Wheat Morning Update

Wheat Morning Update

GLOBEX Snapshot
Contract Last Net Change High Low Volume
ZWN19 519.5 1.5 520 513 5965
ZWU19 522.75 1.5 523 516.25 4548
ZWZ19 533 1 533.5 527 2050
ZWH20 543.25 1.25 545 537.5 826
KEN19 457.75 0.25 459.75 451.25 3350
KEU19 470.5 0.25 471 464.25 1719
KEZ19 492.75 -0.5 495 487 1279
MWEN19 569.75 0.25 569.75 565.25 125
MWEU19 577.75 -0.25 578 573.5 32
MWEZ19 587.75 5

QT News - Top News
-- Filipino importers Wednesday set Thursday, June 13th as offer deadline in a tender seeking 55,000 mt of optional origin Wheat. The grain is for shipment in LH July through LH August.
-- Japan's Ag Ministry Wednesday said they bought 560 mt of feed grade Barley at their weekly SBS tender that closed today. They did not purchase any feed wheat at today's tender.
-- Egypt's GASC Tuesday bought a total of 120,000 mt of Wheat for shipment in the July 11 - 21 period - the total included 60,000 mt of Romanian and 60,000 mt of Russian. They reportedly paid $209.11/mt cif for 60,000 mt of Romanian, and $209.60/mt cif for 60,000 mt of Russian origin wheat.
-- Supply, demand data from France AgriMer Wednesday increased their 18/19 soft wheat ending stockpiles estimate to 2.4 mln mt up +100,000 mt over the previous outlook last month. They attributed the increase to more wheat place into the market, that outweighed higher exports within the EU. Soft wheat exports outside the EU were unchanged at 9.75 mln mt
-- While visiting ethanol plant in Iowa Tuesday, President Trump signed an executive order that will streamline the review process federal agencies have for agriculture biotechnology. The change could speed up the process for genetically modified seeds and livestock.
-- SovEcon analysts Tuesday said due to lack of precip in number of Russian regions, they lowered their 2019 Russian Wheat production estimate to 82.2 mln mt off -400,000 mt from the previous estimate.
-- SovEcon analysts Tuesday increased their 2019 Corn harvest forecast to 12.2 mln mt up +400,000 mt over the prior outlook; they kept their 2019 barley production forecast steady in today's report at 20.0 mln mt.
-- Australia's ABARE Tuesday lowered its 2019/20 Wheat production forecast to 21.2 mln mt, off -11% from the previous forecast. They attributed the decline to persistent drought conditions in key growing areas. The latest forecast is -14% below the 10 year average production at 24.7 mln mt.
-- Weekly EU data Tuesday showed +125,000 mt of soft Wheat exports in the latest reporting period ending June 9, brings the 18/19 MY to date total 19.648 mln mt. For comparison the 17/18 MY exports were 20.093 mln mt.
-- Weekly EU data Tuesday showed +2,000 Barley exports in the latest reporting period ending June 9, brings the 18/19 MY to date total 4.192 mln mt. For comparison the 17/18 MY exports were 5.277 mln mt.

PENDING TENDERS
-- Pending Tender: Jordan's state grain buyer on Wednesday set June 12th as next offer deadline in a tender seeking 120,000 mt of optional origin mill grade Wheat.
-- Pending Tender: Japan's Ag Ministry announced tender to close on Thursday this week, where they are seeking 37,293 mt of Canadian food grade Wheat in a regular tender.
-- Pending Tender: Grain traders say Qatar has set June 16th as offer deadline in a tender seeking 105,000 mt of Barley.

-- Euronext Paris Sept mill wheat futures Wednesday are trading -0.50 euro lower at 177.25 euros/mt
-- Outside markets. Crude Oil off -$1.42 @ $51.85; Gold up +$8.20 @ $1339.40; Silver up +3.5c @ $14.775; US $ index up +4 pts @ 96.68


QT News Cash Markets
Bean Barge Corn Barge SRW Barge HRW Track Ill Riv Frt
12 pro 11 pro
Jun +54/60 N +60/65 N +90/97 N +168/175 N +128/140 N 450/???
Jly +46/53 N +47/50 N +80/85 N +165/172 N +120/130 N 440
Aug +40/46 Q +35/40 U +70/76 U +152/160 U +106/130 U 420

Hi-pro meal Soy oil
Chicago -35 N +10 N +20 N
Toledo -30 N +13 N +20 N
Dec ILL -22 N +10 N -18 N -00 N

lj