File(s) attached
Day 9 of the invasion.
Demand for EU wheat is very strong with Black Sea ports closed and this is sending EU and US futures sharply higher. All three US wheat markets are up limit for the May, July & September contracts. Yesterday there was chatter the EU may limit wheat exports and set aside land for crop use. If true, this could be a blow to Algeria, Egypt and other countries looking for alternative suppliers. May Paris wheat futures were up 27.75 euros at 394.00 euros at the time this was written. China May wheat futures increased to nearly 3,600 yuan per ton on Friday and settled at new contract high. Iraq seeks two million tons of wheat to provide a strategic reserve. Iraq will accept offers from international companies for wheat from Sunday. Corn is about 20 cents higher. Soybeans are higher led by strength in soybean meal. Soybean oil is selling off from product spreading and lower palm. Malaysian palm oil futures rolled over on profit taking Friday. May Malaysian palm oil settled down 532 ringgit to 6,276 ringgit, down 7.8%. Cash palm was down $130.00/ton to $1,640/ton. China May soybeans were down 0.9%, meal up 0.5%, soybean oil down 2.1% and palm 3.7% lower. Offshore values are leading SBO 84 points lower (161 higher for the week to date) and meal $0.60 short ton higher ($8.70 higher for the week). USDA S&D estimates below.
CBOT limits – https://www.cmegroup.com/trading/price-limits.html
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
One Lincoln Center
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Oakbrook Terrace, Il. 60181
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ICE IM: treilly1
Skype: fi.treilly
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IssuesAndStopsReport0304222.pdf
deliverable-commodities-under-registration030422.xls