Offshore
There is still a long way to go before Russian new crop, but it is dry, and they need moisture.
The risk of winterkill seems real with freezing temps forecast and limited snow cover.
Millimetres calculated soil moisture anomaly January 2025. Deficiency (red) is significant in Russia. Source: NOAA via Lachstock. Click expand
Matif rapeseed moved down on the back of improving bean conditions in Argentina and Brazilian crop estimates.
The USDA released its January cattle inventory report which shows the total number of cattle and calves was 86.7 million. The beef herd has shrunk 40 percent since 1975 to the smallest size since 1961.
USDA will release its monthly supply and demand reports on Tuesday, and analysts expect lower bean production numbers for Argentina and slightly higher ones for Brazil. US demand will also remain under scrutiny.
Trump’s tariffs appear not to be well received by consumers, February preliminary University of Michigan consumer sentiment fell 3.3pts to 67.8, its lowest in 16 months as one-year inflation expectations spiked (4.3pc vs 3.3pc).
Equity markets declined on Friday night after interpreting a strong US labour market report for January as a sign of slower Fed rate cuts.
Australia
WA canola bids ended the week bid around $855 with new crop bid $805, GM bids were $730 for current crop. Wheat bids were firmer around $378 with barley $343.
Through the east of the country canola was stronger to end the week bid up around $10 to $775. Wheat was improved bid $349 with barley bids around $316.
New crop delivered markets are starting to be bid, with ASW delivered Geelong/Melb Jan+ 2026 bid $377, and barley bid around $320.
Darling Downs delivered markets have been slowly working higher over the last fortnight with wheat bid around $337 and barley $318, sorghum bids have remained steady around $320.
Pulse markets remain well bid with lentils around $920 delivered Melbourne and faba bean $665 into Geelong for April+. Lupins are scarce with SA and Vic lamb lotfeeders travelling deep into NSW to get what they can.
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