Export Sales Push Global Wheat Higher

[CRM AgriCommodities]

​ Export Sales Push Global Wheat Higher European Union leaders have agreed to continuing conversations in order to get the UK a new trade agreement “in the coming weeks”. Wheat / Barley US wheat has continued to receive support as dry weather continues in the Plains with wheat being planted and emerging. No rain has fallen in much of Kansas and Oklahoma in the past 30 days. Planting into soils with limited moisture could result in a high variability or crop failure. Meanwhile, rainfall is now expected to return to Ukraine and Russia, providing hope that the wheat crop damage will be curtailed and allow germination of the winter wheat crop. 86% of the forecasted area of winter crops has now been sown. Algeria has reportedly purchased up to 510KT of wheat, supporting European and Black Sea export values. Corn / Maize US Ethanol production showed signs of recovery last week, increasing to 937K barrels a day, up from 923K barrels the previous week, nearly back at pre-pandemic levels of ~1000Kbarrles a day. Stocks of ethanol however also increased, at 20008K barrels, rising 1.7%, week on week, casting some doubt on long term demand recovery. Oilseeds & Oil Daily US export sales of 261KTof soybeans for delivery to China during the 2020/2021 marketing year have been made today, additional sales news maintaining support for soybeans. The Energy Information Administration reported a crude oil drawdown of 3.8 million barrels for the week to October 9. At 489.1 million barrels, crude oil inventories were still above the five-year seasonal average, but the reduction is above market expectation and has supported crude oil. Latest insights and opinions Barley and Malting Barley Strategies EU Rapeseed Market Outlook Weekly Market Opinions Brexit and Wheat Prices - Analysing the Risks and Rewards All Research and Opinions Click here for a Graintab Trial​ ​ Signup to Graintab - All CRM Agri Members have access, get in touch if you require credentials.