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Wheat prices exported to China imported corn grains to the United States
On Friday, the Chicago Board of Trade (CBOT) closed at about $8.
0525/p in the December soft red winter wheat period, up 4.
4 percent
from a week ago.
The Kansas City Futures Exchange's (KCBT) December hard red winter wheat period closed at around $8.
8225/p, up 4.
2 percent
from a week ago.
The December hard red spring wheat period on the Minneapolis Grain Exchange (MGEX) closed at around $9.
095/puri, up 2.
5 percent
from a week ago.
Euronext's December 2022 period closed at around €319.
25/mt, up 3%
from a week ago.
Argentina wheat spot quotes were $408/mt, unchanged
from a week ago.
The ICE Exchange dollar index closed at 108.
751 points on Friday, up 0.
6 percent
from a week ago.
0525/p in the December soft red winter wheat period, up 4.
4 percent
from a week ago.
The Kansas City Futures Exchange's (KCBT) December hard red winter wheat period closed at around $8.
8225/p, up 4.
2 percent
from a week ago.
The December hard red spring wheat period on the Minneapolis Grain Exchange (MGEX) closed at around $9.
095/puri, up 2.
5 percent
from a week ago.
Euronext's December 2022 period closed at around €319.
25/mt, up 3%
from a week ago.
Argentina wheat spot quotes were $408/mt, unchanged
from a week ago.
The ICE Exchange dollar index closed at 108.
751 points on Friday, up 0.
6 percent
from a week ago.
SoveEcon, a Moscow-based consultancy, said Russian wheat exports were 5.
9 million tonnes in July and August this year, the first two months of 2022/23, down 27 percent from the same period last year and the lowest level
since 2017/18.
Although Russian wheat is expected to hit an all-time high of 94.
7 million tonnes, exports have been slow because of the chilling effect of Western sanctions on Russia, which has led some traders to be reluctant to touch Russian products
.
9 million tonnes in July and August this year, the first two months of 2022/23, down 27 percent from the same period last year and the lowest level
since 2017/18.
Although Russian wheat is expected to hit an all-time high of 94.
7 million tonnes, exports have been slow because of the chilling effect of Western sanctions on Russia, which has led some traders to be reluctant to touch Russian products
.
Analysts said the recent decline in Russian wheat export prices fell last week as record new wheat harvests from domestic production went on the market and the pace of exports remained slow
.
Moscow-based consultancy IKAR said that as of Aug.
19, the FOB price of Russia's 12.
5 percent protein at the Black Sea port was $325 a tonne, down $25 or 7.
1 percent
from a week ago.
Domestic wheat prices in Russia also fell as supplies grew rapidly, especially low-protein grade five wheat
.
Domestically produced third-class wheat was quoted at 12,375 rubles per tonne, down 450 rubles
from a week ago.
.
Moscow-based consultancy IKAR said that as of Aug.
19, the FOB price of Russia's 12.
5 percent protein at the Black Sea port was $325 a tonne, down $25 or 7.
1 percent
from a week ago.
Domestic wheat prices in Russia also fell as supplies grew rapidly, especially low-protein grade five wheat
.
Domestically produced third-class wheat was quoted at 12,375 rubles per tonne, down 450 rubles
from a week ago.
Canada's Agriculture and Agri-Food Department (AAFC) August report showed that all wheat production in Canada is expected to be 34.
505 million tonnes in 2022/23, up 786 000 tonnes from the previous month and up 59.
4%
from 21.
652 million tonnes in 2021/22.
The increase in production was due to the increase in yields to 3.
40 tonnes/ha, 0.
07 tonnes/ha higher than the previous month and 45.
3 per cent
higher than the previous year's drought-2.
34 tonnes/ha.
The area sown to all wheat in 2022/23 remained at 10.
345 million hectares, an increase of 9%
year-on-year.
Wheat exports increased by 600,000 tonnes to 23 million tonnes due to increased production, up 53.
7%
from 14.
96 million tonnes in 2021/22.
Domestic wheat consumption in 2022/23 is expected at 9.
425 million tonnes, up 31,000 tonnes from the previous month and up 6.
1%
year-on-year.
Wheat ending stocks for 2022/23 are expected to be 5.
9 million tonnes, up 200,000 tonnes from the previous month and up 59.
7%
from the previous year.
505 million tonnes in 2022/23, up 786 000 tonnes from the previous month and up 59.
4%
from 21.
652 million tonnes in 2021/22.
The increase in production was due to the increase in yields to 3.
40 tonnes/ha, 0.
07 tonnes/ha higher than the previous month and 45.
3 per cent
higher than the previous year's drought-2.
34 tonnes/ha.
The area sown to all wheat in 2022/23 remained at 10.
345 million hectares, an increase of 9%
year-on-year.
Wheat exports increased by 600,000 tonnes to 23 million tonnes due to increased production, up 53.
7%
from 14.
96 million tonnes in 2021/22.
Domestic wheat consumption in 2022/23 is expected at 9.
425 million tonnes, up 31,000 tonnes from the previous month and up 6.
1%
year-on-year.
Wheat ending stocks for 2022/23 are expected to be 5.
9 million tonnes, up 200,000 tonnes from the previous month and up 59.
7%
from the previous year.
The winter wheat harvest in the United States is nearing completion
.
The USDA's Weekly Crop Progress report shows that as of Aug.
21, the U.
S.
winter wheat harvest was 95 percent complete, compared with 90 percent last week and 99 percent year-over-year, with a five-year average of 97 percent
.
The U.
S.
spring wheat harvest was 33 percent complete, compared to 16 percent one week ago, compared to 74 percent year-over-year, and a five-year average of 54 percent
.
.
The USDA's Weekly Crop Progress report shows that as of Aug.
21, the U.
S.
winter wheat harvest was 95 percent complete, compared with 90 percent last week and 99 percent year-over-year, with a five-year average of 97 percent
.
The U.
S.
spring wheat harvest was 33 percent complete, compared to 16 percent one week ago, compared to 74 percent year-over-year, and a five-year average of 54 percent
.
The European Commission on Thursday raised the available production of EU soft wheat in 2022/23 to 126.
0 million tonnes, 2.
1 million tonnes higher than the 123.
9 million tonnes forecast on July 28, but still below the previous year's 130.
1 million tonnes
.
EU soft wheat exports are expected at 36 million tonnes, unchanged from the previous month; Ending stocks were raised by 2 million tonnes to 15.
7 million tonnes
.
0 million tonnes, 2.
1 million tonnes higher than the 123.
9 million tonnes forecast on July 28, but still below the previous year's 130.
1 million tonnes
.
EU soft wheat exports are expected at 36 million tonnes, unchanged from the previous month; Ending stocks were raised by 2 million tonnes to 15.
7 million tonnes
.
Because of the scarcity of rainfall and the worst heat wave in six years, China has issued a national drought warning
, according to Gros Intelligence.
The company notes that severe weather is putting pressure on China's wheat and rice crops, potentially forcing China to raise these important food imports at a time when
many of the world's major commodities are in short supply.
The company said China's wheat crop is under high pressure, including Henan
, the top wheat province.
Soil moisture in Henan's wheat-producing regions is at its lowest level in at least 12 years, while Gros intelligence's vegetation health index is at the low end
of the 20-year range.
Although China is the world's largest wheat producer, the country is also a major importer of wheat because demand, including animal feed, exceeds domestic supplies
.
Data from Gros Intelligence shows that wheat imports so far in 2021 and 2022 far outpace the historical average
.
The USDA recently estimated that China would import 9.
5 million tonnes of wheat
in 2022/23.
, according to Gros Intelligence.
The company notes that severe weather is putting pressure on China's wheat and rice crops, potentially forcing China to raise these important food imports at a time when
many of the world's major commodities are in short supply.
The company said China's wheat crop is under high pressure, including Henan
, the top wheat province.
Soil moisture in Henan's wheat-producing regions is at its lowest level in at least 12 years, while Gros intelligence's vegetation health index is at the low end
of the 20-year range.
Although China is the world's largest wheat producer, the country is also a major importer of wheat because demand, including animal feed, exceeds domestic supplies
.
Data from Gros Intelligence shows that wheat imports so far in 2021 and 2022 far outpace the historical average
.
The USDA recently estimated that China would import 9.
5 million tonnes of wheat
in 2022/23.
Egypt's General Commodity Supply Directorate (GASC) directly bought 240,000 tonnes of Russian wheat through private negotiations on Monday (Aug.
22), with traders estimating the CNF price at $368 a tonne, 8 percent
lower than the last purchase price in July.
Egyptian Supply Minister Mausli said on Monday that since the start of the year, The Egyptian GASC has purchased about 1.
8 million tonnes of wheat
through tenders and direct purchases.
The USDA predicts Egypt will import 11 million tonnes of wheat
in 2022/23.
22), with traders estimating the CNF price at $368 a tonne, 8 percent
lower than the last purchase price in July.
Egyptian Supply Minister Mausli said on Monday that since the start of the year, The Egyptian GASC has purchased about 1.
8 million tonnes of wheat
through tenders and direct purchases.
The USDA predicts Egypt will import 11 million tonnes of wheat
in 2022/23.
Jordan's Ministry of Trade on Wednesday held an international tender to buy 120,000 tonnes of milled wheat
, following a tender for 120,000 tonnes of wheat imports on Tuesday.
The deadline for bidding is August 30
.
, following a tender for 120,000 tonnes of wheat imports on Tuesday.
The deadline for bidding is August 30
.
Iraqi state grain buyers failed to buy U.
S.
wheat
through a tender that ended Aug.
17.
In this wheat tender, Iraq sought a nominal 50,000 tons of American wheat
.
S.
wheat
through a tender that ended Aug.
17.
In this wheat tender, Iraq sought a nominal 50,000 tons of American wheat
.
Some South Korean flour mills have bought about 50,000 tonnes of U.
S.
milled wheat
from CHS through an international tender that ended on Friday.
Sailing schedules run from November 1 to 30 and FOB prices range
from $331 to $375.
S.
milled wheat
from CHS through an international tender that ended on Friday.
Sailing schedules run from November 1 to 30 and FOB prices range
from $331 to $375.
