EU Wheat Close - Wednesday
Wheat extended its recent winning run despite the Ukraine Deputy Ag Minister appearing to contradict the recent announcement of an impending wheat export ban.
"No wheat export ban for November 15 has been drafted," he was quoted as saying.
The Black Sea nation has exported 8.2 MMT of grains so far this season, including 4 MMT of wheat, and is now said to have raised the informal limit on wheat exports from 5 MMT to 5.5 MMT.
The last of the Ukraine corn harvest is grinding on, hampered by persistent rains in the west of the country, although these will be beneficial for winter crop establishment ahead of dormancy. The Ministry say that 90% of emerged crops are in good to satisfactory condition.
Egypt booked five cargoes of wheat in a tender, two each from France and Russia and one from Romania. There was no room for US wheat, although interestingly it was the cheapest on offer and only missed out on more expensive freight costs.
The Rosario Cereals Exchange have declared an "orange alert" in Argentina’s Pampas region as incessant rains cause flooding, delaying corn and soybean plantings and damaging winter wheat potential and quality.
In Europe "Showers increased across southern and eastern areas recently, which helped to ease dryness considerably. A very dry fall stressed rapeseed and wheat establishment in Former Yugoslavia, Romania, and Bulgaria, but the recent upturn in showers there finally improved establishment of those crops," said MDA CropCast.
"However, the return of active showers to western France and southern Spain will increase wetness concerns and disease threats there once again," they added.