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According to the Chinese state planner, China has raised the mininum purchasing price for wheat in 2022. The National Development and Reform Commission, indeed, has set the 2022 minimum purchase price for wheat at 2,300 yuan ($357) per tonne, up from 2,260 yuan per tonne in 2021. China buys wheat from farmers at the minimum

Yesterday, US farm markets were lower. Corn prices lost more than 2%. Soybeans still slid, around 0.25% lower. Some wheat contracts were down nearly 2.5%. Wheat futures had risen on Tuesday after the U.S. Department of Agriculture’s (USDA) monthly supply and demand report showed a reduced projection of global wheat stocks that was below analyst

The extremely tight supply has prompted rumours that Canadian elevators will need to increase their wheat basis levels. However, final yield data from Sask Ag had HRS wheat at 30 bushels per acre, which was 3 bu/acre higher than their previous Sept. 6 estimate. Consequentially, the updated Sask Ag estimate is in-line with Stats Canada’s

Farm office FranceAgriMer on this morning lowered its forecast of French soft wheat stocks by the end of the 2021/22 season, but kept its forecast of exports outside the European Union unchanged. Indeed, soft wheat stocks at the end of next June, are expected at 2.4 million tonnes, down from 2.9 million projected last month.

Canadian wheat prices for FOB delivery were (Cdn$/mt): – for the N1 class CWRS 13.5% – $499.22, up $0.36 per tonne; – for the N2 class CWRS 13.0% – $486.42, down $3.19/t; – for the N3 CWRS – $417.38, down $11.20 ; – for the N1 CWAD – $839.80, up $97.75 per tonne. (1USD=Cnd$1.246). US

Yesterday’s October WASDE report showed some helpful data for wheat, but brought bearish news both for corn and soybeans. Consequently corn prices fell around 1.75%. Soybeans slumped nearly 2.5% lower. Wheat prices rose as much as 1% higher, meantime. On macro markets, oil prices dropped on this morning, after a mixed finish in the yesterday’s