Saudi Arabia confirmed the purchase of 625kt of milling wheat yesterday. With an average price of US$422.47 / tonne C&F it is well above the last tender which averaged US$57.33 per tonne lower at US$365.14. The 12.5% hard milling wheat is scheduled for arrival between September and November. There...

Just a thought on US corn acres, they are down, or will be according to the USDA report on Thursday. This prompted a move higher in futures on Thursday which was countered last night with some downside, leaving corn futures at Chicago lower week on week. In the US...

The USDA prospective plantings report, although a little predictable, did have an impact on US futures overnight. As expected by many the high cost of inputs for corn will result in some acreage swapping to soybeans, a crop that is a little cheaper to grow than corn and is...

There is so much information coming from so many different directions at present it is very hard to glue it all together to determine a plausible outcome relating to grain production, consumption and ultimately price direction. Demand destruction due to price increases, area adjustments due to drought, flood, and...

India booked 45kt of sunflower oil with Russia overnight at a new record price of US$2150/t. This represents a rally in Black Sea values of $520 over values prior to the Ukraine / Russia war. The purchase was delayed as India determined the spread of sanctions against Russia.  Indian...

Both US and European wheat futures pushed lower overnight. Nearby milling wheat at Paris some E11.50 lower (AUD$16.86). Outer months at Paris were not as hard hit but still fell away E8.50 in the December slot. US futures were lower across all three exchanged. The weaker AUD countering the...

US wheat futures appear to be trying to find a base around these numbers. Selling moves higher and buying moves lower. The key is still speculation about increased demand for US wheat from those usually reliant on Black Sea wheat exports like Egypt and the Middle East. I find...

Wheat, corn and soybean futures were all lower in overnight trade at Chicago. US exports have not been as high as the punters had expected to see. The Ukraine / Russia war which has resulted in the suspension of exports from Ukraine and greatly limited exports from Russia has...

In the US soybean futures at Chicago were higher, having the best session of all the grains. Unfortunately, the up-tick in Chicago soybean futures didn’t roll through to better canola and rapeseed futures. In fact Paris rapeseed future on the nearby May22 slot saw a massive reduction, shedding E68.00...

A disturbing consequence of the Russia / Ukraine war is the potential for instability in wheat import dependant countries like Egypt. The big news is the devaluation of the Egyptian pound by 14% as investors pulled the pin on Egypt. In an attempt to curb the out flow of...