News

GASC, was expected to import a record six million metric tonne of wheat this marketing year, up from around 5.4 million metric tonne in the last year. A GASC wheat tender was announced for shipment July 15-25 for 12.5% protein wheat. GASC closed its most recent wheat tender on Saturday for 360,000 metric tonne for July 10-20 shipment on an FOB basis at an average price of $194.22/ metric tonne, which included both Romanian and Russian origins. That followed a tender that closed on May 31 when 240,000 metric tonne were purchased.

Tunisia state grains agency has issued an international tender to purchase some 92,000 tonnes of soft milling wheat and 25,000 tonnes of feed barley. The origin was optional. Tender deadline is Wednesday, June 14. The wheat was sought in three consignments of 25,000 tonnes and one of 17,000 tonnes. If sourced from Europe or the Black Sea region, shipment was sought for Aug. 20 to Oct. 10. Shipment periods from other origins differ. The barley was sought in a single 25,000 tonne consignment for July 15 to Aug. 5 shipment depending on origin.

Syria has received 225,000 tonnes of Russian wheat, part of a 1.2 million tonne wheat deal struck in February through its state grain buyer. Syria one-million tonne tender execution still on hold Hoboob so far purchased 32,000 tonnes of local wheat. Syria has so far procured only around 32,000 tonnes of wheat but the buying season will go on until August. It expects the country to produce 2.17 million tonnes of local wheat in the 2017 season.

In Delhi, mill-quality wheat was sold at 1,755 rupees per 100 kg, while the grain was quoted at 1,518 rupees in Kota. Markets in Indore have been shut for nearly 15 days due to ongoing protests by farmers in the state. Futures contracts of wheat on the NCDEX were flat, with the most active July contract ending at 1,610 rupees per 100 kg, unchanged from the previous close.

USDA weekly crop progress report is expected to show lower condition ratings for spring wheat crops. Spring wheat was expected to be rated 53 percent in good to excellent condition, off 2 percentage points from last week as hot temperatures and limited rainfall in the central United States stressed developing corn and wheat plants. The winter wheat harvest likely advanced to 22 percent done, up from 10 percent a week ago.

Saudi Arabia main state wheat buying agency the Saudi Grains Organization bought 805,000 tonnes of hard wheat in an international tender. The purchase comprises 13 consignments to be shipped to the ports of Jeddah, Dammam and Jazan. Arrival dates range from August 1 to October 20. The purchase was made at an average price of $216.66 a tonne c&f.

European wheat prices fell following a sharp drop in U.S. prices on abundant global supplies and improved weather forecasts, and pressured by low export demand. December milling wheat on Paris-based Euronext, was down 0.7 percent at 172.00 euros a tonne.

A group of Israeli private buyers issued international tenders to purchase up to 30,000 tonnes of feed wheat and 20,000 tonnes of feed barley all of optional origins. Tenders close on June 13.

Wheat futures settled with losses of 1 to 4 cents in the KC and CBT contracts, as MPLS was up mostly a penny to 2 1/2 cent in the front months. The Commitment of Traders report had managed money lowering last week net short position in Chicago wheat futures and options by 7,624 contracts, to 106,136 contracts. They added 4,510 contracts in the MPLS wheat future and options contracts to a net long position of 9,486 contracts as of June 6. All wheat production for 2017 was hiked 4 mbu at 1.824 bbu over May crop production report. Winter wheat production saw a 4 mbu shift up to 1.250 bbu, as HRW was at 743 mbu up 6 mbu, with SRW at 298 mbu. US ending stocks for 2016/17 were at 1.161 bbu, showing a 2 mbu shift from May on larger imports, as 2017/18 stocks rose 10 mbu in this month’s report to 924 mbu. World ending stocks for 2016/17 were updated to 256.43 MMT, with 2017/18 stocks up 2.9 MMT to 261.19 MMT.