightly, but registered a gain for the week.
Particularly, it declined 0.1% to 109.68 on Friday.
It reached a two-decade high of 110.79 earlier this month.
For the week, it was up 0.6%, and it is up about 15% for the year so far.
The dollar mostly held a slight gain, on the week, following U.S. data showed consumer sentiment improved moderately in September.
The University of Michigan’s preliminary September reading on the overall index on consumer sentiment came in at 59.5, up from 58.6 in the prior month.
Economists had forecast a preliminary reading of 60.0 in September.
The rising dollar pushed the offshore yuan past the critical threshold of 7 per dollar for the first time in more than two years, on Friday.
Sterling fell against the dollar to a new 37-year low of $1.1351 and was last down 0.5% at $1.1416, while the euro was up 0.1% at $1.0008.
The euro Friday moved slightly higher garnering support from hawkish comments from ECB President Lagarde and ECB Vice President Guindos, who both expressed support for additional ECB rate hikes, after August’s new car registrations in Eurozone rose +4.4% y/y, the first increase in 14 months.
The dollar, meantime, was 0.4% lower against the yen at 142.87 , but was up 0.2% for the week in its fifth straight week of gains.
In Canada, Manitoba Agriculture, Food and Rural Development reports that winter wheat harvest is 100pc completed (98pc last week, 100pc year ago), spring wheat 57pc (31pc, 90pc), barley 64pc (24pc, 96pc) and canola 11pc (1pc, 63pc).
It said many farmers were pleasantly surprised by slightly higher than expected spring wheat yields to date.
Canadian Western Red Spring wheat is mostly grading N1, with protein ranging between 13.5pc-14.8pc.
Canola has suffered flea beetle damage and early planting stress on the earliest sown crops reducing yields compared to late sown.
Meantime, StatsCan reported their September production estimate.
As for corn it was 14.86 MMT, compared to 14.82 MMT in August and 14.6 MMT expected.
As for soybean, StatsCan reported their soybean production as 6.505 MMT in the September release.
That was up from 6.38 MMT estimated in August and was at the top end of estimates.
Canola output is seen as 19.1 MMT – compared to 19.5 MMT last month and 19.9 MMT expected.
September’s wheat production estimate from StatsCan raised output by 130k MT relative to August to 34.702 MMT.
Last year Canada produced 22.3 MMT, and the trade average guess was for 34.5 MMT.
Durum wheat production, however, was reduced by 360k MT to 6.117 MMT.
In this context, as of September 12, 2022, Canadian wheat prices for FOB delivery West Coast were (Cdn$/mt):
– for the N1 class CWRS 13.5% – $486.87 per tonne, up C$16.42/t from prior week;
– for the N2 class CWRS 13.0% – $478.76/t, up C$14.20 wow;
– for the N3 CWRS – $507.85/t, up C$24.02 from prior week.
As of September 12, 2022, for the N1 CWAD 13% (durum wheat first class) average street price were at C$404.18, rose by C$7.34 week on week.
The export basis West Coast & Central SK, however, moved lower from C$ 136.24 to 127.51 a tonne.
Thus, delivered FOB price Great Lakes was posted at C$531.69.
That represent a C$1.39/t losse from prior week.
Per latest data from European Commission, as of September 14, 2022, Durum wheat – FOB CA St Lawrence (CWAD) was offerd at C$543.82/t, down C$9.78/t week on week .
As of September 15, 2022, for the N1 CWAD 13% (durum wheat first class), average street price in REGIONAL ZONES were at C$399.81 per tonne, up C$7.13 from prior week.
(1USD=Cnd$1.3264, up from 1.3026 a week earlier).
In South America, as of September 15, 2022 – Argentina Wheat Grade 2 export price, (Up River) was at $400, unchanged from prior week.
Argentina corn feed was up $6/t for the week, closing at $299.
Brazilian corn feed (Paranagua) was valued at $290, was down $1/t from prior week.
Argentina feed barley, was unchanged for the week to $320.
Argentina soybean was up $2 at $579.
Brazilian soybean was unchanged, finishing the week at $607.
In Europe, European grain trade association Coceral reported that it is slicing its projection for EU corn production from 65.99 MMT in May down to 51.89 MMT after several key growing countries were hurt by long stretches of hot, dry weather throughout the summer.
Coceral made “significant downward revisions” in France, Germany, Italy, Hungary and Romania.
If realized, this would be a 15-year low and 26% below 2021’s output of 70.21 MMT.
Consultancy Strategie Grains is a bit more bullish on 2022 EU corn production, meantime, after offering its latest projection of 52.91 MMT.
Its estimates have also fallen more than 20% over the past several months.
However, crop ratings finally stabilized, according to farm office FranceAgriMer, which estimates that 43% of the crop is rated in good-to-excellent condition through September 12.
That’s far below year-ago results of 89%.
Harvest moved to 14% complete through Monday versus 5% the week before that.
Meantime, FranceAgriMer lowered its forecast for French soft wheat exports outside of the European Union (EU) in 2022/23, as an increased competition from other origins could slow the quick pace the season started at.
The new projection forecasts 10.0 MMT of soft wheat shipments outside the EU compared to 10.3 MMT projected in July.
If realized, this would still be 14% above 2021/22 said FranceAgriMer.
Also, trade sources, according to AgriCensus, say that Russia’s huge wheat crop this season will make Northwest European wheat exports noncompetitive.
Thus, “for Northern Europe, the game is over,” one grain trader was quoted as saying.
However, the Black Sea supplies could face still others challenges including quality issues and closure of the grain corridor if the deal is not renewed in November.
Meantime, one German wheat trader said that more than 50% of German new crop grains were already sold out for the first two quarters of the year.
In this context, December wheat prices closed the week at 333.75 euros a tonne, down €4/t for the week.
November corn price, was unchanged for the week, closing at 328.00 euros per ton.
Rapeseed Nov contract closed at €577.25/t, down €20.5/t for the week.
Nov-22 UK wheat feed contract, closed at £274.50/t, up £0.5/t week on week.
Meantime, as of September 15, 2022, FOB prices in US dollar for French wheat with 11.5% protein and Oct delivery, were at $341/mt, up $7 from prior week.
German wheat, Deposilo Hamburg, was valued at $328.49/t, down $8.02 from prior week.
Baltic wheat, delivery first Vilnius, was quoted $301.45, down $6.93 from prior week.
Spanish durum wheat Sevilla (Depo Silo), was valued past week at $500.75 per tonne, down $1.5 from prior week.
French durum wheat – delivered La Pallice Spot – July 2022 basis, this week was valued at $430.65/mt, down $1.3 from prior week.
Italian durum wheat Bologna (Delivered to first customer), was valued $468.70/t, down $21.50 from prior week.
Corn, delivered Bordeaux Spot – July 2022 basis, was at $341.51 per tonne, up $5.01/t from past week.
Corn FOB Rhin Spot – July 2022 basis, was up $3.04 to $326.49/t.
Feed barley delivered Rouen was at 298.45$/t, up $4.13 per tonne.
Malting barley FOB Creil Spot – July 2022 basis was at $345.52 per tonne, down $11.08/t from prior week.
Rapessed FOB Moselle – 2022 harvest was at 582.87$/ton, down $19.83 compared to prior week.
Standard sunseed FOB Bordeaux – 2022 harvest was down 42.22$ from prior week at $681.02 per tonne
(Eur/USD = 1.0015 vs last week 1.0045).
In Russia, as of September 15, Russia harvested 132.3 mln tonnes of grains and pulses (99.4 mln tonnes year ago) from 38.6 mln ha (37.5 mln ha) with the average yield at 3.43 t/ha (2.65 t/ha), the Ministry of Agriculture informed.
Farmers reaped 96.4 mln tonnes of wheat from 25.8 mln ha with the yield at 3.74 t/ha, 23 mln tonnes of barley (7.4 mln ha, 3.12 t/ha), 780.8 thsd tonnes of corn (137.6 thsd ha, 5.67 t/ha).
Moreover, agrarians harvested 1.5 mln tonnes of sunflower seed (674.4 thsd ha, 2.2 t/ha), 2.8 mln tonnes of rapeseed (1.2 mln ha, 2.33 t/ha), 559.3 thsd tonnes of soybean (261.5 thsd ha, 2.14 t/ha).
Farmers harvested 8.6 mln tonnes of sugar beet from 196.1 thsd ha with yield at 43.89 t/ha.
Meantime, winter crops were planted throughout 7.4 mln ha (8.5 mln ha last year).
As of September 1, 2022, the stocks of grains in agricultural organizations of the Russian Federation totaled 43.1 mln tonnes, up by 10.5 mln tonnes (32%) compared to the figure on the same date in 2021, declared the Federal State Statistics Service (Rosstat).
In particular, wheat stocks amounted to 31.8 mln tonnes, up by 8.7 thsd tonnes (38%) compared with the same date in 2021, corn stocks – 552.8 thsd tonnes, down by 59.5 thsd tonnes (10%).
Sunflower seed stocks totaled 403.4 thsd tonnes, up by 194 thsd tonnes (93%).
In this context, the export duty on wheat from the Russian Federation will decrease once again, by 9.94% this time, according the Ministry of Agriculture.
Particularly, as of September 20, the export duty on wheat will decrease to 2,668.3 from 2,962.9 rubles per ton a week earlier.
The duty on barley, also will decrease to 2,353.9 rubles from 2,717.7 rubles per ton a week earlier.
Also for corn it will down to 3,696.5 rubles from 3,784.4 rubles a week earlier.
This new duty rates will be in effect through September 27, inclusive.
The duties were calculated based on indicative prices: $311.9 per ton for wheat ($316.8 a week earlier), $285.8 for barley ($292.5), $317.6 for corn ($317.6).
Russian President Vladimir Putin called for the resolution of remaining problems for exports of Russian fertilisers and the removal of export restrictions on Belarusian fertilisers caused by Western sanctions.
Speaking at a summit of the Shanghai Cooperation Organisation in Uzbekistan, Putin said Europe had only “partially” removed sanctions that Moscow says block its ability to sell and send fertilisers around the world, as the bloc, “selfishly”, only lifted sanctions for its own members.
Meantime, Putin said Russia was ready to provide more than 300,000 tonnes of Russian fertilisers, to the developing countries for free.
But fertiliser are stuck in European ports and could be shipped if Europe agreed to further relax sanctions on Russian exports.
In Australia, indicative delivered prices in Australian dollars per tonne for old crops past week were:
Barley Downs: $370, unchanged from Sep 8;
SFW wheat Downs: $380, down $5 from Sep 8;
Sorghum Downs: $362, up $7 from Sep 8;
Barley Melbourne: $370, up $7 from Sep 8;
ASW wheat Melbourne: $408, up $3 from Sep 8.
SFW wheat Melbourne: $385, up $5 from Sep 8.
Growers continued offering new crops.
Particularly, past week prompts were:
Barley Downs: $365, up $10 from Sep 8;
SFW wheat Downs: $370, unchanged from Sep 8;
Sorghum Downs: $355, up $5 from Sep 8;
Barley Melbourne: $360, unchanged from Sep 8;
ASW wheat Melbourne: $425 up $10 from Sep 8;
SFW wheat Melbourne: $408, as of Sep 8 was N.Q..
(AUD/USD=> US$0.6721 vs. US$0.6838 prior week).
On the international trade scene, Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) bought 97,373 tonnes of food-quality wheat from the United States and Canada in regular tenders that closed on Thursday.
Saudi Arabia’s main state wheat buying agency, the Saudi Grains Organization (SAGO) on Thursday issued an international tender to purchase about 535,000 tonnes of wheat.
The deadline for submissions of price offers was yesterday, Sept. 16.
The tender sought nine cargoes of hard wheat with 12.5% protein.
Two 60,000 tonne consignments were sought for Jeddah port, three 60,000 tonne consignments for Yanbu, three 60,000 tonne cargos for Dammam and one 55,000 tonne consignment for Jizan.
The wheat is for arrival in periods from Nov. 10 to Feb. 25.
Watching next week’s market, on Monday we will have the weekly Export Inspections report released in the afternoon and the Crop Progress report overnight after the sessions close.
The FOMC meeting is due on Tuesday and Wednesday.
On Wednesday the weekly EIA report will show us how ethanol stocks implied corn use.
On Thursday, we will see the weekly FAS Export Sales report, and a NASS Cold Storage report overnight.
Friday the USDA will feature the monthly Cattle on Feed report.
That’s all, thank you.
We wish you a good day and a good weekend.
Author: Sandro F. Puglisi