Select Page

-Wheat pulls back overnight on optimism of Paris talks
-Argentine forecast wetter
-Asian feed buyers active overnight
-Logistics impacting U.S. grain shipments to Canada

 The wheat market was lower overnight as Russian, Ukrainian, French and German officials meet in Paris today as a potential
restart of talks to de-escalate the rising tensions over ideas of a Russian invasion, while continued strength in Malaysian palm oil futures pulled soybean oil higher and, accordingly, soybeans, as well, overnight.
 The Argentine forecast is wetter in the 6-10 day and 11-15 day outlook periods this morning, while good rains remain in the
same forecast periods for southern Brazil, as well.
 Parts of western Kansas and eastern Colorado saw much-needed 2-20 inch snowfall amounts over the last 24 hours, although total coverage of Kansas was only about 30%.
 Three Philippines importer groups tendered for an unspecified amount of feed wheat for April-October shipment periods. Another group bought 35k tonnes of Australian feed wheat at $356-$359/tonne c&f for April shipment.
 South Korean feed buyers were busy overnight with one buying 69k tonnes of optional-origin corn at $332.70/tonne c&f for April shipment, another buying 193 tonnes of corn at $336.77-$338.95/tonne c&f for Feb-Mar shipment periods and, finally, 55k tonnes of optional-origin feed wheat was bought at $339.49/tonne for April 25 arrival.
 China said they will promote intercropping of soybeans with corn on more than 1 million hectares (2.5 million acres) of area in 2022/23 as a way to increase soybean production, while not impacting corn production. Last year, China planted 8.4 million
hectares (20.8 mil acres) of soybeans.
 The notable needed increase in Canada’s imports corn from the U.S. as a result of last summer’s historic drought has faced
considerable shipping/logistics issues with weather-related rail problems and COVID-related boarder crossing issues for truckers resulting in widespread feed shortages among feedlots this winter. Some Alberta operations have said feed supplies are down to 5 days of requirements vs the normal 14-30 day buffer of supplies on hand. Canada has bought 3.2 MMT of U.S. corn so far this year vs just 450k tonnes at this time a year ago.

Share This