Russian wheat analyst SovEcon lowered their 2024 wheat estimate by a massive 7.3mt to 85.7mt. Confirming that recent hot dry weather and late frosts have pruned yields enough to see the 2024 crop fall 1mt below the 5 year average. The central and southern regions saw the greatest reductions....

Both world cash and futures values for most grains were lower last night. Technical Tuesday, profit taking, call it what you will, maybe a reality check. The situation in Russian warrants watching but to say there’s been a disaster in regards to frost in wheat is probably over kill....

The two big movers in overnight cash markets were chickpeas delivered Delhi market and white wheat out of the US Pacific Northwest. The move in US white wheat values reflected more than the jump in Chicago and Minneapolis wheat futures. In Aussie dollar terms the move higher in white...

The May USDA World Ag Supply and Demand Estimate report held data estimates for the 2024-25 world wheat crop for the first time. The data was not bearish wheat at all. When looking at the stocks to use ratio for major exporters it starts to drive home just how...

Some of the flood pics and videos coming out of Rio Grande do Sul show an incredible amount of water flooding any low lying areas along the Jacui River. Much of the city of Canoas (pop 350k), north of Port Alegre is now submerged. The bulk of the farming...

It appears that Monday nights rally in US wheat futures may have just been a “dead cat bounce”, not unlike the black and white cat found a little contorted at the gate when I arrived this morning, he wasn’t about to jump up and run away either, RIP unknown...

StatsCanada released some stocks data last night for the March 31st period. That’s a while ago now but the data is still interesting, particularly for durum. At 1.651mt the Canadian stocks level is the lowest it has been in 35 years. It’s back 23.6% on last year and back...

US corn, wheat and soybean futures were clear winners in last nights futures markets. Videos of headers floating down rivers and cities being flooded in S.America are never bearish. Historical flooding across SE Brazil has the punters trying to quantify losses to the Brazilian soybean crop. Most are coming...

Chicago soft and hard red winter wheat futures closed Fridays session with a nice rally. Taking the weekly gain for SRWW to AUD$1.53 and HRWW to AUD$7.64 / tonne. Not very impressive but a nice result considering the weakness in wheat early in the week. The main driver behind...

There’s some serious flooding across SE Brazil after up to 400mm of rain was recorded over a 24 hour period. The region most heavily impacted by the flooding appears to be around the SE across Rio Grande do Sol where around 14% of the Brazilian soybean crop is produced....