US markets closed mostly a shade easier. MATIF rapeseed eased 2pc and MATIF wheat eased 1pc.

• Chicago wheat March 2023 contract down US2 cents per bushel to 741.5/bu;
• Kansas wheat March 2023 contract down 3.5c/bu at 828.5c/bu;
• Minneapolis wheat March 2023 contract up 0.25c/bu to 902c/bu;
• MATIF wheat March 2023 contract down €3.50/t to  €296.50/t;
• Black Sea wheat March 2023 contract unchanged at US$307.25/t;
• Corn March 2023 contract up 1.25c/bu to 652.75c/bu;
• Soybeans March 2023 contract down 4c/bu to 1488.5c/bu;
• Winnipeg canola March 2023 contract was down C$10.30/t to $858.60/t;
• MATIF rapeseed February 2023 contract down €13.50/t to €564.25/t;
• ASX Jan 2023 wheat contract settlement down A$3/t to $378/t;
• ASX Mar 2023 wheat contract settlement down A$4.70/t to $380.30/t;
• ASX Jan 2023 barley contract unchanged at A$334.50/t;
• ASX Mar 2023 barley contract unchanged at A$330/t;
• AUD dollar firmed 1/3pc to US$0.691.

SovEcon expects Russia’s 2023 January-July wheat exports to reach 21.3 million tonnes (Mt), a new record-high volume for the second half of the season. Shipments will be supported by the weakening of the ruble and lower competition with the EU, noting that France has already shipped around 80pc of its total export program, compared to 50-60pc on average. Total 2022-23 exports are forecast to reach a record 44.1Mt. Russia’s on-farm wheat stocks as of 1 December 2022 have also hit a record high of 25.6Mt versus 16.1Mt in December 2021.

Ukraine’s Ag Ministry reports that as at January 4, cumulative grain exports since July 1 were 23.1Mt, down 30pc from last year’s 33.2Mt, including wheat at 8.4Mt vs 16.1Mt in Jly-Dec 2021, barley at 1.7Mt vs 5.2Mt and maize at 12.6Mt, up from  11.5Mt.

Buenos Aires Grain Exchange reports that for the week ending January 4, the 2022-23 wheat harvest was 100pc complete, yielding 12.3Mt vs 22.4Mt in the previous year, with an average yield estimate of 2.3t/ha vs 3.4t/ha.

The first vessel carrying 68,000t of Brazilian corn has been cleared by Chinese customs authorities for entry at a port in Guangdong province.

According to World Weather Inc, Argentina remained hot and dry across the weekend. Light scattered rain is expected during the middle of this week as a cool front cuts across the country, but the moisture will not be enough to seriously change the drought situation. Brazil’s west and south will get rain during the second half of this week and into the weekend, offering some improvement for crops.

Australia

Local markets tracked sideways again yesterday, with Western Australian values steady, while bids on the east coast were steady with a stronger AUD taking the sting out of the weaker buy-side interest.