Tidbits, Fuel & Logistic, Wheat, Food Prices, PMI & Employment, Rigs 10/3/26
Tidbits
Flash Sales: Yesterday, USDA announced corn sales to Mexico: 173,800 mts of old crop, 22,400 mts of new crop, and 22,400 mts of the 2028 crop.
Wheat:
Saudi Arabia issued a tender Thursday for 535,000 mts of milling wheat with a bid deadline yesterday for delivery in Nov–Dec 2026. Results to be announced on Monday. The country issued a wheat tender on 7 September but cancelled it due to high prices.
In Europe, the price of corn is higher than milling quality wheat, so milling quality is being fed to livestock. The quantity of wheat in a livestock ration is limited to 20% because of the gluten content of the wheat. The gluten does not hurt the livestock, but more than 20% wheat in the ration and the animals will stand at the feeder all day chewing the gluten like it was chewing gum instead of consuming more nutrition. Take a half hand-full of wheat and chew it and you will understand the “gluten effect.”
Fuel & Logistic:
President Trump wrote on Truth Social yesterday morning:
“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately."
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