Wheat was probably the winner in last night’s US futures session but even wheat was mixed. Technical trade dominated a slow session which saw corn close lower, soybeans flat and wheat flat, lower and firmer, spring wheat leading the pack. Harvest pressure continues on the row crops with slow export pace out of the Gulf not helping reduce the pressure up country. Cash basis for corn in the Midwest did flatten after a volatile start to the week.
China continues to offer imported corn onto their domestic market. The latest tender failed to attract a lot of attention but did move just over 10,000 tonnes. The Chinese government uses these auctions to temper domestic feed corn prices.
China had been expected to consume more and more corn as they moved towards more ethanol usage but there are now rumours that China may not be as actively pursuing the use of renewables, like ethanol, as much as they had expressed earlier in the year. Keep an eye on projected demand for China in coming reports. Not that you ever trust Chinese S&D data but it will be interesting to see if purchases and projected demand actually gel.

Russia will increase their export tax on wheat, barley and corn as of next week. The wheat export tax will increase US$2.60 to US$53.50 per tonne, barley to US$35.30 and corn to US$46.30 per tonne. Cash barley offers FOB Black Sea saw Ukraine barley up roughly AUD$4.00. https://ukragroconsult.com/en/news/canada-durum-spat-raises-questions/ . This is a good read on bad management.