Human consumption bean market eroded by strong Australian supplies - Grain Market Daily

Published 2021년 2월 18일

Tridge summary

Algeria's tender to buy wheat has caused an increase in Paris and UK wheat futures, with concerns about cold weather in the US potentially damaging winter wheat crops. Australia's harvest is projected to be a record 33.34Mt of wheat, with increased estimates of barley and canola crops as well. The human consumption bean market is under pressure due to strong supplies, with the premium of beans over wheat at its lowest since harvest '18. However, demand from feed compounders could provide support for feed beans. The human consumption market is facing challenges due to a lack of trade and coronavirus-related disruptions.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Market Commentary Paris and UK wheat futures rose yesterday after Algeria issued a tender to buy wheat. The tender asks for wheat to be shipped to smaller Algerian ports, so could mean EU wheat has an advantage. There are also worries about cold weather in the US, which could result in some winter kill of winter wheat crops. US futures markets were closed yesterday because of a US federal holiday. May-21 UK feed wheat futures closed at £203.50/t yesterday, £3.00/t more than on Friday. The Nov-21 contract gained £1.50/t over the same period to £167.60, and Nov-22 futures rose by £1.50/t to £157.35/t. Australia will harvest 33.34Mt of wheat this season, its government said this morning, with harvesting nearly complete. This is an all-time record and 2.2Mt more wheat than it estimated in December. Its estimate of the barley crop was also increased by 1.1Mt to 13.1Mt (9.0Mt last year). The canola (rapeseed) crop is now estimated at 4.05Mt, up 0.35Mt from December (2.33Mt). Human ...

Source: Ahdb