Most markets flipped in the opposite direction to previous day but both the Dow Jones Industrials Average and Brent crude continued to ease.
- Chicago wheat December contract up US11.25 cents per bushel to 831.5c/bu;
- Kansas wheat December contract up 14.75c/bu to 912.5c/bu;
- Minneapolis wheat December contract up 9c/bu to 929.5c/bu;
- MATIF wheat December contract up €1.75/t to €324.50/t;
- Black Sea wheat December contract up $3.50/t to $317.50/t;
- Corn December contract down 6.75c/bu to 670.5c/bu;
- Soybeans November contract down 10c/bu to 1422.5c/bu;
- Winnipeg canola November 2022 contract was down C$8.40/t to $835.40/t;
- MATIF rapeseed November 2022 contract up €14.25/t to €616.50/t;
- ASX Jan 2023 wheat contract down A$3/t to $407/t;
- ASX Jan 2023 barley contract unchanged at A$315/t;
- AUD dollar weaker at US$0.684.
Grain silos in Mykolaiv, Ukraine’s second biggest port reportedly caught fire as a result of Russian shelling of the city on Tuesday, which were still burning on Wednesday, Ukraine’s emergencies service said.
USDA reported a sale of 167,000t of soybeans for delivery to China during the 2022-23 marketing year. This follows other daily soybean sales totalling 940,000t to China and unknown destinations over the past week.
US Agriculture Secretary Tom Vilsack said he’s not sure if the Foreign Agricultural Service (FAS) will be able to release its normal Weekly Export Sales report on Thursday, although he gave no date of its return. Glitches last Thursday forced FAS to take down and retract some of the data released. “We’re going to make sure we’ve got it fixed and I appreciate the fact when they made the mistake, we owned up to it,” Vilsack said Tuesday. “Mistakes happen.”
Brazil’s grain exporters association have cut its August maize export forecast by 400,000t, to 7.1Mt, citing unfavourable weather conditions affecting port operations this week, with cumulative 2022 (Jan-Aug) shipments at 19.2Mt (20.6Mt same period last year). August soybean exports were cut by 200,000t, to 5.3Mt.
Manitoba Agriculture, Food and Rural Development reports that delayed seeding, high humidity and frequent rainfall has hampered crop development as well as fieldwork, with 2022/23 harvesting seen at 3pc complete (35pc year ago, 39pc 5-year ave.), including winter wheat at 69pc (100pc year ago), spring wheat at 2pc (69pc), barley at less than 1pc (78pc) and canola at less than 1pc (7pc). Crop conditions are mostly good to very good in most parts of the province.
Algeria’s OAIC (state grains agency) purchased an unspecified volume of milling wheat, likely to be sourced from Russia, at around US$364-$365/t c&f, Sep/Oct shipment. Russian wheat was reportedly offered at about $10 to $15 a tonne cheaper than EU wheat.
Philippines importers reportedly rejected all offers for up to 100,000t feed wheat in the 30 August tender, with prices regarded as too high.
Current crop values remain largely unchanged amid steady local trade. New crop wheat values slid lower yesterday by $4-5/t and canola also lost a few bucks. Production estimates around the country now build as we come into spring with another bumper harvest forecast, keeping buyers at bay for the time being.