India
Wheat Ban Will Continue (Mar 16)
In India, the ban on exports of wheat and wheat products such as atta, maida, and suji will continue even in FY 2023/24, the government reported the closing balance for wheat will be at its lowest this year. The Federation expects a record harvest of 106-110M tonnes this year despite the early onset of summer and excessive rainfall in some wheat-growing areas.
Russia
Russian Wheat Exports to Doubled in March (Mar 15)
Russia may export 4.2M tons of wheat in March, which is twice as high as in the same period in 2022. Wheat deliveries from ports in W10 rose to 1M tons from 0.8M tons in W9, the highest weekly volume since December 2022. Exports slowed in February amid storms in Novorossiysk, a key export port.
United States
Soybean and Wheat Inspections in the US Stay Ahead of Needed Paces (Mar 13)
The USDA reported soybean and wheat export inspections continue to run ahead as required to meet projections for the 2022/23 MY, which started on June 1st, 2022, for wheat. Wheat amounted to 249K tons, a decrease of 92K tons from March 2nd and 58K from the week ending March 10th, 2022.
Wheat Quotes in the US Ended the Week in Growth (Mar 19)
On March 17, the quotes for American wheat increased by 1.5%. On March 17, the dollar rose against the euro and the pound. In Paris, May wheat contracts fell by 1.12%, in London by 1.18%, and in Chicago, they rose by 1.57%.
Argentina
Drought Costs Top USD 14B for Soybean, Corn, and Wheat Growers (Mar 13)
The drought caused the forecast for soybean, wheat, and corn harvests to fall by 50M tons. Even with the higher prices, the loss of net income from the producing sector already amounts to USD 14.140M, and the impact on the economy reaches 3 points of GDP.
Australian Wheat Market Update for W11 (Mar 15)
US wheat markets were higher for the third consecutive day as they recovered from W10’s sharp selloff. Weekly crop condition ratings for the southern US wheat crop showed a slight deterioration, and there isn’t much rain on the forecast. Rainfall will be crucial over the next few weeks as this crop emerges from its winter dormancy. There is still some uncertainty about the renewal of the Black Sea grain corridor agreement as Russia insists on a 60-day renewal, and Ukraine wants 120 days. It will automatically renew on the weekend if no official objections are made.
For the past seven days, the Australian Wheat Market traded mostly down. H2 is trading at USD 281.30/MT, down USD 2/MT from this time in W10. AGP1 was up USD 6.19/MT from this time in W10, trading at USD 252.52/MT* on March 15, 2023, and APW1 was up USD 0.16/MT from this time in W10, trading at USD 271.43/MT* on March 15, 2023.
Brazil
With Well-Stocked Mills: Wheat Trading in Brazil Comes Down to One-off Business (Mar 13)
In Brazil, mills are stocked and should only return with more strength in mid-April. Therefore, they have not shown flexibility in their price offers. Producers have focused their attention on the summer harvest and are not interested in negotiating at the levels offered. In Paraná, the average price for FOB inland is around USD 312.91/ton (BRL 1,650/ton) for purchase. In Rio Grande do Sul, the average is USD 270.24/ton (BRL 1,425/ton). In the second state, flow via export has lost intensity in recent months. Shipments are for products with sales committed in advance. Current indications at ports have not attracted sellers.
Wheat Producer Prioritizes Summer Harvest and the Market Continues at a Slow Pace (Mar 17)
The domestic wheat market was restricted to one-off operations. Producers focused attention on the summer harvest, and only those in need of immediate sales to free up space in the warehouses went to the market.
Wheat Crop in Brazil Should Have Record Production in 2023 (Mar 16)
Brazil has harvested a record wheat crop for the second consecutive season, with production estimated for the 2022/23 season at a record 10.4M tonnes, a 5% increase from the previous month's estimate and a 35% increase from last season's record crop.
Egypt
The Minister of Supply and Internal Trade of Egypt confirmed that the Grain Trade Organization submitted a request to Egypt regarding reconsidering once again the withdrawal from the Grain Trade Agreement, which Egypt signed among 35 countries in 1995, and decided to withdraw from it recently.
Wheat Reserves Are Sufficient for 3.3 Months After Contracting for 120K Tons From Ukraine (Mar 19)
The Minister of Supply and Internal Trade of Egypt announced that the strategic reserve of wheat is sufficient for a period of 3.3 months and that the season for harvesting and supplying local wheat will begin mid-April and will continue until the end of July 2023.
Indonesia
Indonesia Approved GMO Drought-Tolerant Wheat From Argentina (Mar 17)
The Indonesian government has approved a variety of Argentine GMO wheat for human consumption designed to resist drought. The latest HB4 wheat was approved to use in animal feed.
Iraq
Iraq Plans to Harvest up to 3.5M Tons of Wheat, the Country’s Needs Are 4.6M Tons (Mar 18)
The Iraqi Ministry of Trade reported the volume of wheat production in 2023 will be up to 3.5M tons, and the country's need for this type of grain will be about 4.6M tons.
Japan
Japanese Authorities Increase Wheat Prices by 5.8% (Mar 14)
The Japanese government has decided from April to September of 2023 to increase prices of imported wheat by 5.6% compared with the previous half of the year. The Minister of Agriculture, Forestry, and Fisheries reported the increase is in line with the growth of world prices, which should have been more than 13%.
Kazakhstan
In 2022, Kazakhstan significantly reduced the export of wheat and flour to Kyrgyzstan. Last year Kyrgyzstan imported only 2.86K tons of wheat from Kazakhstan, which is 7.4 times lower than in 2021. In January of this year, Kyrgyzstan did not purchase a single batch of wheat and flour from Kazakhstan, while in the first month of 2022, purchases of these products amounted to 24 tons and 768 tons, respectively. According to the National Statistical Committee of Kyrgyzstan, in 2022, the country imported 222K tons of wheat. Of this volume, 97% was purchased in Russia.
Pakistan
Pakistan’s Wheat Production Target Likely to Dip by 1.7 Mln Tons (Mar 14)
Pakistan is forecasted to miss the wheat production target by 1.7M tonnes for the current fiscal year. Wheat production is likely to remain around 26.7M tonnes against the predicted wheat production target of 28.4M tonnes.
Russia
Export prices for Russian wheat with 12.5% protein for delivery in March-April decreased to USD 285/ton FOB, a decrease of USD 7/ton WoW. The price for June is quoted at about USD 280/ton, and for a new crop USD 270-275/ton.
Saudi Arabia
Saudi Arabia Buys 1.043M Tons of Wheat for Delivery in July-August (Mar 13)
Saudi Arabia has completed the procedures for awarding 1.043M tons of wheat for delivery in July and August. The Saudi General Authority for Food Security stated the average price was USD 316.86/ton based on cost and freight. The shipments will arrive at many Saudi ports from July 1-August 15.
