Markets eased again.

• Chicago wheat March 2023 contract down US10.5 cents per bushel to 731/bu;
• Kansas wheat March 2023 contract down 16.75c/bu at 811.75c/bu;
• Minneapolis wheat March 2023 contract down 7.5c/bu to 894.5c/bu;
• MATIF wheat March 2023 contract down €6/t to  €290.50/t;
• Black Sea wheat March 2023 contract unchanged at US$307.25/t;
• Corn March 2023 contract up 2c/bu to 655c/bu;
• Soybeans March 2023 contract down 3.5c/bu to 1485c/bu;
• Winnipeg canola March 2023 contract was down C$17/t to $841.60/t;
• MATIF rapeseed February 2023 contract down €3.25/t to €561/t;
• ASX Jan 2023 wheat contract settlement unchanged at A$378/t;
• ASX Mar 2023 wheat contract settlement down A$1.50/t to $378.80/t;
• ASX Jan 2023 barley contract unchanged at A$334.50/t;
• ASX Mar 2023 barley contract unchanged at A$330/t;
• AUD dollar eased to US$0.689.

CONAB Brazil reports that as at 7 Jan, 2022-23 first (full-season) maize plantings are 90% complete compared to 92% last year, with favourable conditions aiding crop development in Mina Gerais and most parts of Parana. Soybean sowings were 99% complete, similar to this time last year. Recent rainfall favoured crop development in Mato Grosso, Parana (excl. western and central regions), Mato Grosso do Sul and Goias, variable precipitation hampered fieldwork and adversely affected crop establishment in Rio Grande do Sul.
Anec (Brazilian trade group) has revised its Brazilian corn exports estimate for January to 5.024 million tonnes, up from 4.326 million tonnes forecast in the previous week, reflecting a surge in sales to China of over 1 million tonnes for January. 

The USDA’s Brazilian attaché has pegged the 2022-23 Brazilian soybean crop at 153.0Mt, 1Mt more than the December USDA number. 

Reflecting beneficial weather and increased area planted, 2023-24 wheat production in India could total 112.0Mt (106.8Mt previous year). Recent cold weather is seen as good for crop growth, with many growers utilising new, higher-yielding seed varieties. 

According to APK-Inform, a Ukraine ag consultant, a period of abnormally warm weather during Dec and into the early part of Jan could have had a detrimental impact on developing 2023-24 winter wheat and rapeseed crops owing to the disruption of the hardening process.
The lowest offer in Egypt’s GASC tender came in at $337/tonne C&F from Russia. GASC is after 30-60k tonnes for February shipment.  

Japan is after 90k tonnes of milling wheat in their weekly tender, including 41k from the US and 49k from Canada.

Australia

Local markets pulled back on the cash boards yesterday on the bid side for wheat, barley and canola. Once again the stronger AUD contributing to the softer tone in the market. However if you have stock and a truck ready to roll down to a port across the country there is still a premium in the market. 

The March ASX East Coast wheat contract settled at a 6-month low of AUD$378.80/t, barley values in WA are still around the AUD$310/t FIS mark and canola along the East Coast is back around AUD$720-730/t track level. 

Viterra’s latest harvest report notes that growers delivered over one million tonnes during the past week, taking the total received to 7.98Mt, with wheat making up the majority. This is significantly more compared to the same time last season, with a late start and big crop extending harvest into 2023 for many southern Australian growers. Arno Bay, Port Lincoln and Crystal Brook, broke their season receival records, all previously set in the 2016/17 harvest. A total of nine Viterra sites have now had a record-breaking season of grower deliveries.