In the US grain futures were generally lower on technical selling and ample stocks. Combine this with a poor weekly sales pace and there little chance we’ll see a 100c/bu rally in US futures in the short term. When the technical trade feel the need to buy there is always the US / China trade deal to spur the market back to life, hell it’s worked for the last 12 – 18 months.
Black Sea values were generally firmer on the back of an Egyptian tender being announced. Russia also signed an agreement of intent to supply 1mt of wheat to Libya per year. This would represent an increase in sales to Libya of 670kt over the previous year.
Cold conditions are expected across much of the US upper Midwest and parts of Canada again this week. Last week there was good progress made across much of Saskatchewan. Net progress for Saskatchewan is coming in close to 83% now, just 10% below the seasonal average. Canola is lagging behind with about 20% of canola in Sask yet to come in out of the weather.
The average cash price on offer out of SW Sask is little changed from mid last week at C$268.85 / tonne ex farm according to PDQInfo.
In N.Dakota spring wheat at 14% Protein is bid at US$4.78 / bu at the elevator, that’s about AUD$257 / tonne.
US corn harvest is lagging behind, 41% off vs Avg of 61%. Winter wheat sowing above Avg pace, 85% in & 56% G/E.