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Export inspections of US wheat rose by 7.4% to 480,614 tonnes in the week to September 16, up from 447,531 tonnes the previous week, according to data from the US Department of Agriculture released on Monday.
The USDA and other US government agencies have suspended most report publications during the government shutdown that began on October 1.
By 1pm US Eastern time, the Chicago soft red winter (SRW) December futures contract on the Chicago Board of Trade was up by less than 1 cent per bushel (bu) to $5.04 per bu, while the March contract rose by less than 1 cent to $5.21 per bu.
The Kansas hard red winter (HRW) December futures contract fell by 2 cents to $4.89 per bu and the March contract dipped by 2 cents to $5.09 per bu.
The Minneapolis hard red spring (HRS) December futures contract edged up by less than 1 cent to $5.490 per bu, while the March contract rose by 1 cent to $5.70 per bu.
The December French milling wheat contract on Euronext declined by €0.75 to €188.50 ($219.61) per tonne at 6:30pm Central European time, while the March contract fell by €0.25 to €191.00 per tonne.
In the cash market, Algeria’s state-backed grain importing agency, the Inter-professional Office of Cereals (OAIC), issued a tender for a nominal 50,000 tonnes of milling wheat on Monday, according to a document seen by Fastmarkets.
The agency is seeking volumes from the US, Canada, Argentina or Germany, with other origins to be specified, for shipment between December 1–15 and December 16–31.
In Australia, although harvest has begun, no price changes were reported in the market. Harvest is expected to reach good volumes only by mid-November. Pressure on lower grades is expected closer to December, but this is likely to affect the domestic market rather than exports, with December–January shipment windows already generally booked.
New crop Australian barley remains the most competitive globally, particularly into China, with selling ideas heard in the low to mid-$250s per tonne for December–January. Cheaper offers were heard for later months, against buying ideas at $246–248 per tonne CFR.
In the Black Sea, selling ideas for Russian 12.5% wheat were heard at $234 per tonne FOB Novorossiysk-Taman-Tuapse (NTT) for November loading, with bids at $229–230 per tonne FOB NTT for the same period.
“The 12.5% Russian wheat remains scarcely visible on the market, trading nominally around $230 per tonne FOB NTT, with bids at $229 versus $232–233 and showing little to no liquidity,” a broker said.
On a destination basis, offers of 12.5% wheat to Egypt were at $255–257 per tonne CFR for November–December loading.
Russia’s wheat exports from Black Sea ports fell by 11% week on week to 997,864 tonnes in the week ending on Friday, according to Fastmarkets data. Egypt and Iran were the top buyers, each importing about 200,000 tonnes. Another 840,000 tonnes are currently being loaded, while 1.45 million tonnes are at sea awaiting allocation.
In Ukraine, offers for 11.5% wheat were stable at $228.50–230 per tonne FOB Pivdennyi-Odesa-Chornomorsk (POC) for November loading, with buying ideas at $226 per tonne. Few selling ideas for December loading were reported at $230 per tonne FOB POC.
Selling ideas for optional Egypt or Mersin/Iskenderun were heard at $252 per tonne CIF for October–November loading, with offers on a CFR Egypt basis at $252–253 per tonne and bids at $246 for November loading.
Selling ideas into Algeria were reported at $262 per tonne CFR for November loading.
Ukrainian wheat exports rose by 47% to 503,215 tonnes in the week of October 13–19, up from 343,248 tonnes the previous week. Top destinations were Egypt (208,985 tonnes), Algeria (63,823 tonnes), and Indonesia (17,748 tonnes), followed by Yemen (67,209 tonnes), Bangladesh (53,455 tonnes), Spain (32,585 tonnes), and Turkey (16,018 tonnes).
Feed wheat offers were heard at $220 per tonne FOB POC, with no bids reported. A buying idea for 10.5% wheat was also heard at $220 per tonne.
In the EU Black Sea, FOB Constanta 12.5% wheat was offered at $233–234 per tonne for November loading, with best bids around $231 per tonne.
Offers for 11.5% wheat on an FOB Constanta-Varna-Burgas (CVB) basis were also reported at $233–234 per tonne, with bids at $231 per tonne.
In Europe, market activity remained muted at the start of the week, with few indications heard as many participants returned from the European Commodities Exchange conference in Berlin.
French 11% protein wheat was assessed steady at €4 per tonne above the December Euronext wheat contract.
Baltic FOB 12.5% wheat cargoes were offered slightly higher at €6.50 per tonne above the December Euronext wheat contract for November loading, but no buying interest was heard.
The German 12.5% FOB wheat APM for November loading was assessed at €6.50 per tonne above the December Euronext contract, with no indications received to disprove the previous assessment.
The 11% FOB US Gulf HRW premiums were mixed, with November falling by 5 cents to $1.25 per bu over the December Kansas HRW futures contract, while December was unchanged at $1.25 per bu over the same contract.
The 10.5% FOB US Gulf SRW front-month premiums were steady, with November at $1.10 per bu over December Chicago SRW futures and December at $1.05 per bu over the same contract.
The 10% FOB Pacific Northwest soft white wheat market was unchanged, with both November and December at $234 per tonne.
Canada Western Red Spring 13.5% FOB Vancouver front-month premiums were unchanged, with both November and December at $1.40 per bu over the December CBOT futures contract.
Canadian durum prices were unchanged, with 14.5% wheat FOB Vancouver cargoes at $270 per tonne and FOB St Lawrence cargoes steady at $280 per tonne.
In Argentina, November offers rose by $3 to $217 per tonne and bids climbed by $3 to $210 per tonne. December new crop offers were steady at $210 per tonne, while bids were unchanged at $205 per tonne.
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