- Markets took a breather and generally eased off, is this a stalling of the recent rally?
- EU export pace picked up again as Brussels issued weekly wheat licences totalling 406,473 mt bringing the season total to 8.797 million mt, which is 3.276 million mt ahead of last year (59.3%).
- Rumours continue to circulate that India is to reduce its floor price for wheat by $40/mt to $260 although it must be stressed that this is not confirmed. Other sources suggest no change until after the mid-November tenders when the situation will be reconsidered. Should the rumour prove true, it will make Indian wheat the world’s cheapest.
- Black Sea wheat is presenting a medley of physical execution issues, defaults and rising interior and FOB prices with little offered on a forward basis.
- Argentine weather prospects have improved with recent moderate to heavy showers in widespread areas bringing some relief to recent dry conditions.
- US export figures showed better than expected soybean meal figures, corn sales were also robust and wheat was within the expected range although many expect Brazilian demand to remain above previous years.