Good morning Farmer Family …
US farm markets closed mostly higher on Friday.
Grain prices rebounded after suffering a significant and widespread selloff on Thursday.
Wheat prices fared the best, with KC HRW posting 2.7% gains, Chicago SRW ending 2.03% in the black, and MGE HRS 0.86% higher.
Corn prices also made solid inroads, closing with gains of around 1%.
The soybean complex, in contrast, was in the red at the end week session, with beans dropping by 0.25%, while soymeal and oil contracts trended around 0.2% and 0.8% lower respectively at the bell.
Wheat prices mostly erased Thursday’s losses, thanks some bargain buying after CBOT SRW and MGEX HRS hit a 20-month low and KC HRW fell to a 13-month low.
Corn prices also rebounded, after slumping lower during the past week at the lowest level since last August.
A top U.N. trade official will meet senior Russian officials in Geneva today to discuss extending a deal that allows the Black Sea export of Ukraine grains.
However, Russia said Thursday the deal was only being “half-implemented.”
That underpinned both corn and wheat markets.
Corn and wheat prices drew also support from a weaker dollar , which tends to make U.S. grains more competitive globally.
Also, right now, in spite the market is assuming a record corn crop from Brazil, there are delaying in safrinha corn crop planting.
As for soybean, prices were lightly mixed during the end week session, but ultimately fell, as traders attempted to balance eroding Argentine production potential against a likely record-breaking effort in Brazil.
For the week, corn prices continued their slide also past week, as May was down another 3.52%.
Soybeans found strength early the week, but slipped lower much of the rest, as May was down 0.77% from Friday to Friday.
The rest of the soy-complex was mixed, as meal was 0.96% stronger, while bean oil collapsed by 7.48% over the week.
The wheat complex was sick for all week.
Chicago was down another 4.16% when all was said and done.
Kansas City slipped by 2.21%.
MPLS spring wheat was down a large 5.53% on the week.
The wheat market has lost about 15% in the last four weeks, soybeans have given up some 2.5% over the same period while corn is down about 10%.
Forecasts for a large U.S. 2023 corn crop, and weakening demand prospects in the coming months, contributed to lackluster corn prices and to increase underlying usage concerns.
Weekly export sales data indicated old crop soybeans at a MY low in the week of 3/2.
That was confirmation that the world has shifted to Brazil.
Wheat markets have been under pressure from Russian export competition.
Also, expectations the wartime grain corridor from Ukraine will be extended beyond this month, increasing available global supplies.
The WASDE report left the US wheat balance sheet unchanged this month.
Meantime, Thursday’s Export Sales data showed, wheat export commitments still 7% below year ago and 83% of the USDA export projection.
Also, actual shipments are also 68% of the projected full-year total.
Thus, the overall tone of the markets remains negative, though Russia on Thursday said the Ukraine export deal was only being “half-implemented,” raising doubts about whether it would allow an extension of the agreement.
In this context, commodity funds were net sellers in 2,500 lots of soybean and net buyers in 4,000 lots of corn and 3,500 lots of wheat.
Meanwhile, corn basis bids were mostly steady across the central U.S. on Friday after trending 1 to 5 cents higher at three Midwestern locations.
An Illinois river terminal bucked the overall trend after tracking 2 cents lower.
Soybean basis bids, meantime, held steady across the central U.S..
USDA data showed MS River barge rates have been working lower, with St. Louis specifically down 16c through the week to $14.08/ton.
Cheaper barge freight creates room for stronger basis up river.
As for wheat, the downward trend in wheat futures continued to influence export basis.
HRS basis was down in both the Gulf and the Pacific Northwest (PNW), lacking strong demand to support basis as the MGEX HRS futures continued to fall.
Trade sources indicated that the HRS basis may be approaching its bottom, as the low futures prices encourage farmers to hold their wheat stocks.
HRW basis was flat in the Gulf and up slightly in the PNW, bouncing from the bottom hit two week ago.
The inverted market and drought concerns continue to support HRW basis, though demand will likely remain sluggish for the remainder of the crop year.
SRW basis and soft white (SW) prices fell, in line with competing origins.
After the sessions close, CFTC data, still behind and now through 2/21, showed spec funds backing off their corn large net long position by 18,937 contracts to 215,928 contracts as of that Tuesday.
That showed long liquidation from the specs vs. the previous week.
Commercial corn hedgers were also closing shorts during the same week, but were still 404,585 contracts net short as of the settle.
As for soybean, the report showed spec funds adding another 6,801 contracts to their net soybean long in the week ending February 21 to 189,009 contracts.
The commercial soybean hedgers were 225,624 contracts net short as of then, which was little changed on net but via 35k contracts fewer OI week to week ahead of the March deliveries.
In soymeal, the funds were 154,141 contracts net long.
Managed money funds were building their net long in soy oil through the week that ended 2/21, to 34k contracts.
As for wheat, the report showed managed money SRW traders, adding another 12,088 contracts to their net short, as they were 72k contracts net short as of 2/21.
That was their strongest net short since May of 2019.
In KC wheat, the spec traders increased their net long by 4,367 at 15,974 contracts net long.
Managed money was also shown closing MGE shorts with a 3,136 contract net long as of two Tuesday’s ago.
On this morning, Chicago wheat prices gained more ground, underpinned by a weaker U.S. dollar.
The U.S. dollar slid on Monday as authorities stepped in to cap the fallout from the sudden collapse of Silicon Valley Bank and with investors hoping the Federal Reserve will take a less aggressive monetary path.
Soybeans and corn, meantime, rose as steep cuts in forecasts for Argentina’s production are supporting prices.
Notabily, the most-active wheat contract on the Chicago Board of Trade was up 0.5% at $6.82-1/2 a bushel as of 03:13 GMT, soybeans gained 0.5% at $15.13-3/4 a bushel and corn rose 0.1% to $6.17-3/4 a bushel.
In energy markets, oil prices climbed more than 1% on Friday.
Notably, Brent rose $1.19, or 1.5%, to $82.78 a barrel.
U.S. West Texas Intermediate crude (WTI) was up 96 cents, or 1.3%, at $76.68.
Better-than-expected U.S. employment data, supported the market.
On Thursday, U.S. President Joe Biden proposed a budget that would scrap billions of dollars in oil and gas industry subsidies.
U.S. oil rigs fell by 2 to 590 during the week, their lowest since June, according to data from Baker Hughes.
However, both benchmarks fell more than 3% on the week on U.S. interest rate hike jitters.
Expectations of further rate hikes in the USA and in Europe have clouded the global growth outlook.
The strength in dollar has also made oil more expensive for holders of other currencies, during the week.
Also, global shares, which often move in tandem with oil prices, hit a two-month low as investors dumped banks.
On the supply side, major oil producers Saudi Arabia and Iran, both members of the Organization of the Petroleum Exporting Countries, re-established ties after days of previously undisclosed talks in Beijing.
On the other hand, the United States was reported to have privately urged some commodity traders to shed concerns about shipping price-capped Russian oil in a bid to shore up supply.
Meantime, money managers cut their net long U.S. crude futures and options positions in the week to Feb. 21, the U.S. Commodity Futures Trading Commission (CFTC) said.
On this morning, oil prices ticked up, reversing a weak start as a recovery in Chinese demand and a weaker dollar provided support to the market.
Notably, after initially slipping in early trading, Brent crude futures were up 25 cents, or 0.30%, to $83.03 per barrel by 07:00 GMT.
West Texas Intermediate crude futures (WTI) ticked up by 23 cents, or 0.30%, to $76.91 a barrel.
The failure of Silicon Valley Bank and New York-based Signature Bank and concerns about possible contagion led to a selloff in U.S. assets at the end of last week, which has also put downward pressure on the dollar.
Comments on Sunday from Saudi Aramco CEO Amin Nasser on crude demand from China also provided some support.
In ocean freight markets, the Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, gained for the third straight week, helped by higher rates for all vessel segments, largely capesizes.
The overall index, indeed, was up 45 points, or about 3.3%, at 1,424, the highest since late-December 2022, on Friday.
The main index was up about 17.6% for the week.
Notably, the capesize index gained 82 points, or about 5%, at 1,744.
The index rose about 46% for the week, its third in a row.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, gained $683 at $14,466.
The panamax index was up 30 points, or about 1.9%, at 1,654. It also marked its third straight weekly gain, rising 5.7% for the week.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose by $267 to $14,884.
Among smaller vessels, the supramax index rose 29 points to 1,209.
The recent upward trend is partly driven by a “bounce” in the market after hitting a low in early Feb. 2023.
Though Chinese demand has not yet fully recovered, market participants are betting on increased growth later in the year to boost demand.
In equity markets, Wall Street’s indexes ended down more than 1% on Friday.
Investors ran for the exits as they feared for the health of U.S. banks after the failure of SVB Financial Group.
SVB had tried but failed to shore up its balance sheet through a stock sale proposed late on Wednesday.
The same day, crypto-lender Silvergate Capital said it would have to wind down after huge losses from the FTX cryptocurrency exchange collapse.
That is the largest bank failure since the 2008 financial crisis.
The KBW regional banking index ended the session down 2.4% while the S&P 500 financials index lost 1.8%.
The S&P 500’s bank subsector closed down 0.5% with a boost from JPMorgan Chase, which closed up 2.5% and Wells Fargo, which closed up 0.6%.
However, the rest of the index lost ground.
The biggest decliners were Silvergate cryto-bank peer Signature Bank, which tumbled 22.9% and regional bank First Republic, which finished down 14.8%.
In individual stocks, Gap Inc lost 6.3%.
Oracle Corp slid 3%.
All 11 S&P 500 industry sectors lost ground.
Real estate, down 3.3%, led declines while consumer staples the top performer, fell just 0.5%.
The Cboe Volatility Index, an options-based indicator that reflects demand for protection against stock market declines, closed at a 3-month high, up 2.19 points at 24.9 after touching a roughly five-month high during the session.
In this context, the Dow Jones Industrial Average fell 345.22 points, or 1.07%, to 31,909.64, the S&P 500 lost 56.73 points, or 1.45%, to 3,861.59 and the Nasdaq Composite dropped 199.47 points, or 1.76%, to 11,138.89.
For the week, the S&P lost 4.6% in its biggest weekly percentage decline since September.
It still have a tiny year-to-date gain of 0.6%
The Dow fell 4.4% for the week and was down more than 3% year-to-date while the Nasdaq declined 4.7% this week but was up more than 6% for 2023.
Investors had expected to end the week with most of their focus on economic data rather than banks.
Before the market opened, the closely monitored non-farm payrolls report showed the U.S. economy added more jobs than expected in February while average hourly earnings rose at a slower 0.2% last month after versus 0.3% in January while unemployment rose to 3.6%.
The data had eased some concerns that the Fed could raise rates by 50 basis points at its March meeting after hawkish remarks from Fed Chair Powell.
However, whatever positive vibes came out of the labor market report were upstaged by negative vibes from the SVB situation.
On this morning, Asian shares were trading mixed.
The worries about financial stability and liquidity concerns were dominating the market landscape, as traders made nervous by the weekend’s news could create “a ready-aim-fire Monday open.”
Regulators announced Sunday that New York-based Signature Bank was being seized after it became the third-largest bank failure in U.S. history.
However, before trading began in Asia, the U.S. Treasury Department, Federal Reserve and FDIC said Sunday that all Silicon Valley Bank clients will be protected and have access to their funds and announced steps designed to protect the bank’s customers and prevent more bank runs.
Thus, the falls were relatively subdued.
Notably, Japan’s benchmark Nikkei 225 slipped 1.1% to finish at 27,832.96.
Australia’s S&P/ASX 200 lost 0.5% to 7,108.80.
South Korea’s Kospi recouped earlier losses to gain 0.8% to 2,412.84.
Hong Kong’s Hang Seng jumped 1.9% to 19,683.23.
The Shanghai Composite rose nearly 1.1% to 3,263.88.
Recent developments in Chinese politics have worked as a stabilizing factor.
Major posts, including the governor of the Bank of China, were announced, signaling a continuation of policy.
Unemployment data for Australia for February will be released Thursday. A gain of 50,000 jobs is expected, after two straight months of losses, and the unemployment rate is expected to move one tick lower to 3.6%, according to RaboResearch.
In currency trading, the greenback weakened against a basket of world currencies after the payrolls report hinted at cooling inflation and a slower pace of interest rate hikes from the Fed.
Notably, the dollar index fell 0.65%, with the euro up 0.54% toat $1.0637.
The Japanese yen strengthened 0.91% versus the greenback at 134.94 per dollar, while sterling was last trading at $1.2028, up 0.86% on the day.
For the week, the U.S. Dollar Index dropped slightly from last week’s 104.7 to 104.4.
On this morning, the U.S. dollar fell to 134.40 Japanese yen.
The euro cost $1.0718.
Going back to analyzing the other agricultural markets …
From Canada, Statistics Canada reported 808,123 metric tons (mt) of durum was exported in January, the largest monthly volume shipped in 10 years of data reported by the agency and perhaps a great deal longer.
This volume is up 441% from the same month in 2021-22, while is 140% higher than the five-year average for this month.
This was also a slightly higher volume that reported by the Canadian Grain Commission in its Exports of Canadian Grain and Wheat Flour report, shown at 790,800 mt.
During the first six months of 2022-23, cumulative exports total 2.733 million metric tons (mmt), up 101% from the same period last crop year and 32.5% higher than the five-year average.
Shipments to two countries make up a large share of volume shipped, with 276,851 mt shipped to Algeria in January, the largest monthly volume shipped to this destination since April 2019, or almost four years.
Cumulative volumes of 450,200 mt (Canadian Grain Commission data) are shown up 933% from the same period last crop year.
The 194,180 mt shipped to Italy is the third-largest volume shipped to this destination in the six months of data for this crop year.
Over six months, 838,200 mt has been shipped to this destination, while up 226% from the same period last crop year.
Larger supplies in 2022-23 have allowed for exports to a larger number of buyers, which CGC data showing shipments destined for 24 nations in the August-to-January period, up from 18 last crop year.
At the same time, shipments are more concentrated this crop year, with 81.6% of exports to the top five buyers, as compared to 75% during the first six months of last crop year.
Meantime, the Grain Statistics weekly report, had producers’ deliveries of common wheat at 565,3k mt for week 31 of this shipping season.
That was sharply higher from 304,7k mt posted prior week.
Deliveries of durum wheat, were at 170,2k mt, also clearly stronger from 75,0k mt showed in prior week.
Meantime, Canada exported 463,8k mt of common wheat in week 31.
That was up from 396,2k mt of a week earlier.
Durum wheat exports, in contrast, were weaker moving down from 137,3k mt to 68,2k mt.
Total Commercial Stocks of common wheat stood at 3.035,5k mt.
That was slightly down from 3.040,7k mt posted in week 30.
Total durum commercial stocks, in contrast, were higher moving up from 545,7k mt a week earlier, to 673,2k mt.
Cumulative exports for common wheat were at 11.816,7k mt.
That is compared 7.082,8k mt a year ago.
Durum cumulative exports reached 3.270,2k mt vs 1.503,8 a year ago.
In this context, cash bids for Canadian durum wheat fell week over week.
Indeed, looking at the average regional price of C$456.64/mt as of March 9, that was C$3.24/mt weaker from the prior week.
From South America, Brazilian government has approved the cultivation of the drought-resistant genetically modified wheat variety developed by the Argentine company Bioceres.
Abitrigo, the Brazilian flour millers association issued a statement saying in part: “The approval for planting, imports and commercialization of GMO wheat resolves, bringing peace of mind to different market actors.
The final word will rest with consumers”.
Meantime, the Brazilian and Australian governments have opened talks aimed at forging new agricultural trade agreements.
Under a potential future pact, the South American country would start importing Australian wheat and barley.
Citing drought conditions in the south, Brazilian lender Sicredi has downgraded its estimates for the country’s 2022/23 soybean production, which is now at 147 MMT.
Most other groups are predicting this season’s production will more likely come in around 150 MMT or even 152 MMT.
In Argentina, the Buenos Aires grains exchange was the latest entity to make severe cuts to its estimates for the country’s 2022/23 corn and soybean production.
The exchange now anticipates this season’s soybean harvest will only reach 29 MMT, down 10.6% from its prior projection of 33 MMT.
The exchanges new estimate for corn production is down another 8.5% to 37 MMT.
In Europe, grain and oilseed markets on Euronext tumbled past week.
Large Russian exports and a bumper Australian harvest have created supply pressure, while rain in dry U.S. and French wheat belts have tempered harvest concerns.
On Friday, the strength in euro made an additional down pressure.
The condition of soft wheat in the week to March 6 was unchanged from the previous week with 95% of crops rated to be in good or excellent condition, farm office FranceAgriMer said on Friday, confirming little damage from dry weather in the previous month.
The score was above the 92% registered a year earlier, it said in a cereal crop report.
Conditions for durum were also stable with 91% of the crop rated good or excellent.
For winter barley, however, the rating fell slightly to 93% good or excellent, from 94% prior week.
French farmers had nearly finished sowing spring barley, with 98% of the expected area drilled by March 6, compared with 92% a week earlier and an average 62% over the previous five years, FranceAgriMer’s data showed.
Meantime, Morocco, a major global cereal importer, has modified its wheat import subsidy scheme.
The change could increase competition in a Moroccan import market dominated by wheat from France and other relatively nearby suppliers in the European Union.
French traders said the change should not have a big immediate impact as ONICL had separately maintained a lower subsidy rate for Russian and Ukrainian wheat compared with imports of other origins like EU supplies.
But it could lead merchants to source more cargoes from EU countries on the Black Sea, like Romania, and make shipments from Ukraine and Russia more feasible in future, particularly if war disruption there eases.
Meantime, exporters are still monitoring the price differential between Russian and European origins.
In Germany, wheat premiums in Hamburg fell past week as slack demand continued.
Standard 12% protein wheat for March delivery in Hamburg was offered for sale at a premium of about 5 euros over the Euronext May contract, down from 7 euros over late a week earlier.
The recent downward movement in Europe likely made European origins more attractive.
However, the Saudi Arabian tender for the purchase of 480,000 t of soft wheat for delivery this summer, has been closely monitored by market players (read more below).
As for rapeseed, prices recorded a further decline.
Front-month rapeseed on Euronext again traded at its lowest since June 2021 before ending down 1.2% at 493.00 euros a tonne.
Vegetable oil market has suffered a set back, with rapeseed oil fell back below $1,000/t in Rotterdam.
However, that has not yet led to a significant return of buyers.
Meantime, the port activity in France will continue to be disrupted as the strikes will carry on for 3 more days also this week.
From North Africa, the Egyptian Ministry of Foreign Affairs announced its withdrawal at the end of next June from the international grain trade treaty concluded by the United Nations two decades ago.
The decision was taken after an evaluation by the Ministries of Supply and Trade, which stated that Egypt’s membership in the International Grain Council “has no additional value.”
“The Egyptian delegation was not prompted to take the decision to withdraw from the grain trade agreement ,” Arnaud Petit, executive director of the International Grain Council, told CNN Business on Friday.
“This happened without prior notice. Several delegations from the member states of the Council feel surprised and sad about the decision,” adding that “a number of members will ask Egypt to reconsider its decision. “
In an interview with “CNN Economic”, the expert and economic advisor, Tariq Ibrahim, explained that Egypt is building a strategic crop and a plan for self-adaptation to achieve food security.
Egypt’s exit from the International Grain Trade Agreement (GTC), which promotes transparency of the wheat market, in order to boost trade cooperation comes after a period of disruptions in the grain supply chain due to the war in Ukraine, which led to concerns about global food security.
In 1995, Egypt signed the World Trade Agreement, the only international treaty covering the grain trade since its inception, and has been a member of the board governed by the World Grains Council since 1949.
The agreement includes major exporting and importing countries, including America, Britain, Russia and Ukraine, and the European Union countries except Austria, Finland and Sweden
The war disrupted Egypt’s wheat purchases last year, and the government has held talks with countries including India in a bid to diversify its supplies.
Despite this, Egypt relied on competitive Russian imports to increase its reserves through traditional tenders, as well as non-traditional direct bids.
Five days ago, the Russian embassy in Egypt published a statement confirming that the war would not affect the supplies of wheat importing countries, “noting the failure of the Americans and Europeans to disrupt Egypt’s supply of Russian wheat.
From the Black Sea basin, as the Black Sea Grain Initiative approaches its March 18 expiration, negotiation news has dominated the market last week, though most market participants are optimistic an agreement will be reached.
Russia has criticized the agreement, implying that barriers to Russian agricultural and fertilizer exports must be addressed before they agree to the extension.
A Russian delegation will meet with two UN members in Geneva Switzerland to discuss their side of the Grain Corridors export deal on March 13.
UN Secretary General was meeting with Ukraine’s president earlier past week for their side of the negotiations.
Turkish Defence Minister Hulusi Akar said on Sunday that he believes that the deal will be extended from its current March 18 deadline.
From Russia, around 5-6% of Russia’s winter crops suffered damage over the cold season, Russia’s Hydrometeorological Centre said on Friday.
Damaged crops will account for around 1 million hectares of the sown area.
However, speaking at an agricultural conference, senior researcher Lidia Tarasova said she expected a “good or satisfactory condition of crops in most areas” of Russia.
Crop damage was most likely in the North Caucasus, the Volga region and Siberia, she added.
Experts at the conference also said Russia could face a hotter-than-usual summer this year, although Russia’s agricultural industry would not face a repeat of 2010 when crops were devastated in a record-breaking heat wave.
The agency said it would present its next forecast on the condition of Russia’s winter crops in April.
Following the world wheat market trends, Russian prices fell by $4.00/MT to $292.00/MT FOB past week.
In marketing year 2022/23 to date, Russian exports have reached upwards of 33.0 MMT, and some private analysts predict wheat exports could total 46.0 MMT.
Russia’s president Putin spoke via phone with the president of Egypt El-Sisi on Thursday to discuss food and energy export opportunities, including the Black Sea Grain Corridor deal.
Meantime, on Friday Russia’s agriculture ministry has set out its grain export taxes for March 15-21.
Notably, as of Mar 15, the export duty on wheat will decrease to 5,344.0 from 5,371.6 rubles per ton a week earlier.
Ditto for corn, moved down from 2,740.0 rubles of a week earlier, to 2,615.3 rubles per ton.
Also for barley the duty will be weaker for this period, decreasing to 3,016.6 rubles from 3,548.8 rubles per ton a week earlier.
This new duty rates will be in effect through Mar 21, inclusive.
The duties were calculated based on indicative prices: $300.1 per ton for wheat ($303.2 a week earlier), $241.1 for barley ($252.5), $233.5 for corn ($237.1).
From Australia, the country exported 715,098 tonnes of canola in January, down 6 percent from the December total of 763,347t, according to the latest export data from the Australian Bureau of Statistics.
The December figure has been revised down 14pc from the record 883,885t issued last month, which means the March 2022 canola-export record of 854,950t still stands.
Germany on 238,244t was the biggest market by far, followed by Belgium on 130,726t and Bangladesh on 105,200t.
ABARES last week released its March Agricultural Outlook and Australian Crop reports, including its initial forecast for the 2023-24 crop of 5.4 million tonnes (Mt), down 35pc from the record 8.3Mt grown in 2022-23.
Likewise, area planted to canola is expected to drop sharply from 3.9Mha to 3Mha.
Exports are forecast to total 4.9Mt in 2023-24, down 29pc from the record 6.9Mt being shipped in the current marketing year.
On the international trade scene, Saudi Arabia bought 1.043 mln tonnes of wheat for July-August arrival, in its first tender in 2023, the Saudi state purchasing agency General Food Security Authority (GFSA) said on Monday.
It was bought at an average price of $316.86 a tonne c&f, the GFSA said.
The wheat with 12.5% protein content was sought for arrival in a series of Saudi ports between July 1 and Aug. 15.
The purchase was considerably more than the 480,000 tonnes sought in the tender.
Origins offered were the European Union, Black Sea region, North America, South America and Australia with the seller having the option of selecting the origin supplied, the GFSA said.
The GFSA said these purchases were made all in dollars a tonne C&F with seller and the port and arrival period in Saudi Arabia:
Jeddah port:
– 60,000 tonnes from Olam at $318.50 C&F (July 1 – 15);
– 60,000 tonnes from Trade House at $317.00 C&F (July 15 – 31);
– 63,000 tonnes from Solaris at $317.37 C&F (July 15 – 31);
– 60,000 tonnes from Trade House at $315.00 C&F (Aug. 1 – 15);
– 60,000 tonnes from Olam at $315.25 C&F (Aug. 1 – 15);
– 60,000 tonnes from Viterra at $316.44 C&F (Aug 1 – 15).
Yanbu port:
– 60,000 tonnes from Viterra at $312.74 C&F (July 1 – 15);
– 60,000 tonnes from ADM Hellas at $315.17 C&F (July 1 – 15);
– 60,000 tonnes from Olam at $317.00 C&F (July 1 – 15);
– 60,000 tonnes from Viterra at $314.64 C&F (July 15 – 31);
– 65,000 tonnes from Agricost at $316.00 C&F (July 15 – 31);
– 60,000 tonnes from Trade House at $317.00 C&F (July 15 – 31);
– 60,000 tonnes from Trade House at $315.00 C&F (Aug. 1 -15);
– 65,000 tonnes from Agricost at $315.00 C&F (Aug. 1 – 15).
Dammam port:
– 65,000 tonnes from Cargill at $320.15 C&F (July 1 – 15);
– 60,000 tonnes from ADM Hellas at $320.67 C&F (July 15 – 31);
– 65,000 tonnes from Cargill at $323.15 C&F (July 15 – 31).
Watching this week’s market …
Monday start off with the weekly Export Inspections report in the afternoon.
Tuesday marks the expiration of March grain futures.
US economic data will be out on Tuesday via CPI, with PPI released on Wednesday.
Also on Wednesday, the weekly EIA ethanol production and stocks report will be out per normal, with monthly NOPA data released in the afternoon.
On Thursday we will see the release of the weekly Export Sales report.
Monthly Cattle on Feed data will be released on Friday overnight.
That’s all, thank you.
We wish you a nice day and a good start to the week.
Author: Sandro F. Puglisi
