Futures Close Report 26th March 2019

Egypt, the worlds biggest wheat importer, made a purchase of 120k tonnes of US origin wheat – which will give some hope to US exporters that black sea grains may be losing their competitive edge for this season.

China ramping up trade dispute with Canada, increasing the scope of a ban on the import of Canola to a second trading house. Viterra is the second canola exporter to have its registration cancelled, after Beijing halted shipments from top exporter Richardson International earlier this month.  China are stating phytosanitary reasons for the ban, but wider belief puts the reason back to Canada’s arrest of a senior financial officer of a Chinese owned telecoms company.  The Chinese market accounts for circa 40% of the Canadian canola exports for seed, oil and meal.