Soybeans gained 2pc on Tuesday.
- Chicago wheat December contract unchanged at US799.25c/bu;
- Kansas wheat December contract up 3.25c/bu to 858.25c/bu;
- Minneapolis wheat December contract up 11.75c/bu to 906.5c/bu;
- MATIF wheat December contract down €1/t to €324.75/t;
- Black Sea wheat December contract down $0.25/t to $344.50/t;
- Corn December contract up 6.75c/bu to 614c/bu;
- Soybeans November contract up 28.75c/bu to 1428.75c/bu;
- Winnipeg canola November 2022 contract was up C$6.90/t to $853.90/t;
- MATIF rapeseed November 2022 contract up €4.50/t to €660.25/t;
- ASX Jan 2023 wheat contract up A$1/t to $417/t;
- AUD dollar weaker at US$0.695.
The size of the Russian harvest is unclear despite estimates being continually revised upward. A recent example was a throwaway comment that the wheat crop in Russia could be 95 million tonnes (Mt).
A government statement this week appeared to moderate the harvest reportage.
“The current yield is generally not bad, but the volume of grain harvested is currently noticeably less than a year ago…all this creates risks in terms of achieving the grain yield of 130 million tonnes…if the planned volumes are not achieved, we will have to revise the export plans of 50 million tons,” Russian Minister of Agriculture Dmitry Patrushev said.
More details of the agreement for the export corridor have been released. The Joint Coordination Centre (JCC) will provide information on the planned movement of ships through the maritime humanitarian corridor, which will be shared with Russia, Ukraine and Turkey’s military to prevent incidents. In a statement JCC said no military vessel, aircraft or UAVs (drones) will close to within 10 nautical miles of a merchant vessel transiting the maritime humanitarian corridor, excluding territorial seas of Ukraine.
About 370,000t agricultural products have been shipped so far, predominately corn, but also small volumes of soybeans, sunflower oil and sunflower meal. There have not yet been any shipments of wheat. We might see more loads being rejected if there are problems with grain quality with ships that were loaded months ago.
Brazil soybean production is seen 1.45Mt higher at 125.5Mt and corn production is seen about 1Mt higher than the previous estimate according to a Bloomberg survey of eight analysts. The Brazilian national supply company Conab will release its latest estimates tomorrow, having raised its July corn estimate by 440,000t to 115.6Mt.
US private exporters reported sales of 133,000t corn for delivery to China during the 2022/2023 marketing year.
UK and France issued fresh warnings this week for another bout of extreme heat and dry weather set to sweep Europe.
Current crop and new crop volume of trade increased yesterday at prices that were little changed. Over 4000t mostly WA port zone current crop wheat and barley traded on Clear Grain Exchange yesterday.
Federal Agriculture Minister Murray Watt announced A$10m funding towards Indonesia’s foot and mouth disease containment work. Senator Watt told the National Press Club in Canberra on Tuesday the biosecurity funding would go towards vaccines and technical support. It is in addition to the $14m Australia committed last month to support Indonesia and to increase measures in Australia where 18 new biosecurity officers are to be stationed at airports and mail centres and detector dogs deployed.