Russia re-entering participation for the Black Sea grain export corridors dropped the market back to last week’s levels. CBT SRW gave back 4.5% to 6.2% on the day and mostly erased the gains to start the week, following Russia’s short-lived withdrawal from the deal. KC wheat prices ended the day down by 4% to 5%, and are back near last week’s levels. Spring wheat prices closed the session with 3.1% to 3.88% losses.
Weekly wheat bookings are estimated between 200k MT and 600k MT for the week that ended 10/27. New crop export sales are estimated to be below 50k MT.
Ukraine’s Ag Ministry reported that 13.4 MMT of grain shipments for the season through 11/2. That was down 32% from last year, and included 5.1 MMT of wheat which was down 60% from last year. IKAR estimated the Russian 22/23 wheat crop at 101 MMT with 50 MMT of exportable supply.
Buenos Aries Grains Exchange left their Argentine wheat forecast for 22/23 wheat at 15.2 MMT. Argentina is set to permit delayed wheat exports on contract citing the drought concerns.
Dec 22 CBOT Wheat closed at $8.46, down 56 1/2 cents,
Mar 23 CBOT Wheat closed at $8.65, down 54 cents,
Cash SRW Wheat was $7.78 5/8, down 55 3/8 cents,
Dec 22 KCBT Wheat closed at $9.40 1/4, down 49 3/4 cents,
Cash HRW Wheat was $8.98, down 49 7/8 cents,
Dec 22 MGEX Wheat closed at $9.49 1/4, down 40 1/2 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
