Why is the US Importing French Wheat??

Grain Markets and Other Stuff

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Futures and options trading involves risk of loss and is not suitable for everyone.
Here’s the latest scoop on the markets and key updates:
🌾 American Flour Mills Importing European Wheat:
European Wheat Imports: Ardent Mills in Albany, NY will soon receive 27,000 tons of French wheat. Since the season started in July, around 53,000 tons of European wheat have been shipped to the US. Eastern US millers are opting for cheaper European supplies despite France's poor harvest due to excessive rainfall.
🌪️ Tropical Storm Francine:
Hurricane Alert: Tropical Storm Francine is strengthening in the Gulf of Mexico and is expected to become a Category 2 hurricane by Wednesday. Southern Louisiana may face winds over 100 mph, a storm surge up to 10 feet, and up to 12 inches of rain. Evacuation orders are in effect, and Louisiana has declared a statewide emergency.
🌱 Brazilian Corn Planting:
Planting Delays: Brazil’s first corn crop planting is slightly behind last year’s pace, with 15% planted as of last Thursday compared to 17% last year. Low soil moisture and hot, dry conditions are delaying soybean planting, which is likely to remain stalled with minimal rain in the forecast.
🌽 US Crop Conditions:
Corn: The corn crop was rated 64% good to excellent as of Sunday, down from 65% the previous week but matching trade expectations. The USDA estimates 5% of the crop is harvested, up from 3% on average.
Soybeans: Soybean conditions held steady at 65% good to excellent, surpassing expectations. The USDA estimates 25% of the crop is dropping leaves, up from 13% last week and 21% on average.
Spring Wheat: Harvest is ahead of schedule at 85% complete, versus 70% last week and 83% on average. Winter wheat planting is also progressing, with 6% complete.
🚢 US Grain Shipments:
Corn: Shipments were 836,413mt (33 million bushels), down 13% from the previous week but up 31% from last year.
Soybeans: Shipments were 354,166mt (13 million bushels), down 30% from the prior week and 5.2% from last year.
Wheat: Shipments were 586,687mt (22 million bushels), down 2.7% from last week but up 44% from last year.
🌾 Flash Sale of Soybeans:
New Sales: US exporters sold 132,000mt (5 million bushels) of soybeans to China for the 2024/2025 marketing year. Although recent sales have picked up, they remain among the lowest in the last decade.
🇨🇳 China’s Antidumping Investigation:
Canadian Canola: China has launched an investigation into Canadian canola imports, alleging that Canada dumped excessive quantities in 2023. This follows Canada's plans to impose a 100% tariff on Chinese EVs and a 25% tariff on Chinese steel and aluminum starting October 1. China is also investigating EU pork and dairy imports.
Stay tuned for more updates and adjustments! 🌾🚀