In the USA wheat futures were generally flat to firmer, corn was a touch lower and soybeans were flat to firmer nearby while new crop values slipped on the prospect that farmers will walk away from cheap corn and cotton and possibly plant more soybeans. Corn continues to stumble as ethanol demand tanks.
Wheat found initial support from good weekly export orders and loading out of the USA.
There was continued speculation that Russia would look at further restricting wheat exports between now and June to secure domestic supply. The official line is that this will not happen but a closer look at the domestic situation in Russia and the lack of a good spring break to date is resulting in the punters getting behind a possible increased restriction announcement next week. Currently they are saying all grain exports will be capped at 7mt for A/M/J. The CV19 response from Russia is about as confusing as their grain policies, but hey it’s Russia, offices will close for a week but there is no lockdowns or movement restrictions. Video link attached (viewer discretion advised).
Across the river Ukrainian officials have requested a cap of 20.2mt for wheat exports in 2019-20, currently exports are sitting at about 17.6mt. That would leave monthly exports somewhere around 850-900kt per month versus the current rate which is closer to 2.2mt/mth.
Turkey was in for 175kt of Black Sea wheat overnight, prices should become available by Monday.
Canadian durum values out of SW Saskatchewan were mixed with new crop roughly equivalent to about AUD$400 track for the December slot, about C$20 under the September delivery slot.