Daily International Grain Market View

Good morning Farmer Family ...

US farm markets were mixed but mostly firm yesterday.?

Corn prices eked out a higher close although with a modest 0.15% gains.

Soybean prices slumped around 1%.

Soymeal also ended the session red, with 0.75% losses on the day.

Soybean oil prices, in contrast, were still the gainer of the complex, as went home with a net 0.8% gain.

Wheat prices also made small inroads, as Chicago SRW settled the day, just 0.11% weaker, while Kansas City HRW wheat and Minneapolis spring wheat prices went home 0.15% and 0.54% higher on the day, respectively.?

The U.S. harvest of corn and soybeans is progressing under clear skies across much of the Midwest this week, adding seasonal pressure to the markets.

Not a lot of extra moisture, indeed, is expected to fall on the central U.S. between today and Friday.

Meanwhile, the Central Plains and Great Lakes region are the areas most likely to gather as much as 0.25” during this time, according to the NOAA.?

The agency’s new 8-to-14-day outlook, however, predicts seasonally dry weather to persist in the Northern Plains and upper Midwest between October 12 and October 18, with cooler-than-normal temperatures likely for much of the Corn Belt.

That’s good news for corn, soybean, and spring wheat growers eager to make significant strides on harvest progress over the next two weeks.?

But for growers in the Plains who are eager to receive moisture for newly planted winter wheat crops, the next couple weeks could be a little more anxiety-producing if no rains move into the Plains.

In this context, operators are trying to figure out what yields will be both for corn and soybean.

StoneX, on its part, raised its estimate of the average U.S. corn yield to 173.9 bushels per acre (bpa), from 173.2 previously, but lowered its corn production estimate to 14.056 billion bushels, from 14.168 billion last month.

For soybeans, StoneX lowered its forecast of the U.S. 2022 yield to 51.3 bpa from its Sept. 1 figure of 51.8.?

The firm forecast U.S. soybean production at 4.442 billion bushels, down from 4.515 billion previously.

The USDA is scheduled to release updated crop estimates on Oct. 12.?

Meantime, the World Trade Organization (WTO), released updated global trade forecasts for the next year that suggest slower trading paces in 2023 as the WTO expects recessionary forces to materialize.

Global trade volumes in 2023 are now only expected to increase 1% on the year, down significantly from WTO’s previous forecast of 3.4%.?

For U.S. farmers, exports account for 48% of 2022 soybean production, 46% of 2022 wheat production, and 16% of 2022 corn production.

Exports are a vital part of the demand pipeline, as markets determine pricing for U.S. ag commodities mostly on exports basis.?

Thus, this WTO announcement suggests that additional cuts may be coming to U.S. ag export volumes.

On this wake, is likely exports figure to be forecast lower in the upcoming WASDE report not only due to smaller than expected U.S. production in 2022, but mainly as demand destruction is increasingly becoming a concern in this high-priced commodity environment.

A confirm on this thema, came yesterday from official exports data by Census.

As for corn data showed that 129.8 mbu of corn were shipped in August.?

That was down 28% from July’s export and was 4% lower than August of 2021.?

The 21/22 campaign ended with an accumulated 2.471 bbu of export – compared to the WASDE forecasted 2.475 bbu.?

The monthly data also had 981k MT of DDGS exported in August, an 8% drop from July and a 27% drop yr/yr.?

The full year DDGS exports were 11.58 MMT, compared to 11.6 MMT last year.?

Ethanol shipments were 77m gallons, the lowest since September of 2021.?

Sorghum shipments were 284.9k MT in August, which was up from 213k MT in August ’21 – and finished the season with 7.56 MMT.?

As for soybean, the monthly Census data had soybean exports of 121.9 mbu in August.?

That was up 43% from July and was 253% above August ’21.?

The 21/22 season finished with 2.162 bbu of soybean shipments, just a bit higher compared to 2.145 bbu forecasted but down from 2.266 billion last year.?

For soymeal, the monthly data had 828k MT shipped in August.?

Bean oil shipments were 25.9k MT.?

As for wheat, monthly wheat exports were reported at 92.34 mbu for August.?

That completed the Q1 of 22/23 shipping with 206.55 mbu, a 5-yr low.?

That marks 25% of the WASDE full year forecast, implying exports are on pace for the 825 mbu total only assuming flat monthly distributions.

On the other hand, Mexico’s plans to phase out GMO corn use by 2024 could prove quite costly for U.S. farmers, who are the current No. 1 supplier of Mexico’s corn imports.?

Some analysts, indeed, said the ban could lower U.S. corn prices by as much as 32%.?

Meantime, ahead of the weekly Export Sales report out on this afternoon, analysts estimates to see between 350k and 800k MT of corn sold from the week that ended 9/29.?

As for soybean, export sales are expected to be confirmed between 500k MT and 1.2 MMT.

For wheat, analysts surveyed expect wheat sales were between 200k and 450k MT.?

On the other hand, ethanol production made moderate improvements for the week ending September 30 but were still lackluster.

The daily average was indeed 889,000 barrels.?

Production has failed to reach the 1-million-barrel-per-day benchmark since early August, although it was up 34k bpd from the +80-wk low last week.?

Stocks trended?lower.

Ethanol stocks fell by over 1m barrels or 4%, to 21.685 million.?

That is the lowest supply since December 2021.?

In this context, yesterday corn basis bids were steady to mixed, showing the most volatility at Midwestern ethanol plants, after trending as much as 15 cents higher at one location while sinking as much as 10 cents lower at another location.

Soybean basis bids were steady to mixed across the central U.S., after trending as much as 10 cents lower at an Indiana elevator while firming as much as 7 cents at an Indiana processor.

Commodity funds were net sellers of soybean, soymeal and wheat futures contracts and net buyers of corn and soyoil futures.

Barges are backing up on the Mississippi River as low river levels due to drought in the river’s southern regions continue to limit traffic flows on the country’s arterial grain riverway.?

Shipping sources said that an estimated 100 tow boats carrying around 1,600 barges are jammed up near Lake Providence, Louisiana, awaiting passage to export terminals at the Gulf of Mexico.

The Army Corps of Engineers has been dredging the section of the river that has been closed since last week, but the lack of rainfall in the nearby forecast is more concerning.

Around 60% of U.S. corn, soybean, and wheat exports are shipped through the Gulf.?

The low river volumes come at a time of year when soybean exports are traditionally at their peak volume.?

And as exports historically make up the bulk of soybean usage, the low river volumes represent a very real threat to profit margins for U.S. farmers.

In this context, the latest Ag Economy Barometer readings indicate farmers are clearly concerned.?

Respondents to the survey indicated they are less likely to make farm machinery and building purchases in the near futures.?

Twenty-one percent said rising interest rates is the primary reason for pushing off new investments.

A firmer dollar tends to make U.S. grains less attractive globally.

The high food prices consumers around the world are seeing, will reduce demand surely.

On this morning, Chicago soybean futures inched higher.

Corn prices also ticked higher, while wheat eased.

Particularly, the most-active soybean contract on the Chicago Board of Trade added 0.2% to $13.73 a bushel, as of 02:21 GMT.?

Wheat lost 0.2% to $9.00-1/4 a bushel and corn rose 0.1% to $6.84-1/4 a bushel.

The dollar fought for a footing in choppy trade, with support from upbeat U.S. data and hawkish policymaker comments, while the prospect of higher energy prices helped exporters' currencies and weighed on those of importers.

In energy markets, oil prices stabilised near three-week highs on this morning after OPEC+ agreed to further tighten global crude supply with a deal to slash production by about 2 million barrel per day.

However, given that production at some of the OPEC+ countries are below target levels, the actual cut would be smaller.

Saudi Energy Minister Abdulaziz bin Salman, indeed, said the real supply cut would be about 1 million to 1.1 million bpd.

Thus, the final market impact would depend on the duration of the agreement.

In this context, Brent crude futures for December settlement, edged down 8 cents to $93.29 per barrel by 06:56 GMT after settling 1.7% higher in the previous session.

U.S. West Texas Intermediate (WTI) crude futures for November delivery slid 15 cents to $87.61 per barrel, building on a 1.4% rise on Tuesday.

The administration of U.S. President Joe Biden has criticised the deal as being "shortsighted".?

The White House said Biden would continue to assess whether to release further strategic oil stocks to lower prices.

The White House said it would consult with Congress on additional paths to reduce OPEC+ control over energy prices.

Meantime, a draw in U.S. oil stockpiles last week supported prices.?

Crude inventories, indeed, dropped by 1.4 million barrels in the week ended Sept. 30 to 429.2 million barrels, the Energy Information Administration said.

In ocean freight markets, the Baltic Exchange’s main sea freight index rose for a fourth straight session on Wednesday, surging to its highest in 10 weeks on rising rates across vessel segments.

The overall index, indeed, was up 131 points, or about 7%, at 1,996 points on its best day in about two weeks.

Particularly, the capesize index gained for a fourth straight session, adding 309 points, or 13.8%, at 2,553 points; its highest since July 25.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, gained $2,564 at $21,175.

The panamax index was up 95 points, or 4.5%, on its best day in three weeks, at 2,205 points; its highest in nearly three months.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, gained $860 at $19,847.

Among smaller vessels, the supramax index rose eight points to a one-week peak of 1,676 points on its best day in seven.

In equity markets, US stocks on Wednesday rebounded from sharp early losses and closed only slightly lower.??

Stocks recovered most of their losses after a large derivative trade sparked short covering in stock index futures.??

The derivative trade involved the buying of more than 20,000 SPX Oct and Mar calls versus the selling of Jan calls.??

Wells Fargo said dealers who took the other side of the derivative trade bought a large amount of stock index futures to offset their risk, which fueled stop-loss buying, and stock prices recovered.?

Stock indexes Wednesday morning initially retreated after stronger than expected U.S. economic news on Sep ADP employment change and Sep ISM services index pushed T-note yields sharply higher and dampened optimism that the Fed will pivot to a more dovish policy.??

The U.S. Sep ADP employment change, indeed, rose +208,000, stronger than expectations of +200,000.??

Also, the Aug ADP employment change was revised upward to +185,000 from the previous reported +132,000.

The U.S. Aug trade deficit shrank to -$67.4 billion from a revised -$70.5 billion in July, narrower than expectations of -$67.7 billion and the smallest deficit in 15 months.

The U.S. Sep ISM services index fell -0.2 to 56.7, stronger than expectations of 56.0.

Consequentially, comments from San Francisco Fed President Daly were hawkish and the 10-year T-note yield rose +11.6 bp Wednesday to 3.749%.

Stocks were also under pressure after Citigroup sent a note to clients saying, "we are still in the early stage of positioning for recession," and there's "more downside risk for the market and the earnings season.”

In this context, the S&P 500 declined to 3,783.28.?

The Dow Jones Industrial Average slipped 0.1% to 30,273.87.?

The Nasdaq composite slid 0.2% to 11,148.64.

The U.S. government is due to release an update on employment Friday.

Meantime, Asian stocks were mixed Thursday.

Tokyo and Seoul advanced while Hong Kong and Sydney declined.?

Chinese markets were closed for a holiday.?

Particularly, the Nikkei 225 in Tokyo rose 1% to 27,387.50 while the Hang Seng in Hong Kong lost 0.2% to 18,055.68.

The Kospi in Seoul surged 1.5% to 2,248.46 while Sydney's S&P ASX 200 edged less than 0.1% lower to 6,813.50.

New Zealand declined while Southeast Asian markets gained.

In currency trading, the dollar rose to 144.55 yen from Wednesday's 144.49 yen.?

The euro gained to 99.18 cents from 98.94 cents.

From South America, Brazil's October corn exports could reach 4.208 million tonnes, according to grains exporter association ANEC, up from 1.873 million tonnes the same month last year.

Brazil's October soybean exports could reach 3.110 million tonnes, according to grains exporter association ANEC, up from 2.985 million tonnes the same month last year.?

The South American nation could export 1.804 million tonnes of soymeal this month, up from 1.337 million tonnes in October 2021.

On this wake, Anec rose the country's 2022 soybean export forecast by 1.5 million tonnes on Wednesday, citing fresh shipping schedules information.

Brazil, indeed, is now expected to export 75.5 million tonnes of the oilseed in 2022, up from 74 million tonnes previously, according to a statement containing the new data.

Most of Brazil's soybean exports go to China.

In contrast, Anec's yearend corn export view remained unchanged at 41 million tonnes, according to a spokeswoman.

On the other hand, Brazil is forecast to produce 10 million tonnes of wheat this season, up from a previous estimate of 9.67 million, agribusiness consultancy StoneX said on Wednesday.

Farmers this year expanded their cultivation area and are expected to harvest a record crop.

According to the government, prospects are so good for Brazilian wheat going forward that the nation will be able to reduce import dependence and potentially become self-sufficient in wheat in 10 years.

In the first half of 2022, the country had already exported some 2.4 million tonnes, more than twice as much as in the same months the previus year.

Given the heated demand for Brazilian wheat, StoneX also raised the country's 2022/2023 wheat export projection to 2.8 million tonnes from 2.5 million tonnes.

Brazil's wheat import forecast for this cycle was unchanged at 6.2 million tonnes, StoneX said.

Meantime, Argentina’s 2021/22 soybean production reached 44 MMT, which was 4.3% below the prior year’s effort.?

Argentine farmers have already sold 69% of the new crop, which is slightly above last year’s pace of 67%.?

Future sales are expected to slow after a special exchange rate policy from the government has expired.

In Europe, grain prices moved in scattered order, despite another favorable slide in the eurodollar parity.

We saw some firmness in wheat harvest 2022 and a slight decline in harvest 2023, as the current weather is favorable for autumn sowing, mainly for barley and wheat.

Corn harvests are continuing in France with their share of disappointment, leading analysts to envisage a production of barely 10 million tonnes.?

According to the AGPM, the national average yield would be 7.9 t/ha against 9.7 over an average of 5 years.?

However, harvest pressur pushed prices down.

Still more surprisingly, rapeseed lost ground, despite the firmness of oil and on the eve of winter, synonymous with increased demand for biofuels.?

Recession fears and international competition, indee, still weigh heavily, especially since an acceleration of port activity is currently observed in Russia (read more below).

EU wheat exports are now pegged at 36mn t for the 2022-23 marketing year ending 30 June, down from 38mn t anticipated in July, European Commission data show.?

That is in line with losses in the competitiveness of the bloc's wheat crop as increasing availability of Ukrainian supply since August has taken market share in the Middle East and north Africa from France, Romania and Bulgaria.

EU wheat exports, indeed, have slowed in recent weeks with weaker shipments from France and eastern Europe.

Cumulative volumes since 1 July were at 9.15mn t on 2 October, down from 9.48mn t a year earlier.

On the other hand, meat and dairy production in the European Union is expected to decline this year and next as livestock farms feel the effects of drought, disease outbreaks and rising costs, the EU's executive said on Wednesday.

EU milk production is projected to fall 0.5% this year.

For next year as a whole, it forecast a smaller 0.2% decrease in EU milk output.?

Assumed higher yields in normal weather mostly offset a decline in cow numbers, which were seen falling 0.8% after a 0.9% drop forecast for 2022.

For beef, feed costs were expected to reinforce a longer-term decline in herd numbers and contribute to a 0.6% drop in production this year before a smaller 0.2% decrease in 2023.

In addition to rising feed costs, the pork and poultry sectors have been weakened by outbreaks of African swine fever (ASF) and avian influenza, or bird flu.

Pork output was forecast to fall 5% this year, notably due to a steep drop in Germany which has been badly affected by ASF, and then by 0.7% in 2023.

The poultry sector, disrupted by a bird flu crisis that is threatening to re-emerge, was expected to see production decline by 0.9% in 2022 and 0.4% in 2023.

A more than doubling in egg prices in France due to soaring feed and energy costs and a lack of supplies after the worst ever bird flu crisis has prompted some food companies to lower output or change recipes, egg producers said on Wednesday.

World egg production, which hit 1,500 billion in 2021, was expected to fall for the first time in history this year, following a 4.6% drop in the United States, a 3% decline in the EU and an 8% slump in France.

The drop comes at a time of strong consumer demand for eggs, seen as a cheap protein source at a time of soaring inflation.

Prices of eggs in French supermarkets have risen about 15%-20% since the start of the year, following a law that indexes food prices in supermarkets to producers' animal feed costs.

But industry egg prices on the French spot market, which are also linked to supply and demand, were trading at 2.2 euros ($2.2) a kilogramme on Wednesday, more than double their price at the start of the year and about 65% above their average price at this time of the year.

They were likely to surpass a record 2.3 euros/kg before the end of 2022 due to growing demand at year-end but would still remain well below U.S. spot prices for standard eggs, now at 4.24 euros/kg.?

Meantime, non-commercial market participants raised their net long positions in Euronext's milling wheat futures and options in the week to Sept. 30, data published by Euronext on Wednesday showed.

Particularly, non-commercial participants, extended their net long position to 132,932 contracts from 123,804 a week earlier.

Commercial participants similarly expanded their net short position to 154,159 contracts from 147,833 a week earlier.

Commercials' short positions accounted for 63.5% of the total short position, while commercial long positions accounted for 39.1% of total long positions.

Non-commercial short positions represented 36.5% of total short positions, while non-commercial net long positions accounted for 61% of the total longs.

In Euronext's rapeseed futures and options, non-commercial market participants lowered their net short position to 22,448 contracts from 26,772 a week earlier.

Commercial participants similarly decreased their net long position in rapeseed to 21,184 contracts from 26,102 a week earlier.

From Russia, the country exported 13 million 670 thousand tons of grain in July-September, which is 22% less than in July-September 2021 (17.5 million tons).

There were shipped 11 million 922 thousand tons of wheat , which is 23.4% less than a year earlier (almost 15.6 million tons).

In September, 5 million 140 thousand tons of grain were shipped for export, which is 21% less than last year (6.5 million tons).

Including shipments of wheat amounted to 4 million 596 thousand tons (20.6% less).

Shipments of barley in September in annual terms decreased by 20.4%, to 514 thousand tons.?

This is also 330 thousand tons less than in August this year.?

The export of corn is also reduced.

In July-September last year, Russian grain was sent to 70 countries, this year - to 40.?

Wheat was shipped for export by 137 companies, this year - 73.

A decrease in shipments is recorded in all major ports.?

Offshore transshipment decreased by 10%, shipments through Novorossiysk - by 17.6%, Rostov-on-Don - by 17.3%, Azov - by almost 20%.

SovEcon, however, estimated the Russian wheat export would reach 43.4 MMT for 22/23.

That was 300k MT above their prior estimate despite the slow start.?

Russian shipments through the first quarter trail their 5-yr average pace by 14%.?

Speaking about the price situation the market stood up last week.?

Over the week, French wheat has risen in price by only 0.9%, to $349 per ton.?

The American fell in price by 0.5%. Prices for Russian wheat (FOB Novorossiysk) rose by only 0.3% to $314-315 per ton.?

The discount compared to French wheat remains at a significant level, but it is not enough to boost demand.

Risks, indeed, are higher than the discount.

Meantime, profitability of agricultural producers is also declining.

Weekly consumer prices in Russia rose for the second week running, data published on Wednesday showed, after nearly three months of weekly deflation and as the central bank appears to have finished its interest rate-cutting cycle at 7.5%.

Russia's consumer price index rose 0.07% in the week to Oct. 3, the Rosstat federal statistics service said.?

Before last week's 0.08% rise, the last time weekly prices had risen was in May.

Annual inflation slowed to 13.49% as of Oct. 3 from 13.71% a week earlier, the economy ministry said.

Sanctions pressure on Russia is particularly high.

The Bank of Russia cut its key rate to 7.5% last month, but suggested its rate-cutting drive could end soon, omitting guidance about studying the need for future reductions, as inflationary expectations rise.

The bank has cut rates six times since February, but falling living standards in recent months have weighed on consumer demand, hitting retail sales and leading to an extended period of deflation over the summer.

The central bank targets annual inflation of 4% and expects to return it to that level in 2024.

Since the start of the year consumer prices have risen 10.40%, Rosstat said.?

At the same point in 2021, year-to-date inflation was running at 6.49%.

According to some economists interest rates will remain unchanged until the end of the year, with annual inflation accelerating to 12.4%.

From Ukraine, the country is reportedly holding talks to ensure grain continues flowing from its Black Sea ports even after a deal expires next month, Mykhailo Podolyak, an adviser to the president’s chief of staff, said in a Bloomberg TV interview on Tuesday.?

He declined to elaborate on when results can be expected, describing talks as “complicated”.?

Ukraine doesn’t negotiate with Russia directly, according to Podolyak.?

Instead, there are sub-negotiating groups that include Turkey and the United Nations.

From the Middle Kingdom, USDA’s Ag Attache estimated China’s 22/23 corn production as 270 MMT, a 4 MMT drop from the official WAOB estimate on a lower yield and a 2.5 MMT dip yr/yr.?

Imports from the report were figured as 18 MMT – matching the official standing estimate.?

Meantime, the Northeastern most province, Heilongjiang, in China reported a record soybean yield at ~66.12 bpa.?

The province provides about 40% of China’s domestic soybean output.?

On this wake, China's soybean imports are likely to drop to their lowest in more than two years this month.

Soybean arrivals in China are estimated to be around or slightly below 5 million tonnes in October.?

Imports of 5 million would be the lowest since March 2020.?

Still, soy imports are expected rise later this year, with China's imports in November are likely to climb to as much as 9 million tonnes and to about 10 million tonnes in December, according to some analysts.?

Lower Chinese soybean imports may weigh on benchmark futures in Chicago at a time of overall rising food commodity prices, but the record soymeal will likely translate to higher prices for pork, the favoured meat in China.?

Cash soymeal prices, indeed, rose to a record of 5,600 yuan ($787.24) a tonne in northwestern China's city of Xi'an at the end of September.

And hog prices have climbed more than 40% since March.

Consequentially, feed makers have been reducing the component of soymeal used in hog feed to less than 20% from the usual around 30%.

($1 = 7.1135 Chinese yuan renminbi).

From Australia, feed grains have traded steady to higher in the past week as the impact of rain and cool weather further delays the impending start of harvest and makes accessing grain difficult at many sites.

Overhanging the market is the widening spread for protein wheat over lower grades.

These are expected to proliferate this year as successive rains lower prospects of anything above APW in most districts unless the weather turns hot and dry, and quickly.

With Australia now in its new marketing year, trade sources report export sales are slow, as volume of APW and above is uncertain, and SFW and ASW grades are expected to come under pressure from sheer volume.

Meantime, local markets were again firmer across the boards yesterday through old and new crop.?

Wheat bids were up $5-7/t.?

Canola bounced hard with grower bids up $25-30/t.?

CBH is offering short term capacity on canola in the west tomorrow.

The Bureau of Meteorology has issued a number of initial flood warnings for New South Wale’s inland rivers, with minor to moderate or major flooding expected in systems from the Upper Macintyre River on the Queensland border to the Upper Murray on the Victorian border.

In a statement released yesterday, WaterNSW said it has cut water releases from key regional dams after cautiously lowering storage levels in recent days in preparation for inflows generated by large rainfall events forecast to cross regional NSW.

On the international trade scene, Japan's Ministry of Agriculture, Forestry and Fisheries (MAFF) bought a total of 97,343 tonnes of food-quality wheat from the United States and Canada in regular tenders that closed on Thursday.

The loading is between Nov 21 and Dec 20, 2022, arriving by Jan 31, 2023.

ODC Tunisia purchased 150k of soft wheat, 100k durum wheat and 100k?barley.

The soft wheat was bought 1x25k at 383.49 from Casillo, 4x25k at 385.74, 385.97, 385.48 and 385.66 from Viterra and 1x25k at 388.79 from Cargill.

The durum wheat, was bougth 1x25k at 519.68 from Casillo, 1x25k at 523.09 from Viterra, 1x25k at 506.29 from Amber, 1x25k at 522.18 from Bunge.

The barley, was bougth 1x25k at 350.74 from Soufflet and 3x25k at 351.15, 351.88 and 352.88 from Viterra.?

All was bought in Euro per metric tonnes and C&F.?

The wheat and durum are for shipment between Nov. 1 and Dec. 15 depending on origin.?

The barley is for shipment between Nov. 1 and Dec. 5.

The lowest price offer submitted in the tender on Wednesday from Iraq’s state grains board to buy a nominal 50,000 tonnes of wheat was believed to be $386 a tonne c&f for wheat to be sourced from Ukraine.

The offer was submitted by a local trading company in Iraq.

No purchase has yet been reported and the offers are still being considered.

The wheat can be sourced from optional origins but Russian grain cannot be offered.

Two offers were reported for U.S.-origin wheat, the lowest at $551.80 a tonne c&f.?

Lowest offer for Canadian wheat was estimated at $498.50 a tonne c&f and lowest price for Australian wheat was $490 a tonne c&f.

Other offers included Romanian wheat at $424 a tonne c&f, Lithuanian at $479 a tonne c&f and Polish wheat at $475 a tonne c&f.

Volumes in Iraq’s tenders are nominal and the country often buys more than sought in the tender.

The Iraqi cabinet has directed the trade ministry to import wheat to store for the future, a government statement said on Oct. 2.

That's all, thank you.

We wish you a good day.

Author: Sandro F. Puglisi??

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