As on 24th May 2023, total of 26.2 million tonne Wheat has already been procured

admin–News– (11 months ago)
•As on 24th May 2023, total of 26.2 million tonne Wheat has already been procured, up from 18.8 Mln tonne total quantity procured during last year. Market sources revealed that Wheat procurement may fall short of target, expected procurement will be around 27-28 Mln tonne.
 
•India to ship 1.05 Mln tonnes of grains to Indonesia, Nepal, Senegal, Gambia. India allowed exports of 0.3 Mln tonne of wheat to Nepal.
 
•Amritsar ( Punjab),Wheat procurement to end on 25th May.
 
•Chicago wheat December 2023 contract down US14.25 cents per bushel to 637.25c/bu;
•Kansas wheat December 2023 down 23.5c/bu to 803.5c/bu;
•Minneapolis wheat December 2023 down 21c/bu to 807.75c/bu;
•MATIF wheat December 2023 down €4.25/t to €227.25/t;
•Black Sea wheat December 2023 down US$4.25/t to $269/t;
•ASX January 2024 wheat contract up A$6/t to $388/t;
 
•Iran’s wheat output to rise 10% to 14.5 mln tonne: USDA
 
•Soft Red Winter (SRW) wheat yields in Illinois are estimated at 97.12 bu/acre, exceeding USDA’s forecast of 78 bu/ac, according to Tuesday’s tour by the Illinois Wheat Association, based on 57 samples. That’s above last year’s average of 68.5 bu/acre and the state record of 79 bu/ac. SRW wheat accounts for about 15pc of total US wheat production.
 
•Agriculture and Agri-Food Canada revised down its 2023-24 canola production forecast by 0.1Mt, to 18.4Mt (18.2Mt previous year). All-wheat production forecast was increased by 1.5Mt, to 35.8Mt (33.8Mt previous year) and the barley production forecast was cut by 0.5Mt, to 9.5Mt (10.0Mt).
 
•A surplus of cheap wheat in China is replacing significant volumes of corn in its animal feed market, according to feed makers and analysts, curbing consumption of both corn and soymeal and potentially reducing demand for imports. China has cancelled more than 1.1Mt of US corn purchases in recent weeks as buyers wait for cheaper options (Brazil) later in the year.
 
•Rains are impeding soy and corn harvesting on the Pampas, the Buenos Aires Grain Exchange said in a weekly report. Soy harvest is 78pc complete, lagging the average for this time of year by 14pc. The rain is seen as beneficial for drought-stricken areas and will help planting of the upcoming wheat and barley crops.
 
•South Korean flour mills reportedly purchased 135,000t milling wheat, including 50,000t from the US, 50,000t from Australia and 35,000t from Canada.