US wheat futures are mixed, hard red winter wheat stabilising somewhat while both soft red winter and spring wheat continue to slip away. Chicago corn found weakness in the December slot, back roughly the same as wheat. Chicago soybeans were a little firmer, up around 15.5c/bu (AUD$8.28) for the Jan 23 slot. The firmer close helping to stabilise the ICE canola contract. Paris rapeseed ran its own race, and win it did, putting on E15.25 (AUD$23.15) for the Feb 23 contract.

French wheat appears to be the cheapest wheat against the latest Egyptian tender. At US$394.40 per tonne FOB (Viterra & Olam). Egypt picked up 815kt, that’s big order. The increase in demand was met with ample offers in the tender too. French wheat picking up around 6 of the 14 vessels.

Saudi Arabia tendering for another 495kt of wheat. Algeria said to have purchased 700kt. Jordan picked up 60kt of milling wheat and is looking for another 120kt. Pakistan is in for 500kt of milling wheat and Bangladesh also tendered for 50kt of milling wheat. That’s a lot of tenders flushed out on a dip in price.
Buyers appear to be entering the market during the northern hemisphere harvest period, as this is often the cheapest time of year. Russia has also announced a change to the export tax calculation to take into consideration the increased value of the rouble against the US dollar. The details are yet to be made public, but the changes are expected to make Russian wheat more competitive out of the Black Sea. So, Russia says.

MATIF, Paris milling wheat futures responded to the inclusion of French wheat in the Egyptian tender, closing higher. The Dec 22 slot up E3.75 / tonne.