Agriant Commodities 05-06-2023 Grain and Feed News
- Ceyhun Besli
- Jun 5, 2023
- 5 min read
Agriant Commodities 05-06-2023 Grain and Feed News
Hot Topics----------------------
Oil-producing countries have agreed to continued cuts in production in a bid to shore up flagging prices.
Saudi Arabia said it would make cuts of a million barrels per day (bpd) in July and Opec+ said targets would drop by a further 1.4 million bpd from 2024.
Opec+ accounts for around 40% of the world's crude oil and its decisions can have a major impact on oil prices.
In Asia trade on Monday, Brent crude oil rose by as much as 2.4% before settling at around $77 a barrel.
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Wheat -----------------------
Wheat May '23 (ZWN23)
626.-6
Chicago wheat rose more than 1% on Monday to its highest in almost three weeks as concerns over Black Sea supplies and crop damage in top consumer China underpinned the market.
"The wheat market's deeply oversold condition has left it vulnerable to heavy short covering when the weather, economic strength, or uncertainty about global crops emerge," commodities research firm Hightower said in a report.
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 added 1.2% to $6.26-1/2 a bushel, as of 0302 GMT, after climbing earlier in the session to its highest since May 17 at $6.28 a bushel.
Kyiv said on Thursday the U.N.-brokered Black Sea grain export deal had been halted again as Russia had blocked the registration of ships to all Ukrainian ports.
However, Ukraine would be ready to continue exporting grain across the Black Sea as part of a "plan B" without Russian backing if Moscow pulls the plug on the current grain export deal and it collapses, Ukraine's farm minister said on Friday.
In China, the largest wheat-growing province of Henan is expected to be hit by more rain in coming days, state forecasters said on Thursday, complicating efforts to harvest grain already damaged by wetter than normal weather in late May.
China is the world's biggest wheat consumer.
The condition of French soft wheat declined in the week ended May 29, data from farm office FranceAgriMer showed on Friday, suggesting a dry spell was starting to affect some crops. An estimated 91% of soft wheat was rated as being in "good-or-excellent" condition, down from 93% the previous week.
Wheat BS 11.5 # FOB Panamax #215 usd
Wheat Ukraine 11.5 # Asia Main Ports #275 usd
Wheat BS FW # Asia Main Ports #270 usd
Wheat Australia SFW # Asia Main Ports #290 usd
Wheat Australia ASW # Asia Main Ports #305 usd
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Soybean & Soybean Meal --------
Soybean May '23 (ZSN23)
1358
Soybean Meal May '23 (ZMN23401
Chicago-traded soybean futures last week closed below $13 per bushel for the first time in a year-and-a-half, though speculators are still hanging on to the net long position they have maintained since April 2020.
Meanwhile, an unusually dry end to May across the U.S. Corn Belt and the possible continuation of that pattern into mid-June sparked funds' biggest weekly round of short covering in CBOT corn in nearly three years.
Most-active CBOT soybean futures tumbled 2% in the week ended May 30, seemingly cementing funds into bearish territory. May 30 featured most-active beans' first settle below $13 per bushel since December 2021, and November soybeans lost nearly 3% during the four-day trading week.
As of May 30, money managers' net long in CBOT soybeans stood at just 529 futures and options contracts versus 4,147 the week before. Exiting longs were more prominent, but funds also covered soybean shorts, the first such instance in eight weeks.
Both soybean meal and soybean oil futures shed more than 3% in the week ended May 30, though funds were notable sellers only in meal. Money managers cut their net long in CBOT soybean meal futures and options to 59,676 contracts, the lightest in a year. That compares with 73,789 a week earlier.
Soybean oil had been gaining throughout that week but plunged on May 30 along with other global vegoils and crude oil on broad economic concerns.
Money managers expanded their net short in CBOT soybean oil futures and options by 572 contracts to 37,449 as of May 30, their most bearish oil view since July 2019. They have been net sellers of the vegoil in 22 of the last 28 weeks.
Agriculture Minister Syahrul Yasin Limpo stressed that Indonesia should not depend on soybean imports forever."Today, we are planting soybeans in Tanggamus District as a joint effort to end dependence on soybean imports," he stated here on Friday.
According to Limpo, the planting of soybean in Tanggamus is part of the local government and the Trade Ministry's efforts in reviving domestic soybean production."So far, our soybean needs are met from abroad, because it must be admitted that the price of imported soybeans is cheaper," he stated.
The minister said, most farmers prefer to grow corn on their land rather than soybeans, as the amount of harvest production can be much different.
"Farmers can harvest around five tons to seven tons of corn per hectare, but only two tons to 2.5 tons from planting soybeans per hectare. Hence, they prefer to plant corn," he explained.
However, the dependence on soybean imports must be ended, as it is part of the staple foods of the Indonesian people.
"Therefore, we, along with the trade minister and the Lampung governor, want Lampung to be part of the country's strength in mobilizing domestic soybean interests," Limpo affirmed.
Lampung Governor Arinal Djunaidi stated that the province has contributed five thousand tons of soybeans from the total national soybean production.
"Lampung, as an agricultural 'locomotive', can become a model to initiate 10 other provinces that produce soybeans with the same value," he stated.
The governor said the province collaborates with the Bogor Agricultural University (IPB), Lampung University, the Trade Ministry, and the Agriculture Ministry in bolstering soybean production in the country.
Tanggamus District Head Dewi Handajani thanked the central government for supporting soybean development in her region.
Note that there are around 200 thousand hectares of agricultural land that are not rice fields in this district, which are potential to be developed into soybean plantation," she stated.
Soybean USA # FOB Panamax # 525 usd
Soybean Brasil # FOB Panamax # 475 usd
Soymeal Arg # FOB Panamax # 460 usd
Soymeal USA # Container SN23+70
Soybean # Container N23+2.3
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Corn ----------------
Corn Mar '23 (ZCN23)
612-4
Corn jumped to a six-week high while soybeans gained for a fourth consecutive session with dryness in key growing U.S. Midwest supported prices.
December corn rose 3% over that period as forecasts still showed dryness for parts of the U.S. Corn Belt through at least next week. November beans were up 2.6% and most-active beans rose more than 4%, meaning funds are likely still long.
December corn rose 3% over that period as forecasts still showed dryness for parts of the U.S. Corn Belt through at least next week. November beans were up 2.6% and most-active beans rose more than 4%, meaning funds are likely still long.
CORN USA # FOB Panamax # 265 usd
CORN UKRAINE # FOB Panamax # 215 usd
CORN ARG # FOB Panamax # 220 usd
CORN BRSL # FOB Panamax # 230 usd
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Other Container Prices -------------------
USA DDGS CNF Indonesisa 330 Usd
USA DDGS CNF South Korea 320Usd
USA DDGS CNF Taiwan 320 Usd
USA DDGS CNF Philipines 345 Usd
USA DDGS CNF Malaysia 325 Usd
USA DDGS CNF Vietnam 330 USD
USA CGM CNF ASIA 770USD
UKRAINE SFM CNF ASIA 365USD
UKRAINE SFMP CNF ASIA 375USD
AUSSIE BARLEY ASIA 310USD
Freight----------------Freightos Baltic Index (FBX): Global Container Freight Index1380$
Argentina / China/ Panamax, #45 USD (TO)
Argentina / Indonesia Panamax, #60USD (TO)
USA PNW / China /Panamax , #32USD
BS /Turkey ------ / Handy #20 USD
BS /China /Panamax #57 USD
BS / Indonesia Panamax #55 USD
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AGRIANT COMMODITIES present information based on sources /news there are no guarantees as to the accuracy or completeness of the information contained herein whether in an Copyright © 2023
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