Friday markets weakened though US spring wheats alone firmed.
- Chicago wheat December contract down US7.25c/bu to 734c/bu;
- Kansas wheat December contract down 3.75c/bu to 737.5c/bu;
- Minneapolis wheat December up 4.25c/bu to 946.5c/bu;
- MATIF wheat December contract down €0.25/t to €269/t;
- Corn December contract down 3.5c/bu to 530.5c/bu;
- Soybeans November contract down 4.25c/bu to 1243c/bu;
- Winnipeg canola November contract down C$0.40 to $926.90/t;
- MATIF rapeseed November contract down €8.75/t to €667.50/t;
- US dollar index down 0.1 to 94.1;
- AUD unchanged at US$0.731;
- CAD firmer at $1.248;
- EUR firmer at $1.157;
- ASX wheat January 2022 unchanged at $348/t;
- ASX wheat January 2023 unchanged at $362/t.
The October WASDE report will publish overnight Tuesday.
Surveyed ideas for this week’s US crop reports have corn yield averaging slightly below the USDA’s last 176.3, and bean yield a bushel higher than their prior 50.6.
Regular report on crop conditions and export inspections will be delayed until Tuesday this week with the holiday on Monday in the US. Export sales reports will be delayed till Friday.
Winter wheat plantings in the US are looking to slow down as rain is forecast there this week. US corn harvest will be delayed by rain. Most of the eastern Corn Belt and almost all of the western Corn Belt are forecast to receive 1-3” this week.
Brazil’s CONAB crop forecasts late last week pegged beans at a new record 140.75 million tonnes (Mt), corn at 116.3Mt. Rain in recent days has been beneficial in the south, and weather maps continue to predict a widespread 1-2″ across central bean areas.
Russian winter wheat planting continues to attract some interest with the lower figures on acreage being reported, dry conditions raising concerns in some areas, and the domestic price impacts of the export tax decreasing interest.
Harvest continues to gradually pick up across the country, though still weeks away for most southern areas.
Weather maps forecast 1-2″ across eastern parts of NSW and southern Victoria, though they’ve pulled back slightly on forecasts up in NW NSW.
Source: Lachstock Consulting