FI Evening Grain Comments 10/03/22

PDF Attached

 

There
were no changes in US corn and soybean crop conditions. We left our October yield estimates unchanged for corn and soybeans. US corn harvest was below expectations and soybeans above. US winter wheat plantings are running 4 points below average and 4 points
below an average trade estimate. August US soybean crush was 0.6 million bushels below the trade guess and end of August soybean oil stocks were slightly below. US August corn for ethanol use was near expectations.

 

Calls:

Soybeans
steady

Meal
steady to 0.50 lower

Soybean
oil 10-25 higher

Corn
1-3 higher

Wheat
steady to 4 higher

 

Higher
trade for the soybean complex (reversal exception to soybean oil supported by higher WTI crude), higher slow in nearby corn and wheat mixed. Chicago wheat saw fund selling from profit taking in spreads and outright long positions. NASS crush reports were near
expectations for corn use and fell below an average trade guess for soybean crush for the month of August . USDA 24-Hour: Private exporters reported sales of 110,000 metric tons of soybeans for delivery to unknown destinations during the 2022/2023 marketing
year.

 

Weekend
harvest weather was ideal for the US, with temperatures warming from that of the workweek and little rain occurring for the major growing regions of the Midwest. Note the remnants from the hurricane did dump good rains across parts of the far eastern areas
of the ECB. Overall Midwest weather conditions were and will remain drier than normal, exception upper WCB east of the Dakotas and ECB’s MI & OH states. Look for water levels for the Mississippi to continue to decline well into the workweek. Winter wheat plantings
across the southwestern growing areas will remain a challenge with net drying this week while parts of the central and northern Great Plains will see some rain. Argentina will see rain this week across the northern, central and southwestern areas, welcome
after a slow start to the corn planting season. Southern and central Brazil will see rain. 

 

 

 

 

 

 

 

 

Weather

 

 

 

World
Weather, INC.

WEATHER
EVENTS AND FEATURES TO WATCH

• WHEAT
  AREAS OF THE WORLD BEING CLOSELY MONITORED
• New
  South Wales, Australia  will get excessive rain later this week with flooding expected
• Argentina
  remains quite dry, but some showers are likely Tuesday and Wednesday
• Parana,
  Brazil is getting too much rain along with neighboring states resulting in a general decline in grain quality
• Canada’s
  Prairies are still drought stricken
• Central
  Montana received some welcome rain during the weekend wheat improving planting and establishment
• U.S.
  hard red winter wheat areas have a chance for showers in the next ten days, but resulting rain will not break the drought
• Any
  moisture will be welcome, though
• Europe
  weather improving for fieldwork
• Russia’s
  Southern Region to get some welcome showers
• China’s
  Yellow River Basin gets excessive rain and experiences some flooding
• Wheat
  planting delays are likely, and some replanting may be necessary
• India
  will start planting wheat soon

 

• Australia
  rain this week will begin today in South Australia and then shift to central and western New South Wales and western Queensland Tuesday and Wednesday
  
• The
  rain will become quite persistent in New South Wales and Queensland into next week with waves of moisture impacting wheat, barley and canola areas raising concern over wet weather disease and potential production problems due to possible flooding
  
• The
  rainy weather will last into next week with moisture totals of 2.00 to more than 5.00 inches expected from southwestern Queensland into central and southeastern New South Wales by next week
  
• Western
  Australia weather will continue drier biased this week and temperatures will be cooler than usual
• Australia’s
  bottom line will be good for crops in Western Australia and should remain favorable in southeastern parts of Queensland and South Australia. Too much moisture in New South Wales and parts of Victoria may lead to crop damage and will certainly raise the potential
  for more significant wet weather disease that will cut into yield. Concern remains high that the fourth quarter will see more bouts of excessive moisture resulting in a serious threat to grain and oilseed quality as crops reproduce, fill and get ready for
  harvesting.
• Excessive
  rain fell China’s lower Yellow River Basin Friday through Sunday with rainfall of 4.00 to more than 11.00 inches.
  
• Some
  flooding occurred in Shandong and southern Hebei
• Lighter
  rainfall of 1.50 to 4.00 inches occurred in Shaanxi
• More
  heavy rain likely in southern parts of the Yellow River Basin early this week
• Another
  2.00 to 6.00 inches of rain may fall from northeastern Sichuan and southern Shaanxi to Anhui with lighter rain in Jiangsu by mid-week
  
• The
  rain will diminish while shifting southward into the northern Yangtze River Basin
• Rainfall
  may vary from 0.50 to 1.50 inches and locally more
• Some
  relief is expected in northern drought areas of the Yangtze Basin, but southern areas will remain dry biased
• Southeastern
  China is expected to be drier than usual through the fourth quarter of this year
• China’s
  bottom line is good for winter wheat planting in areas that do not get excessive rain; however, some flooding is impacting a part of the region and it will continue periodically this week. Drought in the Yangtze River Basin will continue to expedite summer
  crop maturation and harvesting, but production has been cut especially in rice areas. Dryness may be a worry for southern rapeseed areas if that region stays drier biased as is suggested over the next 30 days. Northern rapeseed areas may do a little better
  with moisture, but the situation will need to be closely monitored. Weather in northeastern China will be mixed allowing summer crop harvest progress to advance, albeit a little slowly at times.
  
• Xinjiang,
  China harvest weather is mostly good, although some periodic showers in the northeast part of the province have caused some delay to the harvest and raised at least a little fiber quality concern
• Excellent
  drying conditions are prevailing in the bulk of other production areas in the province
• Europe
  weather will trend drier this week and that will translate into a better environment for fieldwork after recent rainfall
• There
  are still some moisture deficits of significance prevailing in France, Spain, Portugal, Germany and the lower Danube River Basin, although topsoil moisture has been improved in most areas to support autumn planting and winter crop establishment
  
• Enough
  moisture has fallen recently to support autumn planting, seed germination and plant emergence and establishment
• The
  drier weather was needed to promote faster fieldwork; including summer crop harvesting and winter crop planting
• Portions
  of the lower Danube River Basin in southeastern Europe are still too dry as well
• Belarus,
  northern Ukraine, the Baltic States and far western Russia will see abundant rain early to mid-week this week restricting farming activity and keeping the soil very wet
  
• Drier
  weather is needed and may evolve late this week and into next week
• Predicted
  rainfall this week will vary from 1.00 to 2.00 inches with a small part of the region getting 2.00 to nearly 3.00 inches
  
• All
  of that moisture will be over saturated soil and that could lead to some additional flooding
• Eastern
  and southern winter wheat and rye areas of Russia will get light rainfall this week and that should be sufficient to support winter crop needs, although there are still some moisture deficits that are lingering
• Cold
  temperatures occurred in the eastern CIS New Lands during the weekend with hard freezes in many areas
• Extreme
  lows fell into the teens Fahrenheit, but the impact on crop areas was minimal
• Europe
  weekend rainfall was light to moderate across many areas from the U.K., France and Low Countries to Belarus, Ukraine and parts of southeastern Europe
• The
  moisture maintained favorable topsoil conditions for many areas, but the drier areas noted above will still need more moisture later this season
• Weekend
  precipitation in Russia was confined to the west with the same areas predicted to be wettest this week also wettest during the weekend leaving the soil saturated and vulnerable to flooding
  
• Some
  flooding may already be under way in southwestern Russia near the Belarus border from previous rain
• India
  weekend rain was greatest in the interior south while net drying occurred in other areas.
  
• India
  will experience a late season monsoon low coming west northwesterly from the Bay of Bengal producing rain for many key grain, oilseed, sugarcane, rice and coffee production areas
• Northwestern
  India will likely stay dry along with Pakistan favoring harvest progress from Gujarat and Rajasthan northwestward
• Some
  rain may fall in Haryana this weekend into early next week possibly returning some concern over harvest delays and cotton quality declines.
  
• Normally,
  by early October monsoonal rainfall has withdrawn from northern and central India, but this week will still be quite wet with flooding in Uttarakhand, Nepal and parts of Uttar Pradesh
• Southeast
  Asia rainfall will be widespread and abundant during the next two weeks with nearly all areas getting significant amounts
• Local
  flooding will be possible every day, but no widespread serious flooding is expected
• Sarawak,
  Malaysia and western Kalimantan, Indonesia will be wettest
• Southeast
  Asia rainfall during the weekend was heavy in northern Thailand, west-central Laos and central Sumatra
  
• Local
  flooding occurred in each of these areas with some rain amounts of 4.00 to nearly 10.00 inches in Sumatra and up to 6.00 inches in mainland areas of Southeast Asia
• No
  tropical cyclones were present in the western Pacific Ocean or Indian Ocean today and none were anticipated
• Hurricane
  Orlene was expected to move into west-central Mexico later today and Tuesday producing torrential rain in Sinaloa and a part of both Nayarit and southwestern Durango
• Some
  crop damage is possible, but the storm is small in size which should help to limit its impact
• Hurricane
  Ian dissipated over the U.S. Carolinas and Virginia during the weekend after producing 2.00 to 6.00 inches of rain and wind speeds of 20 to 60 mph.
  
• Damage
  to crops and property was not nearly as great as that in Florida, but there was some
• Most
  crops managed the storm well, although a general decline in cotton fiber quality may have resulted and some crop loss likely occurred near the center of the storm as the strongest wind came inland
• Two
  tropical disturbances in the Atlantic Ocean are being closely monitored for development
• The
  first tropical wave was in the central tropical Atlantic and was expected to move west northwesterly eventually moving through the Windward Islands later this week and then into the Caribbean Sea
• Development
  potential with this event is low especially while in the Atlantic Ocean
• The
  second tropical wave has a much better potential to become a tropical cyclone while it moves to the central Atlantic Ocean
• U.S.
  central and eastern Midwest, Delta and southeastern states will receive lighter than usual precipitation during the next ten days to two weeks, although a few showers are likely
• Central
  and southwestern portions of the U.S. Plains will receive some rain in the second half of this week and into the weekend
• 0.25
  to 0.75 inch with a few totals over 1.00 inch
• The
  moisture will be welcome to winter wheat planting, emergence and establishment, although not enough to eliminate long term moisture deficits
• Scattered
  showers in the northern Plains and a part of Canada’s Prairies over the next ten days will not likely have a big long term impact, but some showers are expected to produce 0.10 inch to 0.75 inch of moisture
  
• U.S.
  Pacific northwest, Great Basin and far western states will be drier than usual over the next ten days
• Montana
  received some very important rainfall during the weekend lifting topsoil moisture for improved winter wheat planting, emergence and establishment potential
• Rain
  totals varied from 0.50 to 2.00 inches
• Ontario
  and Quebec are unlikely to get much moisture over the coming week to ten days which should improve harvest progress
• Weekend
  precipitation was minimal
• Frost
  and freezes occurred during the weekend as well
• South
  Africa will experience a limited amount of rain this week, but winter crops will remain in good condition
• Quick
  drying is expected because of warmer than usual temperatures
• A
  boost in rainfall will be very important a little later this month to support spring planting of summer crops and to ensure the best possible wheat, barley and canola development
• Argentina
  rainfall Tuesday and Wednesday of this week will be welcome and good for winter and spring crops, but much more rain will still be needed to more fully bolster soil moisture for long term crop development
• Rain
  totals will vary from 0.10 to 0.75 inch with 70% coverage
• Argentina
  was mostly dry during the weekend and some soft frost occurred in southeastern Buenos Aires with no negative impact on crops.
  
• Brazil
  center west and center south crop areas as well as crops in the far south will continue to get periodic rainfall over the next two weeks maintaining a very good outlook for early season crop planting and ongoing winter crop development in the south
• Too
  much moisture has been and will continue occurring in Parana and surrounding areas where a decline in grain quality is likely
• Some
  decline in crop quality has already occurred
• Weekend
  rainfall was mostly light occurring from southern Paraguay and Rio Grande do Sul to Goias and Minas Gerais
• Mexico’s
  greatest rainfall this week will be associated with Hurricane Orlene making landfall late today and Tuesday in southern Sinaloa and impacting neighboring areas of Nayarit and Durango where flooding may impact a few citrus, sugarcane, corn and sorghum production
  areas
• Rainfall
  will vary from 3.00 to 12.00 inches
• Some
  rain will develop in a few dry bean production areas as well
• Mexico
  rainfall elsewhere will be greatest late this week into next week benefiting late season crops and delaying some farm activity
• Central
  America rainfall will continue frequent and abundant during the next two weeks
• North
  Africa showers at this time of year are always welcome, but have a minimal impact and that will be the case over the next ten days
• Autumn
  planting is still several weeks away
• West-Central
  Africa showers and thunderstorms will continue frequently benefiting coffee and cocoa production areas during the next two weeks.
  
• Some
  rice, cotton and sugarcane will also benefit from this pattern
• Cotton
  areas may soon need some drier weather
• East-central
  Africa rainfall will continue to occur most frequent and significantly in Ethiopia, Uganda and southwestern Kenya over the next two weeks
• Good
  coffee, cocoa and other crop development conditions will prevail
• Today’s
  Southern Oscillation Index was +18.34 and it will move erratically lower over the next several days

Source:
World Weather INC

 

Bloomberg
Ag Calendar

Tuesday,
Oct. 4:

• EU
  weekly grain, oilseed import and export data
• Global
  Grain Outlook conference in Baku, Azerbaijan, Oct. 4-7
• US
  Purdue Agriculture Sentiment
• New
  Zealand global dairy trade auction
• Australia
  commodity index
• HOLIDAY:
  China, Hong Kong

Wednesday,
Oct. 5:

• EIA
  weekly US ethanol inventories, production, 10:30am
• Malaysia’s
  Oct. 1-5 palm oil export data
• HOLIDAY:
  China, India, Bangladesh

Thursday,
Oct. 6:

• USDA
  weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
• New
  Zealand commodity price
• Brazil’s
  Conab releases data on area, yield and output of corn and soybeans
• HOLIDAY:
  China

Friday,
Oct. 7:

• FAO
  World Food Price Index
• ICE
  Futures Europe weekly commitments of traders report
• CFTC
  commitments of traders weekly report on positions for various US futures and options, 3:30pm
• FranceAgriMer
  weekly update on crop conditions
• Vietnam
  customs data on September coffee, rice and rubber exports
• HOLIDAY:
  China, Argentina

Source:
Bloomberg and FI

 

USDA
Export Inspections

USDA
inspections versus Reuters trade range     

Wheat                 
667,577                 versus   250000-650000  range

Corn                     
661,658                 versus   400000-700000  range

Soybeans           
575,220                 versus   250000-700000  range

 

 

 

GRAINS
INSPECTED AND/OR WEIGHED FOR EXPORT

                 
REPORTED IN WEEK ENDING SEP 29, 2022

                           
— METRIC TONS —

————————————————————————-

                                                  
CURRENT     PREVIOUS 

             ———–
WEEK ENDING ———-  MARKET YEAR  MARKET YEAR

 
GRAIN      09/29/2022  09/22/2022  09/30/2021    TO DATE     TO DATE  

 

BARLEY             
0           0           0        1,414        6,550 

CORN         
661,658     549,608     941,560    2,358,485    2,268,889 

FLAXSEED           
0           0           0            0           24 

MIXED              
0           0           0            0            0 

OATS               
0           0           0        6,486          200 

RYE              
  0           0           0            0            0 

SORGHUM        
5,531      21,975      77,751       83,878      229,559 

SOYBEANS     
575,220     291,413     849,556    1,781,273    1,839,555 

SUNFLOWER        
288         288           0          960            0 

WHEAT        
667,577     589,207     616,311    8,516,273    8,751,131 

Total      
1,910,274   1,452,491   2,485,178   12,748,769   13,095,908 

 

Selected
Brazil commodity exports

 Commodity                     
September 2022     September 2021

CRUDE
OIL (TNS)                6,087,236             5,274,783

IRON
ORE (TNS)                 36,295,470            33,376,343

SOYBEANS
(TNS)                 4,294,011             4,827,184

CORN
(TNS)                     6,780,334             2,850,171

GREEN
COFFEE(TNS)              168,614               169,588

SUGAR
(TNS)                    3,081,138             2,545,953

BEEF
(TNS)                     203,023               186,998

POULTRY
(TNS)                  364,238               388,534

PULP
(TNS)                     2,049,347             1,112,626

Source:
Brazil AgMin and Reuters

 

Macros

102
Counterparties Take $2.253 Tln At Fed Reverse Repo Op (prev $2.426 Tln, 108 Bids)

US
ISM Manufacturing Sep: 50.9 (est 52.0; prev 52.8)

–
Prices Paid: 51.7 (est 51.8; prev 52.5)

–
New Orders: 47.1 (est 50.5; prev 51.3)

–
Employment: 48.7 (est 53.0; prev 54.2)

US
Construction Spending (M/M) Aug: -0.7% (est -0.3%; prev R 

OPEC
Crude Output Rose 230,000 Barrels Per Day in Sept. (Bloomberg)

OPEC+
Discusses Potential Oil Output Cut In Excess Of 1 Mln Bpd, Excluding Any Voluntary Cut, Says OPEC Source – RTRS  (largest production cut since start of the pandemic).

IMF
Managing Director Georgieva Says 48 Countries Are Exposed To Food Crisis, Half Of Them Vulnerable

 

Corn

·        
Corn traded higher on Black Sea shipping concerns and follow through buying from the bullish USDA reports. The front four month contracts were up 3.25-3.50 cents. December ended 3.25 cents higher. Red December finished 1.50 cents
lower. Export inspections were ok.

·        
USD was down 42 points.

·        
News was light.

·        
Funds bought an estimated net 2,000 corn contracts.

·        
US harvesting weather looks good over the next seven to ten days. US temperatures may be above average during the 11-15 day period.

·        
China restricted exports of corn starch; a warning local corn supplies might be tighter than expected and/or control local corn prices.

·        
US corn crop conditions were unchanged, and we made no changes to our October US corn yield. We also left the US soybean yield for October unchanged

·        
US corn harvest progress was reported 2 points below expectations at 20 percent complete, below 27 year ago and 22 percent average. Look for that to jump this week.

 

 

·        
The Miss. River shipment problems have not caught up to barges getting unloaded for export in the US Gulf. Several barges were unloaded last week and inspections were good. Grain shippers might be going through what already arrived
at the Gulf for export

·        
USDA US corn export inspections as of September 29, 2022, were 661,658 tons, within a range of trade expectations, above 549,608 tons previous week and compares to 941,560 tons year ago. Major countries included China for 424,225
tons, Mexico for 198,641 tons, and Trinidad for 7,500 tons.

 

 

·        
EU’s Food Safety Agency (EFSA) said Europe experienced its worst bird flu outbreak this year and nearly 50 million poultry culled and increased the risk for next season (peaks autumn and winter months for the Northern Hemisphere
in large part from migration).

·        
MEXICO BASIC CORN FLOUR PRICES TO DROP 3%: RAMIREZ (Bloomberg)

·        
NASS reported corn for ethanol usage for the month of August near expectations.

 

 

Export
developments.

• None
  reported

 

Updated
9/20/22

December
corn is seen in a $6.40-$7.30 range.

 

Soybeans

·        
November CBOT soybeans hit its lowest level since August 4^th, before rallying. We think unwinding of wheat/soybean and corn/soybean spreads, and rally in soybean oil underpinned soybeans. Meal started lower on product
spreading but ended higher after soybean oil made a few legs higher. December soybean oil finished 178 points higher. December meal was up $2.30 and November soybean up 9.25 cents. The January crush rallied 11.25 cents to $1.8850 cents.

·        
Funds bought an estimated net 4,000 soybeans, bought 3,000 meal and bought 5,000 soybean oil.

·        
US soybean meal basis was down $30 short ton for Chicago, Decatur (IL), Fostoria (OH) and Morristown (IN).  KC, MO, was down $15. December Gulf meal was down $6 to 40 over.

·        
CBOT deliveries Friday night were zero for soybean oil and 50 for meal (not 75 as reported in the AM text, but total are 75).

·        
Strategie Grains raised its forecast for 2022 rapeseed production for the EU to 19.46 million tons from 19.15 million previously, 14.5% above 2021. EU sunflower seed crop was estimated at 9.25 million tons from 9.17 million last
month but still 10% below last year. EU soybean production was pegged at 2.47 million tons versus 2.49 million tons last month and 8.2% below 2021.

·        
US soybean conditions were unchanged from the previous week and harvest progress was better than expected by 2 points at 22 percent, below 31 percent year ago and 25 percent average.

 

 

·        
USDA US soybean export inspections as of September 29, 2022, were 575,220 tons, within a range of trade expectations, above 291,413 tons previous week and compares to 849,556 tons year ago. Major countries included Algeria for
88,577 tons, Mexico for 84,214 tons, and Italy for 57,234 tons.

·        
USDA NASS reported August crush at 175.0 million bushels, below an average trade guess of 175.6 million bushels, and compares to 168.2 million year ago and 181.3 million for July 2022. US end of August soybean oil stocks were
2.103 billion bushels, 19 million below expectations and below 2.183 million year ago.

 

 

·        
Malaysia’s Commodities Minister Zuraida Kamaruddin expects the weakness in Malaysian crude palm oil prices as temporary. Other analysts expect a price decline for cash and futures by the end of the year from growing supplies.

·        
China is on holiday for the remainder of the week – Golden Week
黄金周

 

Export
Developments

·        
Egypt’s GASC seeks vegetable oils on October 4 for arrival Nov. 25-Dec. 10 for payment through 180-day letters of credit. GASC also seeks local vegetable oils, for at least 3,000 tons of soyoil and 1,000 tons of sunflower oil
for delivery Dec 1-15.

·        
USDA 24-Hour: Private exporters reported sales of 110,000 metric tons of soybeans for delivery to unknown destinations during the 2022/2023 marketing year.

 

Updated
10/3/22

Soybeans
– November is seen in a $13.75-$15.00 range

Soybean
meal – December $380-$450

Soybean
oil – December 62.00-70.00

 

Wheat

·        
Chicago wheat traded two-sided, ending lower led by bear spreading on profit taking. December Chicago hit its higher level since June on follow through buying from the bullish USDA reports release Friday and ongoing Black Sea
tensions, but as fund buying dried, long and spread traders took profits.

·        
Funds sold an estimated net 2,000 Chicago wheat contracts.

·        
December KC wheat traded back above $10 per bushel, highest since mid-July, but ended 2.75 cents lower at $9.8875. 

·        
US winter wheat planting progress fell short of expectations by 4 points in large part to a big slowdown in Texas and Oklahoma seedings due to very dry conditions. At 40 percent, it compares to 45 percent year ago and 44 percent
average.

·        
Iraq plans to plant one million hectares with wheat for 2022-23 during the winter crop season, according to the ministry of water resources, as it faces the driest year since 1930. Iraq harvested 625,000 hectares during 2021-22.

·        
The UN chartered a fifth vessel that arrived at Ukraine’s Black Sea port of Chornomorsk and will deliver Ukrainian wheat to Somalia.

·        
Ukraine’s September grain exports fell by 23.6% year on year to 4.278 million tons, but highest level since the Russian invasion.

·        
Farmers in Russia have sown winter grains on 9.4 million hectares compared with 10.7 million hectares around the same date a year ago – SovEcon.

·        
Russia’s September exports of wheat, barley and maize (corn) are estimated at 4.45 million tons, up from 4.20 million tons in August. – SovEcon

·        
Russia is looking at providing financial assistance (credit and investment insurance) for major importers to boost grain exports.

·        
Kazakhstan collected 20.4 million tons of grain as of October 1, 98 percent of the 15.6 million hectares planted. This compares to 15.3 million tons year ago. 15.7 million tons of wheat was collected compared to 13.4 million for
all of 2021.

·        
Paris December wheat was down 5.50 euros earlier at 351.00 per ton.

·        
USDA US all-wheat export inspections as of September 29, 2022, were 667,577 tons, above a range of trade expectations, above 589,207 tons previous week and compares to 616,311 tons year ago. Major countries included Philippines
for 121,240 tons, China for 113,674 tons, and Indonesia for 76,584 tons.

 

US
Wheat Associates

“This
week, basis was down in the Gulf except for SRW. Basis in the Pacific Northwest (PNW) was mixed. The market is mainly focused on geopolitics again this week, with Russia’s president a key player in the trajectory of wheat futures. The continued momentum in
futures prices has kept farmer selling sluggish as they anticipate prices to continue rising Minimal export demand means grain merchandisers are in no rush to purchase grain from farmers, and grain traders are focused on soybeans this time of year. The SRW
Gulf basis rose significantly due mainly to barge transportation problems associated with low river levels. Mississippi River barge rates are 58% higher than a year ago, according to USDA’s weekly Grain Transportation Report (GTR).”

 

Export
Developments.

·        
Turkey seeks 495,000 tons of barley on October 11.

·        
Results are awaited on Algeria’s state grains agency OAIC buying wheat for November shipment. Origin was thought to include mostly EU and some from Russia. Initial prices were seen at $369, $370 and $372 a ton c&f.

·        
Jordan seeks 120,000 tons of wheat on October 4. They passed on wheat today
for
March and April shipment.

• Jordan
  retendered for barley set to close October 5 for 120,000 tons.
• Iraq
  seeks 50,000 tons of milling wheat on October 10, optional origin.
• Iraq
  seeks 50,000 tons of wheat on October 10.

·        
China plans to sell 40,000 tons of wheat from reserves on October 12, from the 2014-2017 crops.

·        
Pakistan seeks 2 million tons of wheat to meet consumption shortages.

·        
Mauritius seeks 25,800 tons of wheat flour, optional origin, on October 28 for January through September 30, 2023, shipment.

 

Rice/Other

·        
US cotton futures hit a three month low on demand concerns.

·        
Egypt Buys 25,000 Tons of Local Rice From Farmers (Bloomberg).

 

Updated
9/20/22

Chicago
– December $8.00-$10.50

KC
– December $8.75-$11.00

MN
– December $8.75-$11.00