GRAIN & PRICE WEEKLY REPORT

All grain prices were all up this week.?

Corn prices took back all of last week’s losses plus some, as September rose 11.65% this week.?

Soybeans joined the bullish party and nearly took out 3 weeks of losses, with August rallying 10.02% this week.?

Soy Meal took part with a 9.34% gain for the week, with soybean oil 9.05% higher.?

Wheat prices also bought in on the rally this week, again led by the Minneapolis spring wheat, which was up 3.81%.?

Chicago SRW rising 1.87%.?

KC HRW was 1.68% higher despite late week weakness.

On macro markets, oil prices steadied after OPEC+ ministers resumed talks on raising oil output the day after the United Arab Emirates blocked a deal, which could delay plans to pump more oil through the end of the year.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, are meeting again after UAE opposed the proposals, saying it wanted its quota to be higher, sources said.?

The long rally in prices could be undermined if OPEC+ nations go their separate ways and add to supply as they see fit.?

In this context, Brent crude futures rose 68 cents for the week to settle at $76.06 a barrel, after rising 1.6% on Thursday.

U.S. West Texas Intermediate (WTI) crude futures fell 19 cents on Friday but gained 98 cents for the week to settle at $75.04 a barrel, having jumped 2.4% on Thursday to close at their highest since October 2018.

On Wall St. the Dow tilted another 209 points higher on Friday to close the week at 34,786.

Also the S&P 500 and Nasdaq Composite found new record highs, anchored by strong performances in tech stocks and a better-than-expected round of jobs data.?

In fact, a stronger than expected U.S. employment report strengthened investors’ focus on economic data and the Federal Reserve’s next move, as markets cheer further evidence of a robust economic recovery amid worries over persistent inflation.

Nonfarm payrolls increased by 850,000 jobs last month after rising 583,000 in May according to the Labor Department.?

That left employment 6.8 million jobs below its peak in February 2020.?

Average hourly earnings rose 0.3% last month, pushing the year-on-year increase in wages to 3.6% from 1.9% in May.

Concerns over inflation were more apparent in the bond market, where 10-year Treasury yields have been in a range after peaking at 1.776% on March 30.?

Yields, indeed, fell Friday to 1.431%.

The U.S. Dollar Index increased from last week's 91.85. to close at 92.18.

Coming back on grains market, the main reason for this week’s rally was Wednesday’s USDA reports.

In fact, NASS for corn showed more than a million acres less than the trade had been expecting at 92.69 million acres, new crop corn shot up the limit to close out June.?

The quarterly stocks report also showed June 1 stocks at 4.112 bbu, the tightest since 2014 and implying record 3Q use.?

USDA also showed 46.743 million wheat acres for this year.?

Winter wheat acreage was up 605,000 acres from March, with spring wheat down 160,000 acres at 11.58 million.?

June 1 stocks of wheat were tallied at 844 mbu, indicating the ending stocks total for 2020/21.?

That was 17 mbu below estimates and 4 mbu lighter than the June WASDE estimate.?

NASS’s June Planting report, showed 87.555 million acres of soybean planted in 2021.?

That was down 45,000 acres from Intentions and more than 1.5 million acres below estimates.?

Soybean stocks weren’t much of a surprise, at 767 mbu, just 6 mbu below the average trade guess.?

However the week started with the regular weekly US crop progress report had corn condition rated at 64pc good-to-excellent, beans 60pc, milo/sorghum 70pc.

Winter wheat conditions was at 48% good to excellent, dropping one point from last week's 49%.?

The USDA also reported 33% of the winter wheat crop harvested, well ahead of the 5-year average of 40%.?

The U.S. spring wheat crop conditions is rated 20% good to excellent, dropping significantly from last week to the lowest level in decades.

The USDA also reported 48 percent of the U.S. spring wheat crop headed, above the 5-year average of 39%.

Meantime, export bookings of corn were weak in this week’s Export Sales report, with just 14,979 MT booked for old crop.?

Unshipped old crop sales commitments are both an opportunity and a liability, with more than 12.147 MMT (478 mbu) still on the books.?

New corn crop bookings totaled just 67,635 MT, bringing the total to 15.748 MMT.

Weekly Export Sales report had 92,751 MT of old crop soybean sales through the week that ended 6/24.?

For new soybean crop, USDA’s report showed 1.67 MMT were booked, the largest weekly new crop total this MY.?

Weekly US wheat export sales through June 24 were 226,331 MT.?

That was down 39.51% from week to week and a MY low through 4 weeks.?

New crop commitments are 26% of the June WASDE estimate for the marketing year.?

The 5 year average would be 29% for this date.??

On the other hand, Thursday’s Grain Crushings report indicated corn used in ethanol production for May was 447.6 mbu, up 9.6% from April ad 48.6% larger than in 2020.?

USDA also released the Fats & Oils report this week showing 173.48 mbu of soybeans crushed during May.?

On Friday, Census released May corn export data, showing a record 8.48 MMT (333.78 mbu).?

That brought the third quarter shipments to 1.041 bbu, a record and 180 mbu larger than the 17/18 record 3Q total.?

Census trade data from Friday also showed that May soybean exports were at 1.27 MMT (46.5 mbu), a 5-year low as supplies are tightening and focus has switched to Brazil.?

CFTC’s Commitment of Traders report showed large managed money funds adding just 1,969 contracts to their net long in corn.?

They were still net long 245,434 contracts of futures and options.?

The weekly Commitment of Traders report indicated managed money spec funds continuing to abandon soybeans.?

They cut their net long by 4,047 contracts for the week as of Tuesday, dropping it to 76,257 contracts of futures and options.

Friday’s CFTC report showed the spec funds trimming their net long in Chicago wheat by 2,241 contracts in the week ending June 29.?

That put them net long just 774 contracts.?

In KC HRW, they raised their net long by 7,781 contracts for the week, to net long 22,723 contracts.

Going inside the numbers, CBOT soft red winter (SRW) futures gained 8 cents to close at $6.45/bu.?

KCBT hard red winter (HRW) futures were up 11 cents to end at $6.11/bu.?

MGE hard red spring (HRS) futures was up 41 cents to close at $8.63/bu.?

CBOT corn futures rose 61 cents to end at $6.97/bu.?

CBOT soybean futures gained $1.22 to close at $14.51/bu.

Corn basis bids were narrowly mixed at three interior river terminals on Friday while dropping 5 cents at an Iowa processor and 18 cents at an Ohio elevator.?

Other locations across the Midwest held steady.

Soybean basis bids were largely steady across the central U.S., with two notable exceptions – an Ohio river terminal tumbled 15 cents lower while an Iowa processor climbed 10 cents higher.

Wheat basis bid was up this week in the Gulf and the Pacific Northwest (PNW) for hard red spring (HRS) and hard red winter (HRW).?

Farmers remain reluctant to sell ahead of harvest due to concern over protein content.?

Dry weather conditions also factored into higher basis this week.?

Despite dry weather and historic high temperatures basis eased on soft white from the Pacific Northwest.

States growing hard red winter (HRW) are harvesting with some delays from rain in the Southern Plains.?

For the third week in a row no offers were made for HRW 12.5% protein exported from the Gulf.?

As harvest advances and more protein content is known, offers for higher protein HRW may change.

New crop soft white (SW) proteins remain unclear at this time.?

Hot and dry conditions are raising concerns making grain traders reluctant to guarantee maximum proteins.?

For the third week in a row offers for SW 9.5 max remain limited.

From South America, Brazil is seen producing a total of 87.93 million tonnes of corn in the 2020/2021 harvest, down from a previous forecast of 89.68 million tonnes, the consultancy said on Thursday.

The second corn crop in Brazil, which is battling drought and now frosts, is now seen at 60.45 million tonnes, compared with a previous estimate of 62 million tonnes, StoneX said.

Argentine farmers have sold 23 million tonnes of soy from the 2020/21 season, after transactions were registered over the last week for 518,800 tonnes, the ministry of agriculture reported on Tuesday in a report with data updated through June 23.

The rhythm of soybean sales is behind that of the previous season.?

On the same date last year sales of 25.8 million tonnes of soybeans had been registered, according to official information.

The recently harvested 2020/21 soybean harvest in Argentina is estimated at 43.5 million tonnes, according to the Buenos Aires Grains Exchange, compared with 49 million tonnes collected in the previous season.

The government also said that sales of 2020/21 corn have totaled 31.1 million tonnes, about 3 million tonnes more than at the same time last year.?

The 2020/21 harvest is still ongoing.

The exchange expects a corn harvest this season of 48 million tonnes.?

The sowing of 2021/22 wheat in Argentina accelerated in the last week thanks to good weather, the Buenos Aires Grains Exchange said in a report on Thursday, keeping its harvest estimate unchanged at 19 million tonnes for the season.

The South American grains powerhouse is a major wheat grower and exporter, mainly to neighboring Brazil.?

Over the previous seven days, wheat sowing in the country advanced 13.2 percentage points to 84.1% of total expected sowing area.

Argentina started to export barley to China in summer 2020, and China has become the main buyer of barley from Argentina.

According to Cotecna summary data, in May 2021, Argentina supplied about 160 thousand tons of barley on the global market.

In this context, as for July 01,?Argentina Wheat Grade 2, (Up River)?was at $276,?increasing 1$?from prior week.

Argentina corn feed?gained 12$?for the week, closing at?$244.

Brazil corn feed?(Paranagua) was at?$280, gained 13$ during the week.

Argentina barley feed, N.Q..

Argentina soybean?jumped?26$?to close at?$529.

Brazil soybean bounced 31$?finishing the week at?$550.

On European markets, consultancy Strategie Grains has raised its forecast for this year's European Union rapeseed harvest while trimming demand expectations, projecting reduced supply tightness next season.

Rapeseed production in the 27-country EU is now expected to reach 17 million tonnes, compared with the 16.82 million tonnes forecast a month ago and 3.3% above last year's crop.

The upward revision was mainly because of Romanian output.

Meantime, he consultancy made a slight cut to its forecast for EU sunseed output this year to 9.82 million tonnes from 9.88 million tonnes, but that would still be 13.2% above 2020's drought-affected crop.

However, price trends continue to depend on yield results in Europe, prospects for Canadian canola and U.S. soybeans in harvests later this year, as well as crude oil fluctuations that influence biofuel markets.

According to French farm office FranceAgriMer, 89% of the country’s 2021 corn crop is in good-to-excellent condition through June 28, with ratings holding steady from a week ago.

French farm office FranceAgriMer also estimates that 79% of the country’s soft wheat crop is in good-to-excellent condition through June 28, holding steady from a week ago.?

Winter barley condition fell a point, with 74% of the crop rated in good-to-excellent condition, and harvest has kicked off with 2% progress so far.?

France is the European Union’s top grain producer.

Moldova has started its 2021 grain harvest and expects wheat output to jump to 1.2-1.3 million tonnes from 620,000 tonnes in 2020.

Yield could reach 7.0 tonnes per hectares thanks to favourable weather.

Moldova sowed 418,900 hectares of grain for the 2021 harvest, including 318,000 hectares of wheat.?

Bulgaria expects to harvest 5.7-5.8 million tonnes of wheat this year despite recent heavy rainfall.

The Black Sea country expects a 20% annual increase in its crop this year after drought cut it to 4.7 million tonnes in 2020.

Bulgaria needs about 2 million tonnes of wheat to meet its domestic needs and exports the rest.?

It had exported more than over 3.5 million tonnes from its 2020 wheat crop by the end of May, data showed.

The Czech Republic's grain harvest should decrease by 7.1% this year to 6.77 million tonnes, the Czech Statistics Bureau (CSU) said on Friday in its first crop estimate this season.?

Last year, the grain harvest totalled 7.29 million tones.?

The forecasts are based on data collected as of June 10.?

According to the European Commission soft wheat exports from the European Union in the 2020/21 season that started last July had reached 25.38 million tonnes by June 27.

That was down from 34.64 million tonnes cleared by the same week last season, the data showed.

EU 2020/21 barley exports had reached 7.08 million tonnes, against 7.61 million a year ago, while EU 2020/21 maize imports stood at 14.36 million tonnes, down from 19.59 million.

Non-commercial market participants reduced slightly their net long position in Euronext's milling wheat futures and options in the week to June 25, data published by Euronext showed.

Non-commercial participants, which include investment funds and financial institutions, cut their net long position to 81,600 contracts from 82,774 a week earlier, the data showed.

Commercial participants trimmed their net short position to 125,442 contracts from 127,650 a week earlier.

Commercials' short positions accounted for 62.1% of the total short position, while commercial long positions accounted for 42.8% of total long positions.

Non-commercial short positions represented 37.9% of total short positions, while non-commercial net long positions accounted for 57.2% of the total longs.

In Euronext's rapeseed futures and options, non-commercial market participants reduced their net short position to 7,328 contracts from 12,084 a week earlier.

Commercial participants cut their net long position in rapeseed to 3,024 contracts from 6,807 a week earlier.

In this context,?Matif September wheat futures was 3,50 euros higer?from last week, reaching to €205,00/t.

Matif corn August futures took 1,25 euros?to closing the week at €238,50/t.

Matif rapeseed August futures, jumped 29,50 euros?ending the week at €536,50/t.

From North Africa, Egypt has procured a total of 3.6 million tonnes of local wheat during the harvest season.

Supply Minister Ali Moselhy said it received 3.5 million tonnes from farmers for its silos and an additional 165,000 tonnes were delivered to pasta factories.

The ministry has closed most of the procurement facilities from Wednesday, signalling the end of the local harvest.

Morocco has increased its wheat and barley production estimate for MY 2021/22 by 206 percent over MY 2020/21 due to favorable weather conditions.?

The Ministry of Agriculture forecasts total wheat and barley production at 9.8 million metric tons, about 26.3 percent above Morocco’s ten-year production average.?

The Minister of Agriculture and the Minister of Economy and Finance signed a joint decision regarding the implementation of a series of measures to help farmers market their harvest for the MY2021/22.

From the Black Sea basin, Ukraine's 2021 grain harvest could rise to 75.8 million tonnes from about 65 million tonnes in 2020.

The harvest could include 37.1 million tonnes of corn, 28.5 million tonnes of wheat and 8.3 million tonnes of barley.

The U.S. Department of Agriculture's (USDA) Ukraine office on Thursday said it expects 2021 Ukrainian wheat output of 29.5 million tonnes and exports totalling 20.5 million tonnes in the 2021/22 July-June season.

It expects 2021 corn output to total 37.3 million tonnes with exports of 30.5 million tonnes, possibly higher depending on market conditions.

Last year Ukraine harvested 24.9 million tonnes of wheat and 30.3 million tonnes of corn.?

The country had exported 16.4 million tonnes of wheat and 22.6 million tonnes of corn by June 25.

Meantime, Ukrainian wheat export bid prices decreased by $4 a tonne over the past week.

Soft milling wheat with 12.5% protein was traded at $236 to $244 FOB Black Sea while feed wheat, which also lost $4 a tonne stood at $234-$241 FOB.

11.5% protein milling wheat bid prices for the 2021 harvest stood at $250-$252 a tonne FOB Black Sea with the delivery in August.

Corn bid export prices declined by $12 over the past week to $272-$280 FOB, while bid prices for Ukrainian-origin barley added $3 to $236-$241 per tonne FOB Black Sea.

According to the Russian agricultural consulting IKAR, Russia's wheat production in 2021 could reach 83.6 million tons, an increase over the previous 82 million tons.

The consultancy sees Russian grain exports this year at 39 million tons.

Russia produced 85.9 million tons of wheat in 2020.

Despite the decline of wheat production, Russia will increase the export of wheat in 2021/22 MY, declared the General Director of ProZerno company, Vladimir Petrichenko, as Russia has quite large wheat carry-over stocks, and its export potential was not performed in full way so about 2 mln tonnes were not exported.?

That will allow to raise the export potential for the new season, despite the decrease of production.

Russia’s soybean production in the 2021-22 marketing year is anticipated to total 4.4 million tonnes and bounce back from the flooded crops from the previous year of 4.3 million tonnes.

With the new allowance of genetically engineered soybeans, the USDA expects Russia’s soybean imports to reach 2.1 million tonnes in the 2021-22 marketing year.?

Restored demand from China following COVID-19 is anticipated to push Russian soybean exports to 900,000 tonnes in 2021-22 marketing year.

Meantime, the Russian agriculture ministry has decreased the export tax for wheat and barley while increased again the export tax for corn for the week of July 07 – July 13, 2021.

For wheat now export tax is now at 41.2$, for barley 37$, for corn 50.6$.

The indicative prices are for 258.9$, 237.9$ and 257.4$ respectvily.

Russian wheat export prices were largely unchanged last week.?

According to IKAR, prices for new-crop Russian wheat with 12.5% protein loading from Black Sea ports and for supply in July were $249 a tonne free on board (FOB) at the end of last week, up $1 from the previous week.?

3rd class domestic wheat, European part of Russia, excludes delivery, was at 13,525 rbls/t -250 rbls, ($187) (Sovecon);

Sunflower seeds was at 44,675 rbls/t -1,250 rbls (Sovecon);

Domestic sunflower oil was at 100,000 rbls/t -6,175 rbls (Sovecon);

Export sunflower oil was at $1,115/t +$15 (Sovecon);

Soybeans was at 49,300 rbls/t -100 rbls (Sovecon);

White sugar, Russia's south, was at $597.6/t -$5.2 (IKAR).?

($1 = 72.1875 roubles).

Despite lower prices in Black Sea area, rising international freight rates are countering softer Black Sea wheat prices.?

Indeed, freight to Asia increased around $10/MT during past week.

Kazakhstan will maintain its wheat export potential regardless the crop size, as it can import necessary volumes of grain from Russia.

Its expect wheat production to decline to 12.5 mln tonnes in Kazakhstan in 2021/22 MY (13.7 mln tonnes in 2020/21 MY).?

However, at the same time, the export of wheat will remain at 7 mln tonnes.

Kazakhstan, indeed, imported Russian grain, but only the volumes that were demanded on the market of Central Asia, but at any time Kazakhstan can correct the volume of import of Russian wheat to offset the decline of own production.?

The export of Kazakh barley was expected at 950 thsd tonnes in 2020/21 MY.?

However, the current estimations say about 900 thsd tonnes for now.

The export could reach as much as 1 mln tonnes but the logistical problems with supplies to China cut the trade volumes.?

Moreover, some other importers started mass purchases of Kazakh barley as late as December.

The main volumes of Kazakh barley was exported in November-April, while usually they are shipped in September-February.

Meantime, Kazakhstan increased domestic consumption of barley from 1.9 mln tonnes in 2019/20 MY to 2.4 mln tonnes in 2020/21 MY, as the spread between the prices of barley and wheat exceeded 50 USD/t at the start of the season.

In 2021/22 MY, the planted are under barley will be extended slightly to 2.9 mln ha.?

However, lower yield will cut the production volume to 2.9 mln tonnes (3.3 mln tonnes in 2020/21 MY).

From the Middle Kingdom, China's state planner said on Monday that central and local governments will start buying pork for state reserves to support prices that have plunged in recent months.

Meantime, China's live hog futures fell to a weekly low on Friday, erasing some gains made earlier in the week, as ample pork supplies weighed on prices.

Live hog futures on the Dalian Commodity Exchange were down 3.5% at 18,595 yuan ($2,869.02) per tonne at the close of Friday's afternoon trading session.

The futures contract, which launched in January this year, has shed a third of its value since May tracking weak live hog spot prices and as large volumes of heavy pigs were being sent to slaughter.

Hog prices in China, the world's top pork consumer, have dropped more than half since the start of the year as domestic production surged and huge volumes of imported pork reached the market.

FAS China forecasts soybean production to fall to 17.5 million metric tons (MMT) in marketing year (MY) 2021/22 from an estimated 18.5 MMT the previous year due to a shift in planted area to corn production.?

With domestic corn prices currently near a six-year high and corn subsidies up, farmers are switching from soybeans to corn, particularly in China's northeastern grain belt.?

Soybean imports are forecast to reach 102 MMT in MY21/22 and an estimated 100 MMT in the current marketing year to meet modestly growing soybean meal demand for feed.

Consequentially, Post's MY2021/22 corn import forecast is 20 MMT (million metric tons), 6 MMTs below USDA's official forecast with the expectation that demand softens as corn imported during the current marketing year enters commercial channels, stock building moderates, and the expansion of domestic corn area results in greater production.?

In addition, imported corn's previous price advantage has narrowed as global grain prices and shipping costs are on the rise.?

Barley imports are increased as feed mills shift to substitute more barely over sorghum.?

All indications point to a bumper wheat harvest this year.?

While wheat continues to be substituted for corn in feed rations, there are few reports of imported wheat going into feed, but rather old stocks continue to be auctioned for feed use

However, there are rumors that China has recently purchased part of Ukrainian corn of new crop.

Meantime, China's state grains stockpiler Sinograin on Tuesday said it would auction a total of 155,516 tonnes of imported corn from the United States and Ukraine on July 2.

In separate notices on its website, Sinograin said it would auction 123,977 tonnes of U.S. corn and 31,539 tonnes of Ukrainian corn.?

The sales are the fourth and fifth to be announced in a recent round of imported corn auctions aimed at replenishing tight supplies and cooling prices.

Taiwan and the United States held talks to discuss a mutual Trade and Investment Framework Agreement (TIFA) this week.?

Taiwan's chief trade negotiator John Deng said he hopes the two countries can eventually sign a Free Trade Agreement (FTA).?

The U.S. Trade Representative's (USTR) office pledged deeper U.S. collaboration with Taiwan but did not commit to negotiations on an FTA.?

Taiwan bought over 1.0 MMT of U.S. wheat in 2020/21, making it the 7th largest buyer of U.S. wheat globally.?

So far in the 2021/22 marketing year, Taiwan has purchased 184.0 TMT.

From Australia, Aussie export of feed barley in May reached 808,285 tonnes, up 32 per cent from 610,758t shipped in April, according to the latest export data from the Australian Bureau of Statistics (ABS).

Malting barley exports in May dipped to 66,019t, down 11pc from the 74,068t shipped in April, and the sorghum volume also waned over May to 123,424t, down 16pc from 146,764t in April.

A cargo of New South Wales feed wheat on its way to South Korea is an encouraging sign that Australian-origin grain remains competitively export priced into the closing months of the Australian marketing year.

The 50,000t parcel is the first bulk cargo of Australian wheat to be sold by ETG Commodities, and left the Quattro terminal at Port Kembla yesterday.

Booked in February, and with cheap basis as the catalyst for this business, the cargo has an average protein of around 11 per cent.

Australian wheat this year has shipped well into African and Middle Eastern destinations not normally seen here.

According to government data, Australia exported 2.7 MMT of wheat in May, up 80% compared to the 5-year average and the highest level in 11 years.?

This follows a record-setting April export program.?

Pacific neighbor Indonesia was the leading buyer, importing 457.5 TMT, followed by Vietnam, Kenya, and the Philippines.?

Since October 2020, Australia has shipped 15.7 MMT of wheat.?

Trade sources also reported that there is nearly no low protein wheat left to sell in Australia.

A further run of showery weather is supporting grain prices in Queensland and most of New South Wales, while in Victoria, improved new-crop prospects have pushed down values from the bid side.

Adding to support in all markets, the rally in US corn and wheat futures driven by the USDA’s report on US stocks and acreage.

Australian trade sources report market activity on current and new-crop is limited as consumers take comfort in above-average yield prospects for most producing areas.

Tempering this is ongoing dryness in the Mallee and in Central Queensland versus boggy conditions on the Liverpool Plains which looks like it will not get all intended wheat and barley planted.

In this context barley nearby contract was steady to $310, and also new crop for January was steady at $280.

Wheat nearby contract was steady to $325, while new crop for January was down by $5 to $300.

Nearby sorghum was steady at $312, like new crop Mar-Apr, was steady to $275.

Barley Melbourne nearby was at $280, down $5 and also new crop for January delivery was down $5 at $275.

Wheat Melbourne nearby was steady at $328, while new crop with January delivery?was at $315, down $10.

On the international trade scenario, Jordan tenders to buy 120,000 tonnes feed barley.

Possible shipment combinations of 60K are Nov. 1-15, Nov. 16-30, Dec. 1-15 and Dec. 15-31.

The deadline?in the tender is July 7, 2021.

ODC Tunisia tendered for soft milling wheat and barley this week.

ODC has purchased?as following.

Soft wheat?4 x 25K:

Soufflet p1 $281,94 &?p2 $277,94;?

Viterra??p3 $283,48 & p4 $283,48.??????

Barley 4 x 25 k:

Viterra p1 $269,98 &?p2 $270,48;?

Cofco p3 $271,94;?

Viterra p4 $271,48.

Turkey's state grain board TMO has provisionally purchased an estimated 395,000 tonnes of wheat in an international tender for the same volume which closed on Wednesday.

The tonnages purchased and prices are provisional and still subject to final confirmation in coming days.

Traders reported these purchases with port of unloading, volume in tonnes, protein content, seller and price in dollars a tonne c&f:

Port Tonnes Seller Price Protein

Derince 25,000 tonnes Samanci $264.90 11.5%;

Derince 25,000 tonnes Viterra $265.00 11.5%;

Iskenderun 2 x 25,000 tonnes GTCS $266.90 11.5%;

Mersin 25,000 tonnes GTCS $264.90 11.5%;

Mersin 25,000 tonnes Erser $264.80 11.5%;

Izmir 25,000 tonnes Yayla $262.80 11.5%;

Izmir 25,000 tonnes Erser $262.90 11.5%;

Bandirma 25,000 tonnes Orsett $262.90 12.5%;

Bandirma 25,000 tonnes Orsett $260.90 11.5%;

Tekirdag 2 x 25,000 tonnes Samanci $259.15 11.5%;

Samsun 2 x 25,000 tonnes Aston $251.00 11.5%;

Trabzon 20,000 tonnes Aston $252.09 11.5%;

Karasu 25,000 tonnes Cargill $252.90 11.5%.

The red wheat was sought for shipment between July 19 and Aug. 21.

Traders said Turkey continues to have a large wheat import requirement, partly to supply its large flour exports.

Bangladesh's state grains buyer has issued two international tender to purchase 50,000 tonnes of milling wheat.

The first tender closing on July 15.

The deadline for submission of price offers for the second one is July 18.

Bangladesh has issued a series of wheat and rice tenders in past months.?

The country is importing rice and wheat to shore up its depleted reserves after extreme weather from floods to heatwaves damaged crops.

Price offers in the latest wheat tender are again sought on CIF liner out terms. These terms include ship unloading costs for the seller.

Shipment is sought 40 days after the date of contract signing.?

The wheat can be sourced from any worldwide origins except Israel and is sought for shipment to two ports, Chattogram and Mongla.

South Korean flour mills bought around 77,000 tonnes of milling wheat to be sourced from the United States in tender on Wednesday.

A range of different wheat types were bought by the mills for shipment between Sept. 1 and Sept. 30.

Taiwan's MFIG purchasing group bought about 55,000 tonnes of animal feed corn to expected to be sourced from South Africa in an international tender which closed on Wednesday.

The corn was purchased in a single consignment, all at an estimated premium of 233.82 U.S. cents a bushel c&f over the Chicago December 2021 corn contract CZ1.

Seller was believed to be trading house Viterra.

The tender sought shipment between Sept. 6 and Sept. 25 if the corn is sourced from the U.S. Gulf, Brazil or Argentina, they said.

If sourced from the U.S. Pacific Northwest coast or South Africa, shipment was sought between Sept. 21 and Oct. 10.

No offers were reported for corn from the United States.

Argentine corn dominated the tender in volume terms, with eight offers each of 65,000 tonnes with the lowest at 238.23 cents c&f over Chicago December.

Two offers were made for Brazilian corn, both of 65,000 tonnes with the lowest at a premium of 275.50 cents over Chicago December.?

One other offer for 55,000 tonnes of South African corn was reported at 277.00 cents c&f over Chicago December.

Iranian state-owned animal feed importer SLAL has issued international tenders to purchase up to 60,000 tonnes of corn, 60,000 tonnes of animal feed barley and 60,000 tonnes of soymeal.

The tenders closed on Wednesday, June 30.?

Shipment was sought in August and September.

A separate Iranian agency has also issued a tender to purchase 60,000 tonnes of milling wheat.

A group of importers in Thailand has issued an international tender to purchase up to 197,700 tonnes of animal feed wheat.

The deadline for submission of price offers in the tender was Wednesday, June 30.

The wheat was sought in five consignments.?

One consignment of 22,600 tonnes is sought for Aug. 1-31 shipment, one of 43,100 tonnes for Sept. 1-30 shipment, one of 43,500 tonnes for Oct. 1-31, one of 43,000 tonnes for Nov. 1-30 and another of 45,500 tonnes for Dec. 1-31 shipment.

It is possible that not all consignments will be bought.

Last week Thai importers bought about 60,000 tonnes of feed wheat for August shipment at an estimated $289.50 a tonne c&f liner out Bangkok.

In the international tender for the grain lanched past week, GASC during this week bought 180,000 tonnes of Romanian wheat for shipment Aug. 25-Sept 5 as following:

Cargill: 60,000 tonnes of Romanian wheat at $242.93 and $27.85 freight equating to $270.78;

Ameropa: 60,000 tonnes of Romanian wheat at $244.89 and $27.85 freight equating to $272.74;

Ameropa: 60,000 tonnes of Romanian wheat at $244.89 and $27.85 freight equating to $272.74.

Meantime, Egypt's General Authority for Supply Commodities set a new tender on this morning to buy an unspecified amount of wheat from global suppliers for shipment from Sept. 1-15 for payment using 180-day letters of credit.

GASC Vice Chairman Ahmed Youssef said the authority was seeking to buy cargoes of soft and/or milling wheat from the United States, Canada, Australia, France, Germany, Poland, Argentina, Russia, Kazakhstan, Ukraine, Romania, Bulgaria, Hungary, Paraguay and Serbia.

Tenders should reach GASC by noon (1000 GMT) on Monday. The results should come out after 3:30 p.m. (1330 GMT) on the same day.

GASC is seeking to buy 55,000- to 60,000-tonne cargoes.

In this context, the Baltic Dry Index (BDI), an assessment of the average cost to ship raw materials such as grains, coal, and iron ore, gained 5% on the week to end at 3,338.

Watching next week market, in the USA next week will start a day late as the exchanges take Monday off in observance of Sunday’s Independence Day holiday.?

That leaves a three day weekend for the trade to digest any changes in the weather forecasts that are now reaching into mid-July.?

With the July 4th holiday observed on Monday, weekly USDA reports will be pushed back a day.?

Export Inspections data will be out on Tuesday morning, with the Crop Progress report released that afternoon.?

Skip ahead to Thursday, and EIA will put out weekly ethanol production and stocks data.?

Friday will show the release of the delayed Export Sales report from the FAS branch of USDA.

In Sicily, the durum wheat harvest and other grains continues.

The quality is excellent and above average with a percentage of protein higher than 12.50%.

The test wheigt continue to be very good above 80 Kg/Hl.

The average yield per hectare continue to steady at 2.6 tons per hectare.

Good luck everyone and have a good weekend.