15/12/21 Prices
Plenty of international wheat tenders announced this week as consumers take advantage of a dip in futures and also cash prices in some markets to gather stock. The Philippines has a couple of tenders out, milling wheat (50kt) and feed wheat (220kt) to be purchases there.
Russia and Egypt are having talks in regards to setting up a better supply chain arrangement, possibly consisting of Russian sponsored logistics and storage facilities located in Egypt.
Iran in tendering for 180kt of milling wheat, most likely from Black Sea supplies.
Japan is also in for their weekly tender of 229kt of US / Canadian wheat. US Pacific North West values have not moved much in the last week and must be making Australian values look cheap in comparison.
Corn and soybean futures were higher at Chicago while wheat was generally flat to softer across all three grades in the States. The December contract should roll off the board today, March the nearby now.
Corn was said to have found support from dry weather in Argentina. A quick look at World Ag Weather shows much of northern Argentina receiving between 40 – 50% of normal 14 days rainfall. The south and Pampas has seen good rainfall exceeding their normal average for this time of year. About 1/3rd of the Argie corn crop is grown in central and southern Cordoba which has seen 60-80% of normal rainfall. It is a little dry, this dry weather has allowed a good pace for sowing progress and field work but does warrant keeping an eye on.