World Perspectives

Recent Black Sea Analysis

wheat feed-grains soy-oilseeds

Black Sea Regional Analysis

Russian Grain Markets: 15-19 April 2019 While grain prices on the domestic market mostly dropped in RUB expression, they grew slightly in USD expression due to the strengthening of the ruble. Meanwhile, the average milling wheat sea export price fell to $222/MT FOB Black Sea, and purchase price...

Interactive Ocean Freight Rates (Updated 24 April)

Update for 24 April 2019: Thanks for the feedback and suggestions on the app below. We've made some adjustments to incorporate your ideas. Now, we're working on another app that will combine WPI's freight rate data with FOB price indications for corn, soybeans, and wheat. Stay tuned!  As o...

feed-grains soy-oilseeds wheat

Market Commentary

Grain and soy prices chopped slightly around either side of unchanged in overnight trade, giving rise to thoughts that those markets might be able to muster up a Turnaround Tuesday. However, it was not to be. Renewed fund selling of corn and soybean contracts kept prices under pressure througho...

wheat feed-grains soy-oilseeds

Middle East, Mediterranean and Africa Regional Analysis

Regional Updates MIDDLE EAST/MEDITERRANEAN COMMENTS  As of 15 April, Egypt had bought approximately 365,000 MT of local wheat against its purchase target of 3.6 MMT. Wheat buyers from Morocco and Tunisia were in the U.S. last week to closely examine its wheat infrastructure. The group visi...

wheat feed-grains soy-oilseeds

Southeast Europe Regional Analysis

Milling Wheat The Black Sea market was weaker last week in the absence of fresh demand. Consumers in the major destinations are more or less covered until the end of the current campaign. The new crop (August) Russian wheat offer is $30/MT below that of old crop (May). This big inverse gives co...

feed-grains soy-oilseeds wheat

Market Commentary

After yesterday’s lashing, the grain and soy futures markets tried to rally during the overnight session. Corn and soybeans gained a few cents, and wheat, which took the worst beating, regained several cents. However, the rally effort was not able to generate any momentum, and it had fade...

wheat feed-grains soy-oilseeds

Black Sea Regional Analysis

Russian Grain Markets: 8-12 April 2019 Domestic prices fluctuated in the South and Volga Valley but mostly decreased in other regions. The average milling wheat sea export price fell to $224/MT FOB Black Sea, and purchase prices dropped to $196-200/MT CPT-Black Sea port. The average feed barley...

feed-grains soy-oilseeds wheat

Things to Consider

China and weather are the topics that have dominated market chatter for the last several weeks, but they have not generated a breakout movement of grain and soy futures prices. Talk about a U.S.-China trade agreement has been going on for months, long enough to become tiresome. Both sides speak...

wheat feed-grains soy-oilseeds

Middle East, Mediterranean and Africa Regional Analysis

Regional Updates MIDDLE EAST/MEDITERRANEAN COMMENTS Egypt had rejected a cargo of French wheat due to high ergot levels, but the 63,000 MT were found to be within required standards upon retesting. As a result, the wheat will be discharged and released from Safaga port. The FAO reports that Ira...

wheat feed-grains soy-oilseeds

Southeast Europe Regional Analysis

Milling Wheat The Black Sea market once again remained about unchanged last week. Russia’s domestic prices are reportedly around $3-4/MT higher. It has exported approximately 32.5 MMT so far, which is close to the total at this date last year. The export pace is expected to slow significa...

feed-grains soy-oilseeds wheat

Market Commentary

Trading volume was light today. Corn and wheat were slightly lower through most of the day, while soybeans traded a penny or two higher for a brief time and then returned to fractionally lower levels or unchanged by the close. There were no export sales announcements today. Yesterday’s we...

feed-grains soy-oilseeds wheat

USDA Makes Changes to WASDE Tables

USDA announced this week that it will make some changes (noted below) to the monthly WASDE (supply and demand estimates) starting with the May report. While not huge, these modifications will likely add clarity and should have been implemented long ago. They will not affect the actual numbers b...

feed-grains soy-oilseeds wheat

Market Commentary

Such changes as were made in yesterday’s April WASDE were uniformly bearish – lower use, larger stocks, bigger South American production, more competition for U.S. grain and soy exports, etc. However, the report contained little that was not expected. Grain and soy markets hardly re...

wheat feed-grains soy-oilseeds

Black Sea Regional Analysis

Russian Grain Markets: 1-5 April 2019 Domestic grain prices fluctuated in RUB expression but decreased in USD expression due to the weaker ruble. The average milling wheat sea export price was unchanged at $226/MT FOB Black Sea, but purchase prices grew in RUB expression and decreased in USD ex...

feed-grains soy-oilseeds wheat

More Straws in the Wind

- Today is WASDE day with USDA’s release of this month’s edition. The April WASDE is normally uneventful with South American crop production levels largely narrowed down to within a couple of MMT of the final numbers. Domestic and world demand trends have been established, and with...

feed-grains

WASDE Corn

USDA estimated the 2018/19 outlook for U.S. corn is for lower feed and residual use, reductions in corn used for ethanol and exports, and larger stocks. Feed and residual use is lowered 75 million bushels. Disappearance during the December-February quarter is estimated to have declined about 9...

wheat feed-grains soy-oilseeds

Middle East, Mediterranean and Africa Regional Analysis

Regional Updates MIDDLE EAST/MEDITERRANEAN COMMENTS The latest USDA-FAS report on Turkish grains indicates that better rainfall through February 2019 versus the two previous years should result in higher crop yields, although winter crops may not be up overall due to the smaller planted area in...

soy-oilseeds feed-grains wheat

Mercosur Regional Analysis

Soybeans Market Overview Brazilian basis has been dropping due to lack of Chinese demand. Although board crush margins aren’t bad in China, soymeal and soyoil basis levels are not helping crushers hedge their purchases. Basis is responding to the low demand from Chinese hog and poultry pr...

wheat feed-grains soy-oilseeds

Southeast Europe Regional Analysis

Milling Wheat The Black Sea market was again about unchanged last week. Russia’s exports have reached approximately 31.5 MMT since the start of the campaign. If the current export pace is maintained until the end of June, the total for 2018/19 will be close to 35 MMT (as noted last week)...

feed-grains soy-oilseeds wheat

Are Markets Poised to Move?

For the past two years, grain and soy futures market prices have been knocking about in a series of relatively narrow price ranges. This is not to say that there has not been price movement, but the degrees it has shown during 2017 and 2018 are at the low end of the volatility scale for the pas...

wheat feed-grains soy-oilseeds

Black Sea Regional Analysis

Russian Grain Markets: 25-29 March 2019 The average grain prices on the domestic market continued to drop in RUB expression for the most part. However, the decrease in USD expression was more significant due to weakening of the ruble. The average milling wheat sea export price fell $2/MT to $22...

wheat feed-grains soy-oilseeds

Southeast Europe Regional Analysis

Milling Wheat The Black Sea market remained about unchanged last week. Russia has exported about 31 MMT so far this season, and most analysts are now estimating this year’s total will be 35 MMT (versus 41 MMT last year). Weather conditions in southern Russia and Ukraine have been generall...

feed-grains soy-oilseeds wheat

Market Commentary

As expected on the day before major USDA reports, overnight trading volume in grain and soy futures was subdued. In price action, soybeans were 2-3 cents higher, wheat was 6-7 cents lower, and corn was near unchanged. This same price pattern was maintained through the first half of the day sess...

wheat soy-oilseeds feed-grains

Black Sea Regional Analysis

Russian Grain Markets: 18-22 March 2019 Prices on the domestic market again declined in RUB expression but moved in different directions in USD expression. Meanwhile, the average milling wheat export price rose $4/MT to $228/MT FOB Black Sea, while purchase prices remained unchanged in RUB expr...

wheat feed-grains soy-oilseeds

Black Sea Regional Analysis

Russian Grain Markets: 15-19 April 2019 While grain prices on the domestic market mostly dropped in RUB expression, they grew slightly in USD expression due to the strengthening of the ruble. Meanwhile, the average milling wheat sea export price fell to $222/MT FOB Black Sea, and purchase price...

Interactive Ocean Freight Rates (Updated 24 April)

Update for 24 April 2019: Thanks for the feedback and suggestions on the app below. We've made some adjustments to incorporate your ideas. Now, we're working on another app that will combine WPI's freight rate data with FOB price indications for corn, soybeans, and wheat. Stay tuned!  As o...

feed-grains soy-oilseeds wheat

Market Commentary

Grain and soy prices chopped slightly around either side of unchanged in overnight trade, giving rise to thoughts that those markets might be able to muster up a Turnaround Tuesday. However, it was not to be. Renewed fund selling of corn and soybean contracts kept prices under pressure througho...

wheat feed-grains soy-oilseeds

Middle East, Mediterranean and Africa Regional Analysis

Regional Updates MIDDLE EAST/MEDITERRANEAN COMMENTS  As of 15 April, Egypt had bought approximately 365,000 MT of local wheat against its purchase target of 3.6 MMT. Wheat buyers from Morocco and Tunisia were in the U.S. last week to closely examine its wheat infrastructure. The group visi...

wheat feed-grains soy-oilseeds

Southeast Europe Regional Analysis

Milling Wheat The Black Sea market was weaker last week in the absence of fresh demand. Consumers in the major destinations are more or less covered until the end of the current campaign. The new crop (August) Russian wheat offer is $30/MT below that of old crop (May). This big inverse gives co...

feed-grains soy-oilseeds wheat

Market Commentary

After yesterday’s lashing, the grain and soy futures markets tried to rally during the overnight session. Corn and soybeans gained a few cents, and wheat, which took the worst beating, regained several cents. However, the rally effort was not able to generate any momentum, and it had fade...

wheat feed-grains soy-oilseeds

Black Sea Regional Analysis

Russian Grain Markets: 8-12 April 2019 Domestic prices fluctuated in the South and Volga Valley but mostly decreased in other regions. The average milling wheat sea export price fell to $224/MT FOB Black Sea, and purchase prices dropped to $196-200/MT CPT-Black Sea port. The average feed barley...

feed-grains soy-oilseeds wheat

Things to Consider

China and weather are the topics that have dominated market chatter for the last several weeks, but they have not generated a breakout movement of grain and soy futures prices. Talk about a U.S.-China trade agreement has been going on for months, long enough to become tiresome. Both sides speak...

wheat feed-grains soy-oilseeds

Middle East, Mediterranean and Africa Regional Analysis

Regional Updates MIDDLE EAST/MEDITERRANEAN COMMENTS Egypt had rejected a cargo of French wheat due to high ergot levels, but the 63,000 MT were found to be within required standards upon retesting. As a result, the wheat will be discharged and released from Safaga port. The FAO reports that Ira...

wheat feed-grains soy-oilseeds

Southeast Europe Regional Analysis

Milling Wheat The Black Sea market once again remained about unchanged last week. Russia’s domestic prices are reportedly around $3-4/MT higher. It has exported approximately 32.5 MMT so far, which is close to the total at this date last year. The export pace is expected to slow significa...

feed-grains soy-oilseeds wheat

Market Commentary

Trading volume was light today. Corn and wheat were slightly lower through most of the day, while soybeans traded a penny or two higher for a brief time and then returned to fractionally lower levels or unchanged by the close. There were no export sales announcements today. Yesterday’s we...

feed-grains soy-oilseeds wheat

USDA Makes Changes to WASDE Tables

USDA announced this week that it will make some changes (noted below) to the monthly WASDE (supply and demand estimates) starting with the May report. While not huge, these modifications will likely add clarity and should have been implemented long ago. They will not affect the actual numbers b...

feed-grains soy-oilseeds wheat

Market Commentary

Such changes as were made in yesterday’s April WASDE were uniformly bearish – lower use, larger stocks, bigger South American production, more competition for U.S. grain and soy exports, etc. However, the report contained little that was not expected. Grain and soy markets hardly re...

wheat feed-grains soy-oilseeds

Black Sea Regional Analysis

Russian Grain Markets: 1-5 April 2019 Domestic grain prices fluctuated in RUB expression but decreased in USD expression due to the weaker ruble. The average milling wheat sea export price was unchanged at $226/MT FOB Black Sea, but purchase prices grew in RUB expression and decreased in USD ex...

feed-grains soy-oilseeds wheat

More Straws in the Wind

- Today is WASDE day with USDA’s release of this month’s edition. The April WASDE is normally uneventful with South American crop production levels largely narrowed down to within a couple of MMT of the final numbers. Domestic and world demand trends have been established, and with...

feed-grains

WASDE Corn

USDA estimated the 2018/19 outlook for U.S. corn is for lower feed and residual use, reductions in corn used for ethanol and exports, and larger stocks. Feed and residual use is lowered 75 million bushels. Disappearance during the December-February quarter is estimated to have declined about 9...

wheat feed-grains soy-oilseeds

Middle East, Mediterranean and Africa Regional Analysis

Regional Updates MIDDLE EAST/MEDITERRANEAN COMMENTS The latest USDA-FAS report on Turkish grains indicates that better rainfall through February 2019 versus the two previous years should result in higher crop yields, although winter crops may not be up overall due to the smaller planted area in...

soy-oilseeds feed-grains wheat

Mercosur Regional Analysis

Soybeans Market Overview Brazilian basis has been dropping due to lack of Chinese demand. Although board crush margins aren’t bad in China, soymeal and soyoil basis levels are not helping crushers hedge their purchases. Basis is responding to the low demand from Chinese hog and poultry pr...

wheat feed-grains soy-oilseeds

Southeast Europe Regional Analysis

Milling Wheat The Black Sea market was again about unchanged last week. Russia’s exports have reached approximately 31.5 MMT since the start of the campaign. If the current export pace is maintained until the end of June, the total for 2018/19 will be close to 35 MMT (as noted last week)...

feed-grains soy-oilseeds wheat

Are Markets Poised to Move?

For the past two years, grain and soy futures market prices have been knocking about in a series of relatively narrow price ranges. This is not to say that there has not been price movement, but the degrees it has shown during 2017 and 2018 are at the low end of the volatility scale for the pas...

wheat feed-grains soy-oilseeds

Black Sea Regional Analysis

Russian Grain Markets: 25-29 March 2019 The average grain prices on the domestic market continued to drop in RUB expression for the most part. However, the decrease in USD expression was more significant due to weakening of the ruble. The average milling wheat sea export price fell $2/MT to $22...

wheat feed-grains soy-oilseeds

Southeast Europe Regional Analysis

Milling Wheat The Black Sea market remained about unchanged last week. Russia has exported about 31 MMT so far this season, and most analysts are now estimating this year’s total will be 35 MMT (versus 41 MMT last year). Weather conditions in southern Russia and Ukraine have been generall...

feed-grains soy-oilseeds wheat

Market Commentary

As expected on the day before major USDA reports, overnight trading volume in grain and soy futures was subdued. In price action, soybeans were 2-3 cents higher, wheat was 6-7 cents lower, and corn was near unchanged. This same price pattern was maintained through the first half of the day sess...

wheat soy-oilseeds feed-grains

Black Sea Regional Analysis

Russian Grain Markets: 18-22 March 2019 Prices on the domestic market again declined in RUB expression but moved in different directions in USD expression. Meanwhile, the average milling wheat export price rose $4/MT to $228/MT FOB Black Sea, while purchase prices remained unchanged in RUB expr...

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