Corn and soybeans eased 2pc. Other commodities were lower by a smaller margin.
- Chicago wheat May 2023 contract down US4.5 cents per bushel to 705.5c/bu;
- Kansas wheat May 2023 contract down 4.25c/bu at 812.75c/bu;
- Minneapolis wheat May 2023 contract down 1.75c/bu to 866.75c/bu;
- MATIF wheat May 2023 contract down €2.25/t to €275.75/t;
- Black Sea wheat March 2023 contract down US$0.75/t to $296.50;
- Corn May 2023 contract down 13.25c/bu to 630.25c/bu;
- Soybeans May 2023 contract down 33.75c/bu to 1479c/bu;
- Winnipeg canola May 2023 contract down C$5.50/t to $818.20/t;
- MATIF rapeseed May 2023 contract down €14.50/t to €528.25/t;
- ASX Mar 2023 wheat contract down A$3.20/t to $387;
- ASX May 2023 wheat contract down A$6/t to $391/t;
- ASX Mar 2023 barley contract unchanged A$330/t;
- AUD dollar eased 10 points to US$0.673.
The USDA crop progress report had 2023-24 winter wheat crop conditions at 27 Feb mixed. The good/excellent rating of Kansas fell 2pc in the four weeks from from 30 January but other states’ crops improved. Kansas rated 19pc good/excellent (21pc 30 January, 26pc year ago), Colorado 29pc (38pc, 21pc), Oklahoma 36pc (17pc, 9pc), Illinois 82pc (69pc, 59pc), Montana 21pc (16pc, 21pc), Nebraska 19pc (22pc, 36pc), North Dakota 46pc (41pc, 18pc) and South Dakota 23pc (22pc, 24pc).
Soybeans and meal closed sharply lower, reflecting harvest pressure from Brazil and disappointing US export inspection numbers.
The Brazilian national agricultural agency, Conab, reported at 25 Feb, 2022-23 first (full-season) maize plantings were 100pc complete (99pc previous week, 100pc previous year). With rainfall curtailing progress in some states, harvesting reached 17pc done (14pc, 23pc). Second (safrinha) maize sowing was 49pc complete (33pc previous week, 60pc previous year). Progress is most advanced in Mato Grosso, where there are reports of good initial crop development. Soybean harvesting progressed to 34pc complete (23pc previous week, 42pc previous year), however humid conditions in Paraná had delayed harvesting and increased the risk of disease. There was good progress in Mato Grosso, albeit with fieldwork slower compared to last year.
India’s meteorological department expected an enhanced probability of heat waves in most parts of the country during the three months ending May 31, according to a senior scientist. An early onset of hot weather had already pushed electricity demand to near-record levels and led to the farm ministry setting up a panel to monitor the impact on the wheat crop, which was expected to reach a record this year.
Egypt’s Supply Minister said strategic wheat reserves were currently deemed sufficient to last for four and a half months and vegetable oils for just over five months.
Agriculture consultancy APK-Inform reported that in recent months Ukraine minimum soil temperatures mostly held above the critical frost damage threshold for 2023-24 winter crops, citing state weather forecasters.
The lowest price offer to the state grain board of Turkey, TMO, tender for 790,000t milling wheat, was for Russian origin, quoted at US$311.70/t c&f. At the time of publication 50,000t had been booked.
Japan’s MAFF is seeking 70,000t milling wheat in its regular weekly tender, including 35k each from the US and Canada.
Local cash bids remained largely unchanged yesterday. Kwinana ASW1 was still trading at $360/t FIS, SA AGP1 was trading at levels around $380/t port in the Adelaide zone, while over on the east coast H2 in Port Kembla was bid $430/t track.
Barley markets across the country, like wheat, registered big difference in different zones. Barley delivered Geelong Melbourne remained around a $365/t market and the Darling Downs was still bid around the $400/t level, March/April.
Canola markets will feel the pinch today with offshore oilseeds prices lower overnight.
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