File(s) attached include China CASDE, USDA report snapshot, FI export sales estimate
Good morning. USDA estimates below.
Day 14. USD was down 63 points and WTI off $4.20 at the time this was written. US equities are higher. The US is looking into opening up new markets to import crude oil. Wheat losses from a risk off trade ahead of the USDA report are limited from a sharply higher EU wheat trade and lower USD. Black Sea concerns remain in place for grains after Russia announced export bans through the end of the year but the trade remains unclear if that will include agriculture products. Corn is lower. Soybeans extended gains on tight global supplies. Offshore values are leading SBO 168 points higher and meal $0.60 short ton higher. China in their monthly CASDE report left their soybean and corn balances unchanged from last month. China lowered its 2021-22 edible oil import estimate to 8.53 million tons from 9.3 million. Iraq has received wheat offers from American and German companies. Iraq’s strategic wheat reserves sufficient until April 2022. Jordan cancelled their 120,000 ton wheat import tender. Japan’s AgMin in a SBS import tender on March 16 seeks 80,000 tons of feed wheat and 100,000 tons of feed barley for arrival by Aug. 25. Results awaited: Algeria seeks 50,000 tons of soft milling wheat, optional origin, on March 8, opening until the 9th, for May shipment. A Bloomberg poll looks for weekly US ethanol production to be up 6,000 barrels to 1.003 million (980-1024 range) from the previous week and stocks down 3,000 barrels to 24.930 million.
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
One Lincoln Center
18 W 140 Butterfield Rd.
Oakbrook Terrace, Il. 60181
W: 312.604.1366
ICE IM: treilly1
Skype: fi.treilly
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