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Argentina’s soybean complex exports have started the crop year at a strong pace despite low farmer sales, relying on a larger crop and imported soybeans.

The US hard red winter (HRW) wheat harvest is 80% complete while the reaping of soft white (SW) wheat continues to advance under favorable weather, with reports of excellent yields and high quality, the latest harvest report from the US Wheat Associates (USWA) showed on Friday August 9.

Fastmarkets’ weekly recap of the main movements in global cash markets.

Russia’s wheat export volumes from Black Sea ports totaled 886,507 tonnes in the week ended Friday August 9, largely stable from the previous week, a Fastmarkets analysis of port lineup data showed.

A correction has been issued for this report.

Chinese authorities will offer around 450,000 tonnes of imported soybeans for auction on Wednesday August 14, according to a notice issued by the country’s National Grain Trade Center (NGTC) on Friday August 9.

Euronext Clearing informed clients on Friday August 9 that the SICA Nord Céréales approved silo located at Dunkirk in northern France was “unable to take delivery of wheat” as specified in the Milling Wheat No.2 contract expiring on September 10.

Ukraine’s grain exports doubled week on week to 1.2 million tonnes in the week to August 8, according to data from the country’s State Customs Service released on Friday August 9.

South Korean feed importer Major Feedmill Group (MFG) has purchased around 68,000 tonnes of feed corn via a tender which concluded Friday August 9, trade sources have told Fastmarkets.

Total grains and oilseeds exports from Canada in the 2023/24 marketing year amounted to 43.2 million tonnes, a 2.9 million-tonne (6%) decrease from the previous year, with 761,700 tonnes shipped during the week ended July 31, according to data from the Canadian Grain Commission published on Friday August 9.

French soft wheat conditions fell by 2 percentage points week on week to August 5, according to a weekly report released by farm agency FranceAgriMer on Friday August 9.

Estimated Chinese soyoil inventories were at 1.13 million tonnes in the week ended August 2, 30,000 tonnes higher than a week earlier, figures from the China National Grain and Oils Information Centre (CNGOIC) published on Friday August 9 showed.

The USDA's influential World Agricultural Supply and Demand Estimates (WASDE) report for August is projected to boost its domestic 2024/25 crop ending stocks and production forecasts while slightly trimming global stockpile estimates, according to analysts polled by Fastmarkets.

The average trade guess expects the USDA to increase US 2024/25 soybean production estimates with higher output and lower exports feeding into higher ending stocks for both old and new crops, a Fastmarkets pool that heard eleven traders and analysts showed on Friday August 9.

Market participants polled by Fastmarkets ahead of the USDA’s August World Agricultural Supply and Demand Estimates (WASDE) report update on Monday July 12 project that the agency will raise new and old United States corn crop numbers, while slightly lowering global figures.

Corn harvest reached 96.3% of the 7.6 million hectares planted area, while the wheat crops show an improvement in condition, the Buenos Aires Grains Exchange (BAGE) said in its weekly crop report update on Thursday August 8.

Vegoils futures varied narrowly on Thursday August 8 following several sessions of high price volatility.

Soybean futures fell even further in the Chicago Mercantile Exchange on Thursday August 8, breaking the $10 per bushel level and reaching a new contract low for September, amid an ample US supply scenario.

US wheat futures were little changed on Thursday August 8, with investors taking positions ahead of the release of a USDA report on August 12, while European contracts climbed because of the disappointing French crop.

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