Agriant Commodities------------09-11-2023 Grain and Feed News
- Ceyhun Besli
- Nov 10, 2023
- 5 min read
Agriant Commodities------------09-11-2023 Grain and Feed News
Hot Topics----------------------
Ukraine's alternative Black Sea export corridor is working despite a recent Russian attack on a civilian vessel, Deputy Prime Minister Oleksandr Kubrakov said on Thursday.
Ukrainian officials said on Wednesday a Russian missile damaged a Liberia-flagged civilian ship entering a Black Sea port in the Odesa region, killing one person and injuring four others. The vessel was supposed to transport iron ore to China.
Ukrainian_Corridor: vessel traffic continues both to and from the ports of Big Odesa (region)," Kubrakov said on the X social media platform.
He said that six vessels with 231,000 tons of agricultural products on board had left ports within the Odesa region and were heading towards the Bosphorus Strait in Turkey.
"Five vessels are waiting to enter ports for loading. Traffic along the Ukrainian_Corridor continued despite Russia's systematic attacks on port infrastructure," Kubrakov added.
Wheat -----------------------
Wheat Dec '23 (ZWZ23)
578
Milling Wheat Dec '23 (MLZ23)
233.00s
Wheat futures are backing off into report day with AM prices 3 to 6 cents in the red. Reports of a ship being struck by a missile in the port of Odesa sparked wheat future buying on Wednesday - some sources indicated the Liberian flagged ship was picking up iron ore purchased by China.
At the close, Chicago wheat was up by 19 to 20 ½ cents, closing just 6c off the high. KC wheat rallied 19 to 22 ½ cents across the front months. MGE spring wheat futures were 9 ¼ to 11 ¼ cents higher at the close for Wednesday.
The weekly Export Sales report is anticipated to have between 250k MT and 500k MT of wheat bookings for the week that ended 11/2.
Traders are looking for USDA to report U.S. wheat carryout within 20 mbu of October’s 670 mbu. in today’s WASDE report.
Baseline projections from USDA’s ERS show All Wheat acreage dipping to 48.0 million in 2024 and going down to 45.5 million by 2027. Exports are projected to stay sub-900 mbu for the entire decade, but begin to recover from the lowest levels since the 60s seen this year and last. The baseline projection for cash price works back toward $6 for the next decade.
Russian exports appear to have slowed vs. the previous week, while FOB price quotes appear to have been $2/MT higher. There were also rumors that Russia was moving to cap all wheat exports for the year, not just durum. The alleged cap is well above current shipments, however, leaving room for additional sales.
Australia recorded the driest October in more than 20 years due to an El Nino weather pattern which has seen hot, dry conditions hit crop yields in one of the world's largest wheat exporters, the national weather bureau said on Wednesday.
In its regular drought report, the Bureau of Meteorology said last month was Australia's driest October since 2002, with rainfall 65% below the 1961–1990 average.
Russian President Vladimir Putin said on Thursday that Russia will be able to hold its place as the top wheat exporter in the world because the crop is "very good."
"We have a very good wheat harvest in Russia this year. The export potential will remain at the level of 60 million tons, and we will surely hold the first place in the world in terms of exports and sales on world markets of this very important commodity," Putin said at a meeting with Kazakh counterpart Kassym-Jomart Tokayev in Astana.
Putin said Russia covers 98% of Kazakhstan's demand in wheat, and remains a "key supplier" of several other agricultural groups of products.
For his part, Tokayev said Kazakhstan and Russia have "huge prospects for cooperation in agriculture" and urged to work out the establishment of joint centers for agricultural innovation.
Wheat BS 11.5 # FOB Panamax #190usd
Wheat Ukraine 11.5 # Asia Main Ports #285 usd
Wheat BS FW # Asia Main Ports #275 usd
Wheat Australia SFW # Asia Main Ports #305 usd
Wheat Australia ASW # Asia Main Ports #315 usd
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Soybean & Soybean Meal --------
Soybean ZSF 24
1355
Soybean Meal Aug '23 ZMV23
449
Soybean prices are up by another 2 to 5 cents across the front months going into the weekly Export Sales report and this morning’s USDA monthly crop production and WASDE releases. Yesterday the market faced pressure from initial strength that pulled the market back to finish the day within 4 cents of UNCH. Soymeal futures also faltered through the day session, but held on to close mostly higher. Soybean Oil futures also reversed course through the intra-day session, but worked from initial weakness to close 16 to 46 points in the black.
Traders are looking for the weekly Export Sales report to show between 800k MT and 1.5 MMT of soybeans were sold during the week that ended 11/2. USDA announced three large private soybean export sales yesterday. China booked 433k MT, and two sales were made to unknown destinations at 132k MT and 344.5k MT. All sales were for 23/24 delivery.
Soybean USA # FOB Panamax # 510 usd
Soybean Brasil # FOB Panamax # 545 usd
Soymeal Arg # FOB Panamax # 550 usd
Soymeal USA # Container F+105
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Corn ----------------
Corn DEC '23 (ZCZ23)
470
USDA reported 270k MT of corn was sold to Mexico via a private export sale. Estimates ahead of this morning’s weekly Export Sales report range from 600k MT to 1.2 MMT. New crop export sales ideas top out at 50k MT for the week that ended 11/2.
Estimates for the WASDE and Crop Production reports this morning on average look for corn yield to increase 0.3 bpa with production of a 15.089 bbu crop. The average trade guess for ending stocks is 30 mbu looser at 2.141 bbu.
CORN USA # FOB Panamax # 210 usd
CORN UKRAINE # FOB Panamax # 170 usd
CORN ARG # FOB Panamax # 210 usd
CORN BRSL # FOB Panamax # 215 usd
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Other Container Prices -------------------
USA DDGS CNF Indonesia 320 Usd
USA DDGS CNF South Korea 320 Usd
USA DDGS CNF Taiwan 320 Usd
USA DDGS CNF Philipines 335 Usd
USA DDGS CNF Malaysia 330 Usd
USA DDGS CNF Vietnam 330 USD
USA CGM CNF ASIA 755USD
UKRAINE SFM CNF ASIA 365USD
UKRAINE SFMP CNF ASIA 375 USD
AUSSIE BARLEY ASIA 290 USD
Freight----------------Freightos Baltic Index (FBX): Global Container Freight Index
$1166
Argentina / China/ Panamax, #47 USD (TO)
Argentina / Indonesia Panamax, #59USD (TO)
USA PNW / China /Panamax , #32USD
BS /Turkey ------ / Coaster #31 USD
BS /China /Panamax #55 USD
BS / Indonesia Panamax #60USD
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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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