Daily Market Wire 10 March 2022

Lachstock Consulting, March 10, 2022

Most markets fell sharply in overnight trading.

  • Chicago wheat May contract down US85cents per bushel to 1201.5c/bu;
  • Kansas wheat May contract down 30.5c/bu to 1114.5c/bu;
  • Minneapolis wheat May down 60c/bu to 1084c/bu;
  • MATIF wheat May contract up €2.25/t to €372.25/t;
  • Black Sea wheat July contract down $2.75/t to $339.75/t
  • Corn May contract down 20c/bu to 733c/bu;
  • Soybeans May contract down 18c/bu to 1671.75c/bu;
  • Soybean oil down 2pc;
  • Winnipeg canola November 2022 contract up C$17.60 /t to $927.90/t;
  • MATIF rapeseed November 2022 contract down €0.50/t to €729.75/t;
  • ASX July 2022 wheat contract down A$5/t to $406.50/t;
  • ASX Jan 2023 wheat contract down $11/t to $404/t;
  • AUD dollar firmer at US$0.732;
  • Brent crude oil futures down 13pc.


USDA’s WASDE report released overnight has cut 7 million tonnes out of Russian and Ukraine exports combined. Clearly this is all about timing; if, when and how the war comes to a point that allows exports out of the region will drive balances.

The significance of the global rally in input costs has taken a back seat to the war going on in Ukraine, but it is still a factor in future balance sheets. Not only are we looking at lower yields but we are also looking at rotation shifts. These have the potential to compound the problems faced in the global corn market. A big question mark sits over Ukraine’s ability to plant, and the  US rotation is far from set as well.


Local wheat bids dropped A$5/t yesterday, with liquidity limited in east coast trading, while South Australian and Western Australian markets contined to tick along. Wheat markets were left with a wide bid-offer spread, or just offered.

Barley values continued to hold and were relatively unchanged again for the day. We saw some trading activity for malting barley in Victoria at premiums holding at $34-40/t above feed.

Canola markets strengthened yesterday, with trade activity strong through the east coast and delivered port bids pushing up to $990/t levels for up and coming demand.

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