The USDA weekly US crop progress report was out last night. Corn planting continues on at a brisk pace, now estimated at 65% sown (5-year Avg 59%). Soybeans were also ahead of the 5-year average pace, 49% sown vs the avg of 36%. Cotton planting was close to the...

This month’s WASDE gave us the USDA’s first monthly stab at the 2023-24 data. World wheat production is expected to be about 1.5mt higher than last year in 2023-24. The lower beginning stocks number is expected to roll through to result in a year on year decline in ending...

Chicago soybean and soymeal futures were some of the only green numbers on the screen this morning. Chicago wheat, corn, MGEX wheat, Paris and London wheat, all lower, as was Paris rapeseed and Winnipeg canola futures. A combination of poor weekly US export numbers and the prospect of some...

International futures markets were a sea of red again last night. Chicago corn one of the few contracts with a green finish. Paris rapeseed futures were mostly higher, the new crop contract Feb 24 was up E1.75 by the close. Taking the futures move, and the variation in the...

A combination of a good planting pace in US corn and Chinese cancellations of US corn purchases weighed on the Chicago contracts overnight. The July23 corn contract shed 11.75c/bu (AUD$6.84). Futures fell away quicker than up country bids in the states, basis improved across many elevators and end users....

Paris rapeseed futures were hit hard last night. The nearby contract closed E19.50 lower, the Feb 24 slot was also lower, shedding E19.00 per tonne by the close. The weakness in the European market was felt in the Canadian market to a lesser extent. Canadian prices were pressured from...

US wheat futures pushed sharply higher again overnight. Hard red wheat and spring wheat led the way, dragging both soft red winter wheat and to a degree corn futures at Chicago higher.  HRWW was the leader, production issues in Kansas and delays in the spring wheat crop the catalyst...

Weekly US wheat export sales were up near the higher end of trade estimates combined with continued tension between Russia and Ukraine potentially jeopardising the continuation of the Black Sea Grain Corridor, to keep US wheat futures firmer. Although weekly US wheat export shipments were lower week on week,...

The wheat market is going to take a little digesting today. The response in US futures was excellent, maybe a little over cooked but time will tell us if that is so, I guess. Let’s have a look at the major influences that pushed wheat futures higher. I’ve covered...

Yesterday’s Egyptian wheat tender was interesting. It helped to discover price, but it also helped to discover what was not acceptable. Russian wheat was said to have been the cheapest at US$260 FOB. Ukraine wheat was offered at US$255.50 but had the proviso against the offer that it was...