The U.S. wheat market continues to feel pressure.
By ODA UK | Published at
On the wheat market, U.S. prices continued to integrate Friday's USDA revisions, particularly the downward revision of the U.S. wheat export target. The Mar.-19 Euronext wheat expiry closed today. Under the influence of its U.S. counterpart, Euronext wheat recorded another down session. Algeria returned to the marketplace with a call to tender launched Monday morning for milling wheat (April-May delivery), but was not able to limit the slump.
Iran launched a call to tender for maize (200KT) and feed barley (200KT). As the European sesssion closed, U.S. maize prices were falling slightly. In the wake of European wheat, Euronext maize also finished the day lower.
On oilseeds markets, despite 926KT of U.S. soya being sold to China, the soybean market was falling as the European market closed. The arrival of the South American harvest and uncertainty about finalising a U.S.-China trade agreement pressured the soya market.
In oils, palm prices were under pressure after the MPOB released Malaysian figures for February. Malaysian palm inventories rose 1.3% between January and February while the market expected a 1.7% decline. However, initial export estimates for the first ten days of March showed the export dynamic is growing by nearly 5% compared to the same period in February.
Despite slumps by palm and soya, rapeseed held up well during the session and finished the day slightly higher.