Highlights
Russian officials have halted the transport of loaded bushels sold by RIF, a top 2 exporter, due to quality issues.
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Market advisor, Kevin Duling of Maupin, Oregon is a wheat guy for sure. He provided us with this information last evening:
It was revealed Grain Flower, the 2nd largest Russian grain exporter, could not meet quality specs on over 1 mil mts of wheat with ships in port expecting to be loaded. The Russian government would not grant phytosanitary permits to the exporter, saying the company had been receiving complaints of bad quality wheat.
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On Friday, it was unknown how many ships were waiting to be loaded and how much wheat we are talking about. The situation was coined as bullish to all other origins because these importing countries would not have their tenders filled, thus having to source wheat elsewhere. Paris wheat rallied the most.
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Yesterday, the owner of Grain Flower announced the government was trying to force him to sell the company for 16 cents on the dollar to the government. He said the quality of his wheat was just fine and how this was a job from the government. The market did not really know what to do with this news, so it quietly erased the double-digit overnight gains and closed flat after being negative. For more information go to: