Daily Market Wire 11 March 2022

Lachstock Consulting, March 11, 2022

US wheat markets fell sharply again, while corn and soybeans rallied.

  • Chicago wheat May contract down US114.5cents per bushel to 1087c/bu;
  • Kansas wheat May contract down 48.75c/bu to 1065.75c/bu;
  • Minneapolis wheat May down 29c/bu to 1055c/bu;
  • MATIF wheat May contract down €4/t to €368.25/t;
  • Black Sea wheat July contract up $0.25/t to $340/t
  • Corn May contract up 22.75c/bu to 755.75c/bu;
  • Soybeans May contract up 14.4c/bu to 1686.25c/bu;
  • Soybean meal up 2pc;
  • Winnipeg canola November 2022 contract down C$1.40 /t to $926.50/t;
  • MATIF rapeseed November 2022 contract down €1/t to €728.75/t;
  • ASX July 2022 wheat contract up A$5.50/t to $411/t;
  • ASX Jan 2023 wheat contract unchanged at $404/t;
  • AUD dollar firmer at US$0.735;


If you want some evidence of the fundamental drivers in the market, keep an eye on corn. The US hit a season high 2.14 million tonnes of export sales last week. Usual suspects re buyers with the “unknown” buyer lifting 800,000t. Remember, China has bought a bunch of Ukrainian corn. The uncertainty surrounding Ukrainian corn supply would be a primary concern for global buyers.

Soybeans are still walking out the door; the US sold 2.2Mt of old-crop beans and 895,000t of new crop.  The Brazilian crop size will drive price, so when CONAB moves to 122.8Mt, down another 2.7Mt, it returns the focus to USDA’s estimate of 127Mt.


Local markets were steady yesterday, with wheat bids slightly softer through the port zones, while delivered bids were relatively unchanged.

Barley continued its strength, with bids firming by the day’s end in South Australia. Canola markets were stronger on the new and old-crop, with old-crop delivered port bids on the east coast hitting A$1000/t.

Liquidity was quiet over the day on cereals with bits and pieces trading. Pulses were a touch stronger, and we saw more activity in SA on field peas and faba beans. With strong canola values, we saw a bit more get let go by the grower.

Grain Central: Get our free news straight to your inbox – Click here


Your email address will not be published. Required fields are marked *

Your comment will not appear until it has been moderated.
Contributions that contravene our Comments Policy will not be published.


Get Grain Central's news headlines emailed to you -