There are reports of wheat crop damage in India. Storms have flattened many fields according to a Reuters report. A producer in Uttar Pradesh has been quoted as stating his entire crop has been flattened and will now need to be harvested by hand. The crop was just 2-3 weeks away from harvest.
Just last week Indian officials increased their estimate of wheat production to a record on 112mt. Some analyst expect to see as much as 3mt below this number after last weeks storms that apparently produced rain and hail across the entire wheat belt. Chick peas and canola are both grown in the same regions as wheat and both have a similar maturity window. This may see India once again importing vegie oil, and potentially pulse crops in 2024-25. There is also come speculation that quality wheat may also need to be imported to blend with local product.

US wheat futures were generally higher for the premium grades while soft red winter wheat futures at Chicago continued to struggle. Hard red winter wheat futures at Chicago gained 18.5c/bu (AUD$10.26/t) in the May slot.
The HRW belt in the states, and much of the spring wheat belt, remain very dry, recording little to no rain over the last few weeks. The forecast for the week ahead shows some improvement for the eastern edge of the HRW belt and the central corn belt.
The USDA will produce their March WASDE report tonight. Most punters are not expecting a lot out of it but are tending to suggest that exports for most grains could be reduced. This could roll through to worse than desired ending stocks for some. We’ll know by this time tomorrow. The biggest issue is not the WASDE predictions though. It continues to be the bargain basement prices Russia is selling wheat at. I guess when you simply acquire your neighbouring countries wheat it’s no real issue how much you sell it for. Annual exports of Russian wheat remain strong, 35mt year to date. Some pain in wheat prices now may pay off longer term though as Russia reduces potentially burdensome carry over stocks. Egypt decided to cancel a wheat tender yesterday, possibly a mistake.