Markets continue to erode, as US Wheat makes new contract lows late in the week. France AgriMer lower wheat export projections by 300tmt to 9.9mmt. Total EU wheat exports of 8.1mmt this season are still circa 22% below 2016/17.
Russian wheat exports of 15.6mmt from 1st July, up 25% on the year.
US wheat export sales were lower than expected, at just 199tmt (trade est. 350-550tmt). 3rd lowest of the marketing year to date.
US funds estimated net short 131k wheat, 24
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Markets close lower on the week, with US wheat approaching contract lows, before consolidating. Informa estimate US 2018/19 corn area at 91.4m/a, up from 90.4m/a this season. All wheat acreage placed at 45.6m/a versus 46m/a this year.
Ag Canada suggest 2017 wheat production of 27.1mmt, versus last year’s crop of 31.7mmt. Canadian wheat/durum exports since Aug 1st 5.48mmt versus 5.03mmt last year.
UK wheat exports reported at 147tmt to the end of September, down 78% on
Wheat markets trade sideways this week, as US corn makes new contract lows post USDA data, released late on Thursday. USDA raise US corn yield estimates to a record 175.4b/a (174.6b/a last year). US carryover also raised 3.7mmt to 63.2mmt.
US corn demand remains strong for ethanol/feed/exports, though farmer selling is believed to be considerably behind normal.
Coceral place UK wheat crop at 14.79mmt, whilst Strategie Grain suggest 14.52mmt, significantly below DEFRA’s
US wheat reaches new contract lows before consolidating somewhat, whilst UK/EU markets continue to be currency led. Private Analysts FcStone and Informa release new US corn crop estimates, suggesting 173.7b/a and 173.4b/a respectively. This is relative to USDA’s October estimate of 171.8b/a.
Iraq buys 450k US HRW late last week, (now 600k in sales to date from the US).
Russian Ag Ministry report their wheat harvest at 87.9mmt, versus 75.8mmt in 2016 (up 16%). Wheat ex