In US grain futures corn found a leg up from the wheat and soybean pits. Soybeans bounced of a ten year low on the back of possible harvest delays in the USA due to wet weather. Wheat found strength from the frost event in WA last week and patches of dryness pulling production estimates back across Argentina.
Cocereal pegged EU wheat production at just 129.89mt, a decrease of 8.1% year on year. Average yields came in a just 5.62t/ha. Germany was hit fairly hard by the hot dry finish with final yields averaging a poultry 6.59t/ha, just over 1/t/ha less than last year………I’m starting to run out of empathy here. Germany is expected to produce just 20mt of wheat, the lowest output there in over ten years.
Egypt picked up 475kt of wheat overnight for shipment in November. Black Sea wheat dominated the suppliers as expected with values for the first half of Nov priced around US$227 FOB, roughly US$4.00 more than in their previous tender.
SW Canadian CWAD1 durum wheat values continue to fall sharply shedding another C$8.50 / tonne. Current values are roughly C$215/tonne ex farm which would roughly work back to an equivalent price of about AUD$340 NTP Newcastle less rail.