Daily Market Wire 1 August 2022

Lachstock Consulting, August 1, 2022

US wheat gained 2-3pc overnight. Winnipeg canola continued strongly, gaining another 3pc. Wheat eased 1pc to 2pc.

  • Chicago wheat December contract down US9.5 cents per bushel to 825.75c/bu;
  • Kansas wheat December contract down 15c/bu to 881.5c/bu;
  • Minneapolis wheat December contract down 21.75c/bu to 918.5c/bu;
  • MATIF wheat December contract up €3.25/t to €331.75/t;
  • Black Sea wheat December contract down $0.75/t to $352.75/t;
  • Corn December contract up 1c/bu to 620c/bu;
  • Soybeans November contract up 28c/bu to 1468.5c/bu;
  • Winnipeg canola November 2022 contract up C$29.20/t to $892.80/t;
  • MATIF rapeseed November 2022 contract up €10/t to €689.75/t;
  • ASX Jan 2023 wheat contract up A$1/t to $424.50/t;
  • AUD dollar weaker at US$0.696.


Russian strikes hit the southern Ukrainian port city of Mykolaiv, killing the owner of one of the country’s largest grain-producing and exporting companies. Oleksiy Vadaturskiy and his wife Raisa died when a Russian missile hit their home in Mykolaiv on Sunday. Ukraine is accusing Russia of a targeted attack.

The first ship loaded with Ukrainian grain is waiting on a signal from the UN and Turkey to depart from Chornomorsk seaport (16 ships are loaded and waiting). The departure has been delayed by security checks. On Sunday Turkey said the first ship was expected to leave on Monday morning.

The Chairman of the Union of Grain Exporters of Russia, Eduard Zernin, estimates wheat export potential in the 2022-2023 agricultural year at 40.3 million tonnes (Mt), compared to 30.7Mt last year.

As of 28 July, Ukraine farmers harvested 2.3 million hectares of wheat, producing 8Mt, at a yield of 3.48t/ha.

South Korean flour mills bought around 40,000 tonnes of milling wheat to be sourced from Canada in an international tender on Friday, European traders said. The Western Red Spring (CWRS) was all bought on a FOB basis in the low US$380s per tonne for shipment between October and November.

The condition of France’s corn crop deteriorated sharply for a second consecutive week, data from farm office FranceAgriMer showed, as the dry weather in the European Union’s biggest corn producer is taking a toll. An estimated 68pc of the grain maize crop was in good or excellent condition in the week to July 25 down from 75pc the previous week, 83pc in the week to July 11 (compared to 90pc this time last year).

Palm oil capped its largest weekly advance in about 20 years on bullish sentiment in oilseed and edible oil markets because of concerns over the impact of hot and dry weather on crops in the US and Europe.


Local markets remained quiet leading into the weekend as the Australian Grains Conference wrapped up.

Rainfall is forecast for all winter cropping regions in the coming 8 days with the highest totals expected in southern WA, and in NSW particularly in the southeast, and in south eastern Victoria.

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