The Russian Foreign Ministry has reportedly said that Moscow would continue dialogue with China, Brazil and African partners on prospects for a peaceful resolution of the Ukraine crisis. The statement followed a Russia/Africa summit last week where African leaders pressed President Putin to end the war in Ukraine. 

A meeting between the foreign ministers of Ukraine and Croatia discussed military cooperation and agreed on the possibility of using Croatian ports on the Danube and the Adriatic Sea for the shipping of Ukrainian grain. 

The Alberta Crop Report noted recent hot weather had a varied impact on crop development, with fields progressing well where moisture levels were already adequate. In contrast, some crops have been stressed where moisture levels were termed low. As at 25 Jul, spring wheat condition rated at 45pc good/excellent, down from 46pc two weeks ago and 80pc last year. Durum was 30pc (34pc previous fortnight, 48pc previous year), barley at 42pc (43pc, 73pc) and canola at 42pc (44pc, 69pc).

Stratégie Grains revised its 2023-24 EU rapeseed production estimate downwards 0.5Mt to 19.3Mt (19.4Mt previous year) reflecting lower yields. It cut sunflowerseed by 0.4Mt to 10.5Mt (9.3Mt previous year). 

Algeria’s state grains agency OAIC reportedly purchased 590,000t milling wheat in an international tender which closed yesterday. Initial purchases reported were around US$276/t c&f and origin is thought to be Russian, Romanian or Bulgarian.

Tunisia’s state grains office is seeking 117,000t soft wheat in a tender that closes today, according to Bloomberg News

Australia

Local markets kicked off the week steady. Monday’s local current crop wheat grower bids were down a couple of bucks, while new crop wheat values were largely unchanged. Barley continued its wide bid offer spreads through the trade, with little bits of current crop traded in Victoria here and there. Canola values lost some ground with bids in WA down $10/t. 

July rainfall across the majority of WA’s cropping belt was very much below average, apart from the far south which received below average rainfall. SA, Vic and most cropping regions in NSW also received below average July rainfall. As we head into August, the forecast has more showers (5-15mm) this week across most cropping regions which will keep things ticking over but a decent widespread rainfall event is needed in the coming weeks to keep current yield potential from sliding.