The Chicago soft red winter wheat contract continues to hold up well against further losses in both corn and soybeans. The nearby wheat contract saw volume at 35,709 contracts (4.85mt) last night, the May 2024 contract saw volume at 74,376 contract (10.11mt).
Looking at the May chart for soft red winter wheat futures at Chicago it appears to be trying to set a floor. There was a gap in the chart around 578c/bu that may have been filled last night as the range was 594.25 to 574.5. It’s too early to call it a seasonal low, Europe and the Black Sea states seem hell bent on beating each other to the bottom, but it’s a good sign.
Another good sign was a higher close in Paris milling wheat futures, March +E3.75 and May +E2.75. Paris corn futures also closed higher, defying the price action at Chicago. Chicago soybeans were again lower, dragging both Paris rapeseed and Winnipeg canola down.

In what could potentially be construed as possibly bullish news for corn was the US governments decision to allow a wider sales window for E15 gasoline in a number of Midwestern states. Additional corn demand is good demand. The proposal is set to start in 2025, that’s the downside. The proposal is obviously being put down by the oil refineries and the greens alike who claim corn is food not fuel and it’s an election year.

Tunisia are in for 100kt of soft wheat by tender. The tender closes today so we may get some numbers out of this over the weekend. It’s optional origin but looking at world prices one would think that Russian wheat should dominate the tender.

A Bangladesh milling wheat tender saw the lowest offer US$23.24 below their previous tender result which was US$303.19 unloaded at buyers port.