Soybeans continued lower. French and US winter wheats rose between 3pc and 4pc.
- Chicago wheat December contract up US29.75c/bu to 755.25c/bu;
- Kansas wheat December contract up 27.75c/bu to 759.5c/bu;
- Minneapolis wheat December up 16.5c/bu to 929c/bu;
- MATIF wheat December contract up €6.25/t to €264.25/t;
- Corn December contract up 4.75c/bu to 541.5c/bu;
- Soybeans November contract down 9.5c/bu to 1246.5c/bu;
- Winnipeg canola November contract up C$9.60 to $903.10/t;
- MATIF rapeseed November contract up €5.50/t to €644.25/t;
- US dollar index down 0.1 to 94.1;
- AUD firmer at US$0.726;
- CAD firmer at $1.263;
- EUR firmer at $1.159;
- ASX wheat January 2022 up AU$5.50/t to $344/t;
- ASX wheat January 2023 up $3.40/t to $355/t.
Winter-wheat planting in the US has continued to move along rapidly in good weather, though growers are starting to look for a little more rain to get the crop moving. A solid rain event in mid October is forecast for the southern plains, but will miss most of the western Kansas/panhandle area. Rain from that same storm system will likely bring some temporary halts to later row-crop harvest across the midwest, with upwards of 50 millimetres expected across most of Iowa and surrounding areas.
Updated Russian export taxes were up nearly US$5/t on wheat and, as always, largely as expected given the formula figures. Talk of a new Russian export ban/quota has also started doing the rounds again with varied ideas about potential levels and dates.
Weather maps remain dry across the Black Sea, good for fieldwork but starting to raise some background concerns about the dry soils in some areas.
Meanwhile, Egypt’s GASC announced on Friday they it had a new loan facility from the French Government which is meant to encourage its imports of French grain including wheat.
Extended forecasts are flirting with another storm event across the east coast mid month, but low confidence in models exists at this point, and despite the Bureau of Meteorology’s ongoing outlook for a wet spring. Cash markets looking to start the week firmer again with the global rally on Friday.
Source: Lachstock Consulting
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