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Export inspections of US corn rose by 6% to 1.33 million tonnes in the week ended Thursday February 6, compared with 1.25 million tonnes a week earlier, according to USDA data published on Monday February 10.

Fastmarkets commits to publishing daily the bids, offers, indicative levels or other cash trading indications on any basis and geography related to any vital markets with strong ties with Ukraine.

Russia’s wheat exports from Black Sea ports remained slow in the week ended February 7, totaling 363,596 tonnes, according to Fastmarkets analytics data released on Monday February 10.

Speculators in the US corn market continued to reduce short positions while adding longs in the week to Tuesday February 4, sending the net long to the highest level since May 2022, while open interest in corn surged to its highest since March 2021, data from the Commodity Futures Trading Commission (CFTC) released late on Friday February 7 shows.

Rains in Argentina during the week to Friday February 7 brought relief to soybean crops suffering from dry and hot weather. Meanwhile, in Brazil’s Rio Grande do Sul state, which has been facing the same weather conditions and where rains were not as intense, part of the crop already shows a “large reduction” of yield potential, according to local reports.

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

Corn futures fell on Friday February 7, with lower futures in China and mixed cash trade adding to a subdued tone on the market.

The UN Food and Agriculture Organization (FAO) lowered its wheat and corn production estimates for the 2024/25 marketing year in its February agricultural market information system (AMIS) report.

Russia has lowered its export duties on corn and raised the tariff for wheat and barley for February 12-18, the country’s agriculture ministry said on Friday February 7.

Fastmarkets commits to publishing daily the bids, offers, indicative levels or other cash trading indications on any basis and geography related to any vital markets with strong ties with Ukraine.

Ukraine exported 925,000 tonnes of grains during the week to February 6, representing an increase of 160,000 tonnes, or 21%, from the previous week, according to data released by the country’s State Customs Service on Friday February 7.

The United Nations Food & Agriculture Organization (FAO) Food Price Index (FFPI) for January fell by 2.1 points, or 1.6%, to 124.9, down from its revised December level of 127.0, with declines in vegetable oils more than offsetting increases in cereals, the FAO announced on Friday, February 7.

Canada’s weekly grain exports edged lower in the week to February 2, but increases in wheat and corn shipments almost offset the decline in canola, according to the latest data published by the Canadian Grain Commission on Friday February 7.

Market participants polled by AgriCensus ahead of the USDA’s February World Agricultural Supply and Demand Estimates (WASDE) update expect the agency to lower its forecast for domestic US corn ending stocks and make a slight reduction to its estimate for global stocks.

South Korean feed buying group Korea Feed Association (KFA) has purchased around 63,000 tonnes of corn for April arrival in a private deal done late on Thursday night, sources told Fastmarkets on Friday February 7.

Brazilian soybean, corn and soymeal exports are expected to increase year on year in February, while wheat shipments are forecast to fall, the country’s grain exporters association Anec said in its monthly report on Wednesday February 5.

Recent widespread rainfall across Argentina’s core agricultural regions has improved soil moisture conditions for summer crops in the week ending Wednesday February 5, according to the latest update from the Buenos Aires Grains Exchange (BAGE) released on Thursday February 6.

Mexico has officially revoked its restrictions on genetically modified (GM) corn imports, aligning with a trade dispute ruling under the US-Mexico-Canada Agreement (USMCA).

Brazil’s central and southern agricultural regions are expected to receive extensive rainfall during the week beginning Thursday February 6, which could disrupt soybean harvesting and second-crop (safrinha) corn planting, although the additional moisture will benefit safrinha development prospects.